Kovitz Investment Group Partners LLC Sells 251,730 Shares of Newmont Corporation $NEM

Kovitz Investment Group Partners LLC cut its position in Newmont Corporation (NYSE:NEM) by 42.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 347,564 shares of the basic materials company’s stock after selling 251,730 shares during the period. Newmont comprises about 0.8% of Kovitz Investment Group Partners LLC’s portfolio, making the stock its 29th largest position. Kovitz Investment Group Partners LLC’s holdings in Newmont were worth $34,704,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CWM LLC raised its stake in shares of Newmont by 64.6% in the 4th quarter. CWM LLC now owns 202,892 shares of the basic materials company’s stock valued at $20,259,000 after purchasing an additional 79,617 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Newmont by 24.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 280,920 shares of the basic materials company’s stock worth $30,775,000 after buying an additional 54,530 shares during the period. AustralianSuper Pty Ltd grew its holdings in shares of Newmont by 124.8% during the third quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company’s stock worth $27,843,000 after buying an additional 183,360 shares in the last quarter. Leonteq Securities AG bought a new position in shares of Newmont during the fourth quarter worth about $9,018,000. Finally, Waverton Investment Management Ltd raised its position in Newmont by 3.4% in the 3rd quarter. Waverton Investment Management Ltd now owns 704,331 shares of the basic materials company’s stock valued at $59,365,000 after buying an additional 23,139 shares during the last quarter. 68.85% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Peter Wexler sold 13,378 shares of the 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 $1,473,051.58. Following the transaction, the executive vice president owned 67,865 shares in the company, valued at approximately $7,472,615.15. This trade represents a 16.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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, CEO Natascha Viljoen sold 3,882 shares of Newmont stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $105.32, for a total value of $408,852.24. Following the sale, the chief executive officer directly owned 142,999 shares of the company’s stock, valued at approximately $15,060,654.68. The trade was a 2.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 28,556 shares of company stock valued at $3,120,276 in the last 90 days. 0.06% of the stock is owned by company insiders.

Newmont Price Performance

NYSE:NEM opened at $103.86 on Friday. The stock has a market capitalization of $110.88 billion, a PE ratio of 13.47, a P/E/G ratio of 1.75 and a beta of 0.42. Newmont Corporation has a 1-year low of $55.37 and a 1-year high of $134.88. The firm has a fifty day simple moving average of $110.31 and a 200 day simple moving average of $110.61. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.07 by $0.83. The firm had revenue of $7.31 billion for the quarter, compared to analyst estimates of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The company’s quarterly revenue was up 45.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.25 earnings per share. On average, research analysts expect that Newmont Corporation will post 9.91 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be issued a $0.26 dividend. 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 presently 13.49%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NEM. Canaccord Genuity Group upped their price target on Newmont from $150.00 to $160.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Canadian Imperial Bank of Commerce set a $175.00 price objective on shares of Newmont and gave the company an “outperform” rating in a report on Monday, June 1st. Jefferies Financial Group boosted their price objective on shares of Newmont from $154.00 to $158.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. Argus raised their target price on shares of Newmont from $94.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, April 23rd. Finally, Weiss Ratings cut shares of Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $140.98.

Trending Headlines about Newmont

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Several recent reports remain constructive on Newmont’s longer-term outlook, including coverage highlighting the company as a key name in gold mining and analyst commentary pointing to meaningful upside versus current levels. Why Newmont Remains a Key Name In Gold Mining?
• Positive Sentiment: Zacks Research upgraded Newmont from “hold” to “strong-buy,” while another Zacks piece said the stock could have about 30% upside based on Wall Street price targets, reinforcing bullish analyst sentiment. Does Newmont (NEM) Have the Potential to Rally 30.14% as Wall Street Analysts Expect?
• Neutral Sentiment: Newmont announced a management refresh, including new CFO, COO, and technical chief appointments effective July 1. This could support execution over time, but near-term investors may be waiting to see how the new team performs. Newmont (NEM) Appoints New CFO COO And Technical Chief Under Natascha Viljoen
• Negative Sentiment: BNP Paribas Exane cut its price target on Newmont from $128 to $111 and kept a “neutral” rating, which may be weighing on sentiment despite the target still sitting above the current share price. BNP Paribas Exane adjusts price target on Newmont to 111 from 128, maintains neutral rating
• Negative Sentiment: Recent trading commentary noted that Newmont fell even as the broader market moved higher, suggesting investors are taking profits or reacting cautiously after a strong run in the stock. Newmont Corporation (NEM) Stock Falls Amid Market Uptick: What Investors Need to Know

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.