The Manufacturers Life Insurance Company reduced its position in Newmont Goldcorp Corp (NYSE:NEM) by 10.0% in the first quarter, Holdings Channel reports. The institutional investor owned 711,860 shares of the basic materials company’s stock after selling 78,778 shares during the period. The Manufacturers Life Insurance Company’s holdings in Newmont Goldcorp were worth $25,464,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Utah Retirement Systems lifted its stake in shares of Newmont Goldcorp by 0.3% in the 4th quarter. Utah Retirement Systems now owns 99,391 shares of the basic materials company’s stock valued at $3,444,000 after acquiring an additional 300 shares during the last quarter. Archford Capital Strategies LLC grew its holdings in shares of Newmont Goldcorp by 66.7% during the 4th quarter. Archford Capital Strategies LLC now owns 750 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 300 shares during the period. CAPROCK Group Inc. grew its stake in shares of Newmont Goldcorp by 3.2% in the 1st quarter. CAPROCK Group Inc. now owns 10,296 shares of the basic materials company’s stock worth $368,000 after buying an additional 316 shares during the last quarter. Baystate Wealth Management LLC grew its stake in shares of Newmont Goldcorp by 35.5% in the 1st quarter. Baystate Wealth Management LLC now owns 1,251 shares of the basic materials company’s stock worth $40,000 after buying an additional 328 shares during the last quarter. Finally, First Mercantile Trust Co. lifted its position in Newmont Goldcorp by 70.2% in the 4th quarter. First Mercantile Trust Co. now owns 800 shares of the basic materials company’s stock valued at $28,000 after acquiring an additional 330 shares in the last quarter. Institutional investors own 87.57% of the company’s stock.
NEM opened at $35.55 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 2.62 and a current ratio of 2.97. Newmont Goldcorp Corp has a 12-month low of $29.06 and a 12-month high of $39.19. The firm has a market capitalization of $29.07 billion, a P/E ratio of 26.33 and a beta of -0.08.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Thursday, June 6th will be issued a $0.14 dividend. The ex-dividend date is Wednesday, June 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.58%. Newmont Goldcorp’s dividend payout ratio is 41.48%.
In related news, VP John Kitlen sold 750 shares of the firm’s stock in a transaction on Monday, June 10th. The stock was sold at an average price of $35.24, for a total value of $26,430.00. Following the completion of the transaction, the vice president now directly owns 44,173 shares of the company’s stock, valued at $1,556,656.52. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Thomas Ronald Palmer sold 1,250 shares of Newmont Goldcorp stock in a transaction on Monday, April 1st. The shares were sold at an average price of $35.85, for a total value of $44,812.50. Following the transaction, the insider now directly owns 276,573 shares of the company’s stock, valued at $9,915,142.05. The disclosure for this sale can be found here. Insiders sold 44,305 shares of company stock worth $1,483,868 in the last 90 days. 0.44% of the stock is currently owned by corporate insiders.
Several equities research analysts have recently commented on NEM shares. Raymond James reduced their price objective on Newmont Goldcorp from $48.00 to $47.00 and set an “outperform” rating for the company in a research note on Tuesday, March 5th. Barclays raised their price objective on Newmont Goldcorp from $39.00 to $41.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. Desjardins restated a “buy” rating and set a $43.00 price objective on shares of Newmont Goldcorp in a research report on Thursday, April 4th. TheStreet raised shares of Newmont Goldcorp from a “c” rating to a “b-” rating in a report on Thursday, February 21st. Finally, Zacks Investment Research downgraded shares of Newmont Goldcorp from a “hold” rating to a “strong sell” rating in a research note on Tuesday, March 19th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $41.23.
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About Newmont Goldcorp
Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of December 31, 2018, the company had proven and probable gold reserves of 65.4 million ounces and an aggregate land position of approximately 24,000 square miles.
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