OVERSEA CHINESE BANKING Corp Ltd Sells 5,988 Shares of Newmont Corporation (NYSE:NEM)

OVERSEA CHINESE BANKING Corp Ltd lessened its position in Newmont Corporation (NYSE:NEM) by 41.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,378 shares of the basic materials company’s stock after selling 5,988 shares during the period. OVERSEA CHINESE BANKING Corp Ltd’s holdings in Newmont were worth $405,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Bessemer Group Inc. boosted its holdings in shares of Newmont by 13.2% during the first quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company’s stock worth $569,000 after purchasing an additional 1,379 shares during the period. First Trust Advisors LP lifted its holdings in Newmont by 9.9% in the 4th quarter. First Trust Advisors LP now owns 96,040 shares of the basic materials company’s stock worth $3,575,000 after buying an additional 8,678 shares during the period. Envestnet Portfolio Solutions Inc. bought a new stake in shares of Newmont in the 1st quarter worth approximately $423,000. Spire Wealth Management increased its stake in shares of Newmont by 125.0% during the first quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company’s stock valued at $114,000 after buying an additional 1,309 shares during the period. Finally, Flagship Harbor Advisors LLC bought a new position in shares of Newmont during the first quarter valued at approximately $202,000. Institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on NEM. UBS Group lifted their price target on shares of Newmont from $60.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, July 3rd. Stifel Canada raised shares of Newmont to a “strong-buy” rating in a research report on Tuesday, July 8th. The Goldman Sachs Group reiterated a “neutral” rating and set a $60.90 price target on shares of Newmont in a research report on Tuesday, July 8th. Raymond James Financial raised their price objective on shares of Newmont from $67.00 to $69.00 and gave the stock an “outperform” rating in a report on Monday, July 28th. Finally, BMO Capital Markets reiterated an “outperform” rating on shares of Newmont in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.58.

Insider Buying and Selling

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total value of $122,023.75. Following the completion of the sale, the director owned 43,103 shares in the company, valued at approximately $2,532,301.25. This represents a 4.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $54.09, for a total value of $162,270.00. Following the sale, the executive vice president directly owned 77,526 shares in the company, valued at approximately $4,193,381.34. This represents a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,154 shares of company stock valued at $572,889. Company insiders own 0.05% of the company’s stock.

Newmont Stock Up 0.8%

Shares of NEM stock opened at $62.61 on Monday. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $66.57. The stock has a market cap of $68.77 billion, a P/E ratio of 11.24, a P/E/G ratio of 0.76 and a beta of 0.30. The company has a 50 day simple moving average of $58.10 and a two-hundred day simple moving average of $51.42.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, topping the consensus estimate of $0.95 by $0.48. Newmont had a return on equity of 17.86% and a net margin of 30.50%. The firm had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. During the same period in the prior year, the business posted $0.72 EPS. Newmont’s revenue was up 20.8% on a year-over-year basis. On average, research analysts expect that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Thursday, September 4th. Newmont’s dividend payout ratio is presently 17.95%.

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, Papua New Guinea, Ecuador, Fiji, and Ghana.