Pinpoint Asset Management Singapore Pte. Ltd. Cuts Position in Newmont Corporation $NEM

Pinpoint Asset Management Singapore Pte. Ltd. lessened its stake in Newmont Corporation (NYSE:NEM) by 82.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 3,313 shares of the basic materials company’s stock after selling 15,260 shares during the quarter. Pinpoint Asset Management Singapore Pte. Ltd.’s holdings in Newmont were worth $331,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of Newmont by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company’s stock valued at $13,390,613,000 after purchasing an additional 637,996 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Newmont by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company’s stock valued at $2,738,756,000 after purchasing an additional 946,824 shares in the last quarter. Norges Bank purchased a new position in shares of Newmont in the 4th quarter valued at about $1,443,128,000. Bank of New York Mellon Corp increased its holdings in shares of Newmont by 6.7% in the 4th quarter. Bank of New York Mellon Corp now owns 11,622,479 shares of the basic materials company’s stock valued at $1,160,505,000 after purchasing an additional 725,012 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Newmont by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,174,938 shares of the basic materials company’s stock valued at $916,135,000 after purchasing an additional 32,808 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on NEM shares. Jefferies Financial Group increased their price target on shares of Newmont from $154.00 to $158.00 and gave the company a “buy” rating in a report on Monday, June 8th. Barclays initiated coverage on shares of Newmont in a research note on Thursday, May 21st. They issued an “overweight” rating and a $133.00 price objective on the stock. National Bank Financial increased their price objective on shares of Newmont from $130.00 to $140.00 and gave the company a “sector perform” rating in a research note on Friday, April 24th. Argus increased their price objective on shares of Newmont from $94.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd. Finally, Macquarie Infrastructure increased their price objective on shares of Newmont from $130.00 to $133.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and a consensus price target of $142.26.

Insider Activity at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’s 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 sale, the executive vice president directly owned 46,315 shares of the company’s stock, valued at $4,877,895.80. This trade represents a 6.08% decrease in their position. The transaction 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. Also, insider David James Fry sold 18,394 shares of the firm’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the sale, the insider directly owned 17,147 shares in the company, valued at $1,911,033.15. This represents a 51.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 49,950 shares of company stock worth $5,494,288 over the last three months. Company insiders own 0.06% of the company’s stock.

Newmont Price Performance

Shares of NYSE NEM opened at $100.10 on Friday. 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 Corporation has a 52 week low of $55.37 and a 52 week high of $134.88. The company’s 50-day moving average price is $110.94 and its 200 day moving average price is $109.98. 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 released 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. 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 last year, the company earned $1.25 EPS. The firm’s revenue for the quarter was up 45.8% compared to the same quarter last year. As a group, research analysts forecast that Newmont Corporation will post 9.91 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend 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.