Minneapolis Portfolio Management Group LLC Sells 130,422 Shares of Newmont Corporation $NEM

Minneapolis Portfolio Management Group LLC reduced its holdings in Newmont Corporation (NYSE:NEM) by 27.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 349,692 shares of the basic materials company’s stock after selling 130,422 shares during the quarter. Newmont comprises 4.0% of Minneapolis Portfolio Management Group LLC’s holdings, making the stock its 6th biggest holding. Minneapolis Portfolio Management Group LLC’s holdings in Newmont were worth $34,917,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in NEM. Brighton Jones LLC increased its stake in Newmont by 15.7% in the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock valued at $506,000 after buying an additional 1,847 shares during the last quarter. Woodline Partners LP increased its stake in shares of Newmont by 40.7% during the 1st quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock worth $4,644,000 after purchasing an additional 27,813 shares during the last quarter. Sivia Capital Partners LLC acquired a new position in shares of Newmont during the 2nd quarter worth about $240,000. Cerity Partners LLC increased its stake in shares of Newmont by 108.9% during the 2nd quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company’s stock worth $7,303,000 after purchasing an additional 65,342 shares during the last quarter. Finally, NewEdge Advisors LLC increased its stake in shares of Newmont by 8.5% during the 2nd quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company’s stock worth $2,854,000 after purchasing an additional 3,856 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have 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 research note on Friday, April 24th. Stifel Nicolaus boosted their price objective on shares of Newmont from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday, February 10th. Canadian Imperial Bank of Commerce set a $175.00 price objective on shares of Newmont and gave the stock an “outperform” rating in a research note on Monday. UBS Group lowered their price objective on shares of Newmont from $150.00 to $140.00 and set a “buy” rating on the stock in a research note on Friday, March 27th. Finally, Argus boosted their price objective on shares of Newmont from $94.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, April 23rd. Two 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 stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $141.48.

Insider Activity

In other 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 transaction of $1,473,051.58. Following the completion of the sale, the executive vice president owned 67,865 shares of the company’s stock, valued at approximately $7,472,615.15. This represents a 16.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible 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, EVP Peter Toth sold 3,000 shares of the company’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 transaction of $330,330.00. Following the transaction, the executive vice president owned 49,315 shares of the company’s stock, valued at approximately $5,430,074.65. This represents a 5.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 43,068 shares of company stock worth $4,769,475. Insiders own 0.06% of the company’s stock.

Newmont Stock Performance

Shares of NEM stock opened at $108.35 on Tuesday. The company has a market capitalization of $115.67 billion, a price-to-earnings ratio of 14.05 and a beta of 0.43. 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 50-day simple moving average of $111.08 and a 200 day simple moving average of $109.23. Newmont Corporation has a 52 week low of $52.08 and a 52 week high of $134.88.

Newmont (NYSE:NEM) last announced its 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 net margin of 33.87% and a return on equity of 27.84%. The firm had revenue of $7.31 billion for the quarter, compared to analyst estimates of $6.83 billion. During the same quarter in the prior year, the business posted $1.25 EPS. The business’s revenue was up 45.8% compared to the same quarter last year. On average, 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 declared a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Wednesday, May 27th. Newmont’s dividend payout ratio 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.