Sumitomo Life Insurance Co. Buys 41,606 Shares of Newmont Corporation $NEM

Sumitomo Life Insurance Co. increased its stake in shares of Newmont Corporation (NYSE:NEM) by 370.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 52,846 shares of the basic materials company’s stock after acquiring an additional 41,606 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Newmont were worth $5,278,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NEM. GoalVest Advisory LLC bought a new position in shares of Newmont during the fourth quarter worth $25,000. Swiss RE Ltd. bought a new position in shares of Newmont during the fourth quarter worth $26,000. JPL Wealth Management LLC bought a new position in shares of Newmont during the third quarter worth $27,000. Cornerstone Planning Group LLC boosted its position in shares of Newmont by 312.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 206 shares during the last quarter. Finally, Lodestone Wealth Management LLC bought a new position in shares of Newmont during the fourth quarter worth $28,000. Institutional investors own 68.85% of the company’s stock.

Insider Activity at Newmont

In other news, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $105.32, for a total value of $408,852.24. Following the sale, the chief executive officer owned 142,999 shares of the company’s stock, valued at approximately $15,060,654.68. This represents a 2.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Wexler sold 13,378 shares of the stock in a transaction 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 directly owned 67,865 shares in the company, valued at approximately $7,472,615.15. This represents a 16.47% 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 49,950 shares of company stock valued at $5,494,288 over the last quarter. 0.06% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on NEM shares. Sanford C. Bernstein upgraded shares of Newmont from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $121.00 to $157.00 in a research report on Friday, February 27th. Canaccord Genuity Group upped their target price on shares of Newmont from $150.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Citigroup upped their target price on shares of Newmont from $118.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, March 3rd. Argus upped their target price on shares of Newmont from $94.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. Finally, Scotiabank decreased their price target on shares of Newmont from $152.00 to $151.00 and set a “sector outperform” rating on the stock in a research note on Friday, March 20th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Newmont presently has a consensus rating of “Moderate Buy” and an average target price of $142.26.

Newmont Price Performance

Newmont stock opened at $100.10 on Friday. The company has a market cap of $106.86 billion, a price-to-earnings ratio of 12.98, a PEG ratio of 1.62 and a beta of 0.42. The firm’s fifty day moving average is $110.94 and its 200 day moving average is $109.98. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. Newmont Corporation has a 52-week low of $55.37 and a 52-week high of $134.88.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.07 by $0.83. The company had revenue of $7.31 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.25 earnings per share. Sell-side analysts forecast that Newmont Corporation will post 9.91 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Wednesday, May 27th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend 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 is presently 13.49%.

Newmont 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.