Kopernik Global Investors LLC Sells 22,440 Shares of Newmont Corporation $NEM

Kopernik Global Investors LLC lessened its holdings in shares of Newmont Corporation (NYSE:NEM) by 96.7% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 761 shares of the basic materials company’s stock after selling 22,440 shares during the quarter. Newmont makes up 0.0% of Kopernik Global Investors LLC’s portfolio, making the stock its 27th biggest position. Kopernik Global Investors LLC’s holdings in Newmont were worth $82,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NEM. Cedar Mountain Advisors LLC bought a new position in shares of Newmont during the 1st quarter valued at about $25,000. Pinnacle Bancorp Inc. bought a new stake in Newmont during the 1st quarter worth approximately $25,000. Swiss RE Ltd. bought a new stake in Newmont during the 4th quarter worth approximately $26,000. Cornerstone Planning Group LLC raised its holdings in Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after buying an additional 206 shares during the period. Finally, Lodestone Wealth Management LLC acquired a new stake in Newmont during the 4th quarter worth approximately $28,000. 68.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Newmont

In related news, EVP Peter Wexler sold 13,378 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the completion of the transaction, the executive vice president owned 67,865 shares in the company, valued at approximately $7,472,615.15. This represents a 16.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $252,812.56. Following the completion of the sale, the insider owned 23,163 shares in the company, valued at $2,550,477.93. The trade was a 9.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. Over the last ninety days, insiders have sold 28,556 shares of company stock worth $3,058,146. Company insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on NEM. BMO Capital Markets cut their price target on shares of Newmont from $145.00 to $135.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 23rd. Canadian Imperial Bank of Commerce set a $175.00 price objective on shares of Newmont and gave the stock an “outperform” rating in a report on Monday, June 1st. UBS Group cut their price objective on shares of Newmont from $140.00 to $120.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Zacks Research lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 14th. Finally, Jefferies Financial Group lowered their target price on Newmont from $158.00 to $146.00 and set a “buy” rating for the company in a report on Monday, July 6th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Newmont has an average rating of “Moderate Buy” and an average price target of $136.26.

Newmont Trading Up 3.7%

NYSE:NEM opened at $95.88 on Thursday. Newmont Corporation has a twelve month low of $59.96 and a twelve month high of $134.88. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. The business has a 50 day moving average price of $100.68 and a two-hundred day moving average price of $110.11. The company has a market cap of $102.35 billion, a P/E ratio of 12.44, a price-to-earnings-growth ratio of 1.10 and a beta of 0.46.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping the consensus estimate of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The company had revenue of $7.31 billion during the quarter, compared to analysts’ expectations of $6.83 billion. During the same period last year, the business earned $1.25 EPS. The business’s quarterly revenue was up 45.8% on a year-over-year basis. As a group, analysts expect that Newmont Corporation will post 8.9 EPS for the current fiscal year.

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.