SevenBridge Financial Group LLC trimmed its position in Newmont Co. (NYSE:NEM – Get Rating) by 7.3% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 11,325 shares of the basic materials company’s stock after selling 895 shares during the period. SevenBridge Financial Group LLC’s holdings in Newmont were worth $676,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in NEM. Rafferty Asset Management LLC purchased a new stake in shares of Newmont during the 4th quarter valued at $201,000. Cibc World Markets Corp increased its holdings in Newmont by 8.6% during the fourth quarter. Cibc World Markets Corp now owns 48,925 shares of the basic materials company’s stock worth $3,034,000 after buying an additional 3,876 shares during the last quarter. Geode Capital Management LLC raised its position in Newmont by 2.6% in the fourth quarter. Geode Capital Management LLC now owns 12,994,833 shares of the basic materials company’s stock worth $803,531,000 after acquiring an additional 330,167 shares during the period. Alberta Investment Management Corp boosted its stake in Newmont by 134.5% in the fourth quarter. Alberta Investment Management Corp now owns 734,600 shares of the basic materials company’s stock valued at $45,560,000 after acquiring an additional 421,400 shares during the last quarter. Finally, Invesco Ltd. grew its position in shares of Newmont by 8.2% during the 4th quarter. Invesco Ltd. now owns 10,979,409 shares of the basic materials company’s stock valued at $680,941,000 after acquiring an additional 828,178 shares during the period. Hedge funds and other institutional investors own 81.11% of the company’s stock.
Insider Activity at Newmont
In related news, CFO Nancy Buese sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, June 30th. The stock was sold at an average price of $61.50, for a total transaction of $615,000.00. Following the completion of the transaction, the chief financial officer now owns 39,530 shares in the company, valued at $2,431,095. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CFO Nancy Buese sold 10,000 shares of the business’s stock in a transaction dated Thursday, June 30th. The shares were sold at an average price of $61.50, for a total transaction of $615,000.00. Following the transaction, the chief financial officer now owns 39,530 shares in the company, valued at $2,431,095. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Robert D. Atkinson sold 3,000 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $45.35, for a total transaction of $136,050.00. Following the completion of the sale, the chief operating officer now owns 48,947 shares of the company’s stock, valued at $2,219,746.45. The disclosure for this sale can be found here. Insiders have sold a total of 38,000 shares of company stock worth $2,081,920 in the last 90 days. Company insiders own 0.11% of the company’s stock.
Newmont Stock Performance
Newmont (NYSE:NEM – Get Rating) last posted its quarterly earnings results on Monday, July 25th. The basic materials company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.14). The firm had revenue of $3.06 billion for the quarter, compared to the consensus estimate of $3.04 billion. Newmont had a net margin of 6.40% and a return on equity of 9.13%. The company’s quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.83 earnings per share. Research analysts expect that Newmont Co. will post 2.61 EPS for the current year.
Newmont Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 22nd. Investors of record on Thursday, September 8th will be paid a $0.55 dividend. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $2.20 annualized dividend and a dividend yield of 5.05%. Newmont’s payout ratio is presently 222.22%.
Analyst Ratings Changes
A number of equities research analysts recently commented on NEM shares. Barclays dropped their price objective on Newmont from $58.00 to $57.00 and set an “equal weight” rating on the stock in a research note on Friday. National Bank Financial upgraded Newmont from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, July 27th. UBS Group raised shares of Newmont from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Tuesday, September 6th. Canaccord Genuity Group upgraded shares of Newmont from a “hold” rating to a “buy” rating and cut their target price for the stock from $66.00 to $60.00 in a research report on Wednesday, July 27th. Finally, Canaccord Genuity Group upgraded Newmont from a “hold” rating to a “buy” rating and cut their target price for the stock from $66.00 to $60.00 in a research note on Wednesday, July 27th. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $66.94.
Newmont Company Profile
Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, and Ghana. As of December 31, 2021, it had proven and probable gold reserves of 92.8 million ounces and land position of 62,800 square kilometers.
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