Sumitomo Life Insurance Co. Increases Stake in Newmont Corporation $NEM

Sumitomo Life Insurance Co. grew its position in Newmont Corporation (NYSE:NEM) by 370.2% during the 4th quarter, HoldingsChannel reports. The fund owned 52,846 shares of the basic materials company’s stock after purchasing an additional 41,606 shares during the period. Sumitomo Life Insurance Co.’s holdings in Newmont were worth $5,278,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. GoalVest Advisory LLC purchased a new stake in shares of Newmont in the fourth quarter valued at $25,000. Swiss RE Ltd. purchased a new stake in shares of Newmont in the fourth quarter valued at $26,000. Cornerstone Planning Group LLC increased its stake in Newmont by 312.1% in 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 period. JPL Wealth Management LLC purchased a new position in Newmont in the 3rd quarter worth about $27,000. Finally, Lodestone Wealth Management LLC purchased a new position in Newmont in the 4th quarter worth about $28,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Up 2.6%

Shares of Newmont stock opened at $100.10 on Friday. 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 Corporation has a 1 year low of $55.37 and a 1 year high of $134.88. The firm’s 50-day moving average is $110.94 and its two-hundred day moving average is $109.98. The stock 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.

Newmont (NYSE:NEM) last issued its 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. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The company had revenue of $7.31 billion for the quarter, compared to analysts’ expectations of $6.83 billion. During the same period in the prior year, the business earned $1.25 EPS. The firm’s quarterly revenue was up 45.8% on a year-over-year basis. As a group, research analysts expect that Newmont Corporation will post 9.91 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 1.0%. The ex-dividend date is Wednesday, May 27th. Newmont’s dividend payout ratio is presently 13.49%.

Insider Activity at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $315,960.00. Following 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 dated 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. The trade was a 16.47% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 49,950 shares of company stock worth $5,494,288 over the last quarter. Corporate insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

NEM has been the topic of several recent analyst reports. Royal Bank Of Canada reduced their price target on shares of Newmont from $160.00 to $140.00 and set an “outperform” rating on the stock in a research note on Wednesday, June 3rd. The Goldman Sachs Group reduced their price target on shares of Newmont from $125.10 to $122.50 and set a “buy” rating on the stock in a research note on Thursday, June 4th. TD raised their price target on shares of Newmont from $116.00 to $129.00 and gave the stock a “hold” rating in a research note on Monday, April 27th. BNP Paribas Exane raised their price target on shares of Newmont from $123.00 to $128.00 and gave the stock a “neutral” rating in a research note on Monday, March 2nd. Finally, Jefferies Financial Group raised their price target on shares of Newmont from $154.00 to $158.00 and gave the stock a “buy” rating in a research note on Monday, June 8th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Newmont currently has a consensus rating of “Moderate Buy” and an average price target of $142.26.

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.