Legal & General Group Plc Sells 309,087 Shares of Newmont Corporation $NEM

Legal & General Group Plc lowered its position in Newmont Corporation (NYSE:NEM) by 3.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 7,847,582 shares of the basic materials company’s stock after selling 309,087 shares during the period. Legal & General Group Plc’s holdings in Newmont were worth $783,581,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of NEM. Assetmark Inc. lifted its position in shares of Newmont by 398.3% during the 4th quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company’s stock worth $286,619,000 after buying an additional 2,294,396 shares during the period. Boston Partners lifted its position in shares of Newmont by 49.3% during the 3rd quarter. Boston Partners now owns 6,931,710 shares of the basic materials company’s stock worth $585,828,000 after buying an additional 2,288,653 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Newmont by 106.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 4,155,210 shares of the basic materials company’s stock worth $349,288,000 after buying an additional 2,146,905 shares during the period. Ameriprise Financial Inc. lifted its position in shares of Newmont by 142.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 3,262,258 shares of the basic materials company’s stock worth $189,963,000 after buying an additional 1,914,286 shares during the period. Finally, Life Cycle Investment Partners Ltd bought a new position in shares of Newmont during the 4th quarter worth approximately $166,191,000. Institutional investors own 68.85% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on NEM. Zacks Research downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research report on Friday, April 3rd. Stifel Nicolaus raised their target price on Newmont from $120.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, February 10th. The Goldman Sachs Group raised their target price on Newmont from $123.20 to $125.10 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. TD Cowen restated a “buy” rating on shares of Newmont in a research report on Monday, April 27th. Finally, Scotiabank dropped their price target on Newmont from $152.00 to $151.00 and set a “sector outperform” rating for the company in a report on Friday, March 20th. Two equities research 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, the company has an average rating of “Moderate Buy” and an average price target of $142.05.

Insiders Place Their Bets

In other news, EVP Peter Wexler sold 13,378 shares of Newmont stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $1,473,051.58. Following the completion of the sale, the executive vice president directly owned 67,865 shares of the company’s stock, valued at approximately $7,472,615.15. This trade represents a 16.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 Newmont stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $330,330.00. Following the completion of the sale, the executive vice president directly owned 49,315 shares of the company’s stock, valued at $5,430,074.65. This trade represents a 5.73% 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. Over the last quarter, insiders sold 43,068 shares of company stock valued at $4,769,475. Company insiders own 0.06% of the company’s stock.

Newmont Trading Up 0.1%

NEM stock opened at $107.74 on Monday. The business has a fifty day moving average price of $111.03 and a 200 day moving average price of $108.19. Newmont Corporation has a fifty-two week low of $51.80 and a fifty-two week high of $134.88. The stock has a market capitalization of $115.02 billion, a price-to-earnings ratio of 13.97, a P/E/G ratio of 1.54 and a beta of 0.43. 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 released its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, beating analysts’ consensus estimates of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The firm had revenue of $7.31 billion during the quarter, compared to analysts’ expectations of $6.83 billion. During the same period last year, the firm posted $1.25 EPS. The business’s revenue was up 45.8% on a year-over-year basis. Analysts expect that Newmont Corporation will post 9.47 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 issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, May 27th. Newmont’s dividend payout ratio (DPR) is currently 13.49%.

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.