Swiss National Bank Lowers Holdings in Newmont Corporation $NEM

Swiss National Bank decreased its stake in Newmont Corporation (NYSE:NEM) by 5.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,010,105 shares of the basic materials company’s stock after selling 163,400 shares during the quarter. Swiss National Bank’s holdings in Newmont were worth $300,559,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of NEM. Brighton Jones LLC boosted its stake in shares of Newmont by 15.7% in the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock worth $506,000 after buying an additional 1,847 shares during the last quarter. Woodline Partners LP boosted its stake in shares of Newmont by 40.7% in the first quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock worth $4,644,000 after buying an additional 27,813 shares during the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Newmont in the second quarter worth about $240,000. Cerity Partners LLC boosted its stake in shares of Newmont by 108.9% in the second quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company’s stock worth $7,303,000 after buying an additional 65,342 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its stake in shares of Newmont by 8.5% in the second quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company’s stock worth $2,854,000 after buying an additional 3,856 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on NEM. Citigroup upped their target price on Newmont from $118.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, March 3rd. Weiss Ratings downgraded Newmont from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 27th. TD Cowen reiterated a “buy” rating on shares of Newmont in a research report on Monday, April 27th. BMO Capital Markets increased their price target on Newmont from $140.00 to $145.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Finally, The Goldman Sachs Group lowered their price target on Newmont from $125.10 to $122.50 and set a “buy” rating on the stock in a research report on Thursday, June 4th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.26.

Insiders Place Their Bets

In other news, insider David John Thornton sold 2,296 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $252,812.56. Following the transaction, the insider owned 23,163 shares in the company, valued at $2,550,477.93. This trade represents a 9.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $105.32, for a total value of $315,960.00. Following the completion of the transaction, the executive vice president owned 46,315 shares in the company, valued at approximately $4,877,895.80. This trade represents a 6.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 49,950 shares of company stock valued at $5,494,288. 0.06% of the stock is owned by corporate insiders.

Newmont Stock Performance

Shares of NEM stock opened at $97.52 on Friday. The company has a market capitalization of $104.11 billion, a P/E ratio of 12.65, a P/E/G ratio of 1.54 and a beta of 0.42. The business’s 50 day moving average is $111.21 and its two-hundred day moving average is $110.05. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. Newmont Corporation has a 12-month low of $54.14 and a 12-month high of $134.88.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The company had revenue of $7.31 billion for the quarter, compared to the consensus estimate of $6.83 billion. During the same quarter in the prior year, the business posted $1.25 earnings per share. Newmont’s revenue for the quarter was up 45.8% on a year-over-year basis. Analysts expect that Newmont Corporation will post 9.91 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Wednesday, May 27th. Newmont’s dividend payout ratio (DPR) is 13.49%.

About Newmont

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.