BNP Paribas Cuts Position in Newmont Corporation $NEM

BNP Paribas trimmed its holdings in shares of Newmont Corporation (NYSE:NEM) by 23.8% in the 4th quarter, Holdings Channel.com reports. The firm owned 17,019 shares of the basic materials company’s stock after selling 5,305 shares during the period. BNP Paribas’ holdings in Newmont were worth $1,701,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in NEM. BW Gestao de Investimentos Ltda. bought a new stake in Newmont in the fourth quarter worth $584,000. Florida Financial Advisors LLC boosted its stake in Newmont by 30.6% in the 4th quarter. Florida Financial Advisors LLC now owns 21,506 shares of the basic materials company’s stock worth $2,146,000 after purchasing an additional 5,038 shares in the last quarter. Rothschild Wealth LLC purchased a new stake in Newmont during the 4th quarter valued at about $621,000. Clear Harbor Asset Management LLC raised its holdings in Newmont by 3.5% in the fourth quarter. Clear Harbor Asset Management LLC now owns 19,509 shares of the basic materials company’s stock worth $1,948,000 after buying an additional 655 shares during the last quarter. Finally, Waterloo Capital L.P. lifted its stake in shares of Newmont by 230.0% in the fourth quarter. Waterloo Capital L.P. now owns 14,369 shares of the basic materials company’s stock worth $1,435,000 after buying an additional 10,015 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. BMO Capital Markets boosted their price objective on shares of Newmont from $140.00 to $145.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Argus boosted their price target on Newmont from $94.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, April 23rd. Zacks Research cut Newmont from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 3rd. TD lifted their price objective on Newmont from $116.00 to $129.00 and gave the stock a “hold” rating in a report on Monday, April 27th. Finally, Citigroup boosted their target price on Newmont from $118.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Newmont currently has a consensus rating of “Moderate Buy” and a consensus target price of $141.48.

Newmont Price Performance

NYSE NEM opened at $109.45 on Wednesday. The business’s fifty day moving average is $111.08 and its 200 day moving average is $109.23. Newmont Corporation has a fifty-two week low of $52.08 and a fifty-two week high of $134.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. The company has a market capitalization of $116.84 billion, a PE ratio of 14.20 and a beta of 0.42.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 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 business had revenue of $7.31 billion during the quarter, compared to analysts’ expectations of $6.83 billion. During the same quarter in the prior year, the business posted $1.25 earnings per share. The business’s quarterly revenue was up 45.8% on a year-over-year basis. Sell-side analysts predict that Newmont Corporation will post 9.72 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be paid a dividend of $0.26 per share. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a yield of 1.0%. Newmont’s dividend payout ratio (DPR) is presently 13.49%.

Insider Activity

In other Newmont news, EVP Peter Wexler sold 13,378 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $1,473,051.58. Following the completion of the transaction, the executive vice president directly owned 67,865 shares in the company, valued at $7,472,615.15. This represents a 16.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available 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 James Fry sold 18,394 shares of the stock in a transaction on Monday, March 16th. The stock was sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the completion of the sale, the insider directly owned 17,147 shares of the company’s stock, valued at approximately $1,911,033.15. This trade represents a 51.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 43,068 shares of company stock worth $4,769,475 over the last ninety days. Company insiders own 0.06% of the company’s stock.

Newmont Company Profile

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.