AMF Tjanstepension AB Decreases Position in Newmont Corporation $NEM

AMF Tjanstepension AB trimmed its position in shares of Newmont Corporation (NYSE:NEM) by 14.6% in the 1st quarter, Holdings Channel reports. The firm owned 649,774 shares of the basic materials company’s stock after selling 111,302 shares during the period. AMF Tjanstepension AB’s holdings in Newmont were worth $70,338,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of NEM. GoalVest Advisory LLC purchased a new stake in Newmont in the 4th quarter valued at $25,000. Pinnacle Bancorp Inc. acquired a new stake in shares of Newmont in the first quarter valued at $25,000. Cedar Mountain Advisors LLC purchased a new position in shares of Newmont in the first quarter valued at approximately $25,000. Swiss RE Ltd. purchased a new stake in shares of Newmont during the fourth quarter worth $26,000. Finally, Cornerstone Planning Group LLC grew its position in shares of Newmont by 312.1% during the fourth 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 in the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

NEM has been the subject of a number of recent analyst reports. UBS Group decreased their price target on Newmont from $140.00 to $120.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. TD Securities reiterated a “hold” rating and issued a $129.00 target price on shares of Newmont in a research note on Monday, April 27th. Zacks Research raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Monday, June 15th. Weiss Ratings lowered shares of Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, June 17th. Finally, Bank of America lowered their price objective on shares of Newmont from $157.00 to $132.00 and set a “buy” rating on the stock in a research note on Thursday. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Newmont presently has a consensus rating of “Moderate Buy” and a consensus target price of $137.64.

Newmont News Summary

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Newmont welcomed the Government of Canada’s CA$500 million funding commitment for the Red Chris Block Cave project, a move that improves the economics of a key copper-gold development and could extend the mine’s life. Newmont (NEM) Welcomes Canada Funding for Red Chris
• Positive Sentiment: UBS and Macquarie both reiterated Buy ratings on Newmont, while Bank of America also kept a Buy rating even after cutting its price target to $132, signaling analysts still see upside from current levels. UBS Keeps Their Buy Rating on Newmont Corporation CHESS (NEM)
• Positive Sentiment: Articles highlighting Newmont as undervalued and benefiting from a rebound in gold prices suggest investor interest is rising as the precious-metals trade improves. Newmont (NEM) Stock Looks Cheap On Earnings While Cash Flow Looks Fair
• Positive Sentiment: Recent trading has shown Newmont outperforming the broader market, with coverage citing renewed momentum in the stock and in gold-related names. Newmont Corporation (NEM) Outperforms Broader Market: What You Need to Know
• Neutral Sentiment: One valuation piece said Newmont looks close to fair value around the low-$90s, which may limit near-term enthusiasm even though it doesn’t signal a major downside concern. Newmont (NEM) Stock Looks Cheap On Earnings While Cash Flow Looks Fair
• Negative Sentiment: Despite the recent bounce, Newmont has still been under pressure over the past few months, and Bank of America’s price-target cut reflects some caution about the stock’s longer-term upside. Bank of America price target update on Newmont

Insider Activity

In related news, insider David John Thornton sold 2,296 shares of the company’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $252,812.56. Following the sale, the insider directly owned 23,163 shares of the company’s stock, valued at $2,550,477.93. This represents a 9.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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. Also, EVP Peter Wexler sold 13,378 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $1,473,051.58. Following the completion of the sale, the executive vice president directly owned 67,865 shares of the company’s stock, valued at approximately $7,472,615.15. This represents a 16.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Over the last 90 days, insiders have sold 28,556 shares of company stock worth $3,058,146. 0.06% of the stock is owned by corporate insiders.

Newmont Price Performance

Shares of Newmont stock opened at $95.30 on Monday. 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 Corporation has a twelve month low of $55.37 and a twelve month high of $134.88. The stock has a market capitalization of $101.74 billion, a P/E ratio of 12.36, a PEG ratio of 1.08 and a beta of 0.46. The business’s fifty day moving average price is $104.35 and its 200 day moving average price is $110.68.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.07 by $0.83. The firm had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The company’s revenue was up 45.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.25 EPS. As a group, research analysts anticipate that Newmont Corporation will post 9.32 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th were given a $0.26 dividend. The ex-dividend date of this dividend was Wednesday, May 27th. This represents a $1.04 annualized dividend and a yield of 1.1%. Newmont’s dividend payout ratio (DPR) is 13.49%.

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.