Pinpoint Asset Management Singapore Pte. Ltd. Trims Stock Position in Newmont Corporation $NEM

Pinpoint Asset Management Singapore Pte. Ltd. lessened its stake in shares of Newmont Corporation (NYSE:NEM) by 82.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,313 shares of the basic materials company’s stock after selling 15,260 shares during the quarter. Pinpoint Asset Management Singapore Pte. Ltd.’s holdings in Newmont were worth $331,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. GoalVest Advisory LLC purchased a new stake in shares of Newmont during the 4th quarter worth approximately $25,000. Swiss RE Ltd. purchased a new stake in shares of Newmont during the 4th quarter worth approximately $26,000. Cornerstone Planning Group LLC lifted its position in shares of 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 last quarter. Lodestone Wealth Management LLC purchased a new stake in shares of Newmont during the 4th quarter worth approximately $28,000. Finally, Laurel Wealth Advisors LLC purchased a new stake in shares of Newmont during the 4th quarter worth approximately $30,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Up 2.6%

NEM stock opened at $100.10 on Friday. The company has a fifty day moving average price of $110.94 and a 200 day moving average price of $109.98. Newmont Corporation has a 12 month low of $55.37 and a 12 month high of $134.88. The company has a market cap of $106.86 billion, a price-to-earnings ratio of 12.98, a price-to-earnings-growth ratio of 1.62 and a beta of 0.42. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.07 by $0.83. The company had revenue of $7.31 billion for the quarter, compared to analysts’ expectations of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. Newmont’s revenue was up 45.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.25 EPS. Sell-side analysts expect that Newmont Corporation will post 9.91 earnings per share for the current 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 paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, May 27th. Newmont’s payout ratio is currently 13.49%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on NEM shares. 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 report on Monday, June 1st. BMO Capital Markets upped their price target on shares of Newmont from $140.00 to $145.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Canaccord Genuity Group upped their price target on shares of Newmont from $150.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. TD Cowen reiterated a “buy” rating on shares of Newmont in a research report on Monday, April 27th. Finally, Citigroup upped their price target on shares of Newmont from $118.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Newmont currently has an average rating of “Moderate Buy” and an average price target of $142.26.

Insider Buying and Selling

In other Newmont news, EVP Peter Wexler sold 13,378 shares of the business’s stock in a transaction 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 transaction, the executive vice president directly owned 67,865 shares of the company’s stock, valued at approximately $7,472,615.15. The trade was a 16.47% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $315,960.00. Following the completion of the transaction, the executive vice president directly owned 46,315 shares in the company, valued at $4,877,895.80. This represents a 6.08% 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. Insiders sold a total of 49,950 shares of company stock worth $5,494,288 in the last ninety days. 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.