Vestmark Advisory Solutions Inc. Lowers Stake in Newmont Corporation $NEM

Vestmark Advisory Solutions Inc. lessened its holdings in shares of Newmont Corporation (NYSE:NEM) by 79.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,808 shares of the basic materials company’s stock after selling 26,207 shares during the quarter. Vestmark Advisory Solutions Inc.’s holdings in Newmont were worth $574,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank acquired a new stake in Newmont in the 2nd quarter worth about $919,170,000. Invesco Ltd. raised its stake in Newmont by 45.0% during the second quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock worth $908,152,000 after purchasing an additional 4,839,447 shares during the period. Legal & General Group Plc raised its stake in Newmont by 6.3% during the second quarter. Legal & General Group Plc now owns 7,444,729 shares of the basic materials company’s stock worth $433,236,000 after purchasing an additional 438,748 shares during the period. Boston Partners grew its stake in shares of Newmont by 4,090.7% during the 2nd quarter. Boston Partners now owns 4,643,057 shares of the basic materials company’s stock valued at $272,558,000 after buying an additional 4,532,263 shares during the period. Finally, National Pension Service increased its holdings in shares of Newmont by 2.7% during the 3rd quarter. National Pension Service now owns 4,354,264 shares of the basic materials company’s stock worth $367,108,000 after buying an additional 114,949 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Price Performance

Shares of NYSE:NEM opened at $127.46 on Friday. The company has a market cap of $138.66 billion, a PE ratio of 19.95, a P/E/G ratio of 1.07 and a beta of 0.40. The firm has a 50-day simple moving average of $115.20 and a 200 day simple moving average of $94.55. Newmont Corporation has a fifty-two week low of $41.23 and a fifty-two week high of $134.88. The company has a quick ratio of 2.02, a current ratio of 2.29 and a debt-to-equity ratio of 0.16.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, February 19th. The basic materials company reported $2.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.81 by $0.71. The business had revenue of $6.82 billion for the quarter, compared to analysts’ expectations of $6.18 billion. Newmont had a return on equity of 23.28% and a net margin of 31.25%.The business’s quarterly revenue was up 20.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.40 EPS. On average, sell-side analysts anticipate that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Tuesday, March 3rd will be given a $0.26 dividend. The ex-dividend date is Tuesday, March 3rd. This represents a $1.04 annualized dividend and a yield of 0.8%. This is a boost from Newmont’s previous quarterly dividend of $0.25. Newmont’s payout ratio is 16.28%.

Analyst Ratings Changes

A number of research firms have issued reports on NEM. Canaccord Genuity Group boosted their price target on Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Zacks Research lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 18th. UBS Group reiterated a “buy” rating and set a $160.00 price objective on shares of Newmont in a research note on Friday, January 30th. Scotiabank raised their target price on Newmont from $114.00 to $152.00 and gave the company an “outperform” rating in a report on Monday, January 26th. Finally, The Goldman Sachs Group lifted their price target on shares of Newmont from $99.90 to $123.90 and gave the stock a “buy” rating in a research note on Monday, January 12th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $134.15.

Insider Buying and Selling

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $92.36, for a total value of $192,108.80. Following the sale, the director owned 32,709 shares in the company, valued at approximately $3,021,003.24. This trade represents a 5.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.05% of the company’s stock.

Newmont 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.