Gemsstock Ltd. Lowers Stock Position in Newmont Corporation $NEM

Gemsstock Ltd. cut its stake in shares of Newmont Corporation (NYSE:NEM) by 26.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 310,415 shares of the basic materials company’s stock after selling 111,750 shares during the quarter. Newmont makes up 4.5% of Gemsstock Ltd.’s holdings, making the stock its 12th biggest holding. Gemsstock Ltd.’s holdings in Newmont were worth $30,995,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Van Lanschot Kempen Investment Management N.V. lifted its holdings in shares of Newmont by 3,895.7% during the 4th quarter. Van Lanschot Kempen Investment Management N.V. now owns 100,252 shares of the basic materials company’s stock valued at $10,010,000 after acquiring an additional 97,743 shares in the last quarter. Korea Investment CORP lifted its holdings in shares of Newmont by 15.1% during the 4th quarter. Korea Investment CORP now owns 913,848 shares of the basic materials company’s stock valued at $91,248,000 after acquiring an additional 119,905 shares in the last quarter. Sumitomo Life Insurance Co. lifted its holdings in shares of Newmont by 370.2% during the 4th quarter. Sumitomo Life Insurance Co. now owns 52,846 shares of the basic materials company’s stock valued at $5,278,000 after acquiring an additional 41,606 shares in the last quarter. Kane Investment Management Inc. acquired a new position in shares of Newmont during the 4th quarter valued at $231,000. Finally, Wealthspire Advisors LLC lifted its holdings in shares of Newmont by 166.0% during the 4th quarter. Wealthspire Advisors LLC now owns 8,219 shares of the basic materials company’s stock valued at $821,000 after acquiring an additional 5,129 shares in the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on NEM shares. TD Securities restated a “hold” rating and set a $129.00 target price on shares of Newmont in a report on Monday, April 27th. TD Cowen restated a “buy” rating on shares of Newmont in a report on Monday, April 27th. Wall Street Zen lowered shares of Newmont from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 30th. Zacks Research lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Friday, April 3rd. Finally, Sanford C. Bernstein upgraded shares of Newmont from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $121.00 to $157.00 in a report on Friday, February 27th. 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 company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $142.26.

Insider Transactions at Newmont

In other news, insider David James Fry sold 18,394 shares of the business’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $111.45, for a total value of $2,050,011.30. Following the completion of the sale, the insider owned 17,147 shares of the company’s stock, valued at approximately $1,911,033.15. The trade was a 51.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David John Thornton sold 2,296 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $252,812.56. Following the completion of the sale, the insider directly owned 23,163 shares of the company’s stock, valued at $2,550,477.93. The trade was a 9.02% decrease in their position. The SEC filing for this sale provides additional information. 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. Insiders have sold a total of 49,950 shares of company stock worth $5,494,288 over the last three months. Insiders own 0.06% of the company’s stock.

Newmont Stock Performance

Shares of NEM stock opened at $100.10 on Friday. Newmont Corporation has a 12 month low of $55.37 and a 12 month high of $134.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. The firm has a market capitalization of $106.86 billion, a P/E ratio of 12.98, a P/E/G ratio of 1.62 and a beta of 0.42. The company’s fifty day moving average price is $110.94 and its two-hundred day moving average price is $109.98.

Newmont (NYSE:NEM) last issued its quarterly earnings data 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 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 previous year, the business posted $1.25 EPS. The firm’s revenue was up 45.8% compared to the same quarter last year. On average, research analysts anticipate that Newmont Corporation will post 9.91 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be issued a $0.26 dividend. 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 payout ratio is currently 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.