Legacy Capital Partners Inc. Decreases Stock Holdings in Newmont Co. (NYSE:NEM)


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Legacy Capital Partners Inc. reduced its stake in shares of Newmont Co. (NYSE:NEM) by 21.0% in the first quarter, HoldingsChannel reports. The firm owned 19,796 shares of the basic materials company’s stock after selling 5,255 shares during the period. Legacy Capital Partners Inc.’s holdings in Newmont were worth $1,193,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Van ECK Associates Corp lifted its stake in shares of Newmont by 5.9% during the 4th quarter. Van ECK Associates Corp now owns 38,024,490 shares of the basic materials company’s stock worth $2,277,287,000 after purchasing an additional 2,105,656 shares during the last quarter. Flossbach Von Storch AG increased its position in Newmont by 8.0% during the 4th quarter. Flossbach Von Storch AG now owns 14,192,359 shares of the basic materials company’s stock valued at $849,980,000 after buying an additional 1,046,651 shares in the last quarter. Northern Trust Corp increased its position in Newmont by 1.9% during the 4th quarter. Northern Trust Corp now owns 11,147,154 shares of the basic materials company’s stock valued at $667,604,000 after buying an additional 202,724 shares in the last quarter. Norges Bank acquired a new position in Newmont during the 4th quarter valued at about $390,542,000. Finally, Nuveen Asset Management LLC increased its position in Newmont by 4.4% during the 4th quarter. Nuveen Asset Management LLC now owns 5,593,799 shares of the basic materials company’s stock valued at $335,013,000 after buying an additional 236,632 shares in the last quarter. Hedge funds and other institutional investors own 79.18% of the company’s stock.

NEM has been the topic of a number of research reports. Fundamental Research cut their price objective on Newmont from $74.35 to $69.96 and set a “buy” rating on the stock in a report on Friday, February 19th. JPMorgan Chase & Co. initiated coverage on Newmont in a report on Wednesday, February 10th. They issued an “overweight” rating on the stock. Raymond James cut their price objective on Newmont from $86.00 to $78.00 and set an “outperform” rating on the stock in a report on Tuesday, April 6th. Zacks Investment Research raised Newmont from a “sell” rating to a “hold” rating and set a $60.00 price objective on the stock in a report on Thursday, February 25th. Finally, Citigroup cut their price objective on Newmont from $70.00 to $66.00 in a report on Friday, February 19th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $71.92.

In other news, COO Robert D. Atkinson sold 2,024 shares of Newmont stock in a transaction on Thursday, April 1st. The stock was sold at an average price of $61.03, for a total value of $123,524.72. Following the completion of the sale, the chief operating officer now directly owns 94,612 shares of the company’s stock, valued at $5,774,170.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Jennifer Cmil sold 6,348 shares of Newmont stock in a transaction on Friday, March 26th. The shares were sold at an average price of $61.00, for a total value of $387,228.00. Following the completion of the sale, the executive vice president now directly owns 17,814 shares of the company’s stock, valued at $1,086,654. The disclosure for this sale can be found here. Insiders sold 26,522 shares of company stock valued at $1,609,107 over the last ninety days. Insiders own 0.28% of the company’s stock.

NEM stock opened at $65.70 on Friday. The business has a fifty day moving average of $61.09 and a two-hundred day moving average of $60.93. The company has a quick ratio of 2.47, a current ratio of 2.83 and a debt-to-equity ratio of 0.26. The stock has a market cap of $52.58 billion, a price-to-earnings ratio of 20.66 and a beta of 0.14. Newmont Co. has a 52-week low of $52.33 and a 52-week high of $72.22.

Newmont (NYSE:NEM) last posted its earnings results on Wednesday, February 17th. The basic materials company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.11. Newmont had a return on equity of 7.37% and a net margin of 23.19%. The company had revenue of $3.38 billion during the quarter, compared to analysts’ expectations of $3.69 billion. During the same quarter last year, the firm earned $0.50 earnings per share. As a group, sell-side analysts anticipate that Newmont Co. will post 2.56 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 18th. Stockholders of record on Thursday, March 4th were paid a $0.55 dividend. The ex-dividend date was Wednesday, March 3rd. This is a boost from Newmont’s previous quarterly dividend of $0.40. This represents a $2.20 dividend on an annualized basis and a dividend yield of 3.35%. Newmont’s payout ratio is presently 166.67%.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, and Ghana. As of December 31, 2020, it had proven and probable gold reserves of 94.2 million ounces and land position of 58,900 square kilometers.

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Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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