Envestnet Asset Management Inc. Decreases Position in Newmont Corporation (NYSE:NEM)

Envestnet Asset Management Inc. decreased its holdings in shares of Newmont Corporation (NYSE:NEM) by 20.2% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 162,063 shares of the basic materials company’s stock after selling 41,140 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Newmont were worth $7,824,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of NEM. Geode Capital Management LLC lifted its holdings in shares of Newmont by 5.2% during the 4th quarter. Geode Capital Management LLC now owns 24,697,779 shares of the basic materials company’s stock valued at $919,484,000 after purchasing an additional 1,213,397 shares during the last quarter. Norges Bank acquired a new stake in Newmont during the 4th quarter worth about $626,074,000. Bank of New York Mellon Corp grew its position in shares of Newmont by 8.9% during the 1st quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company’s stock valued at $773,159,000 after acquiring an additional 1,306,783 shares during the period. Northern Trust Corp boosted its holdings in Newmont by 11.5% in the 4th quarter. Northern Trust Corp now owns 12,742,155 shares of the basic materials company’s stock worth $474,263,000 after buying an additional 1,309,177 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Newmont by 23.9% in the 4th quarter. Invesco Ltd. now owns 10,520,354 shares of the basic materials company’s stock worth $391,568,000 after buying an additional 2,028,150 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Newmont Trading Up 2.9%

Shares of NEM opened at $59.86 on Tuesday. Newmont Corporation has a twelve month low of $36.86 and a twelve month high of $61.17. The firm’s 50-day moving average is $55.83 and its two-hundred day moving average is $49.80. The firm has a market capitalization of $66.62 billion, a P/E ratio of 13.42, a PEG ratio of 0.65 and a beta of 0.33. The company has a current ratio of 1.98, a quick ratio of 1.70 and a debt-to-equity ratio of 0.25.

Newmont (NYSE:NEM) last issued its earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.54. The business had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.82 billion. Newmont had a net margin of 25.77% and a return on equity of 15.75%. During the same quarter last year, the firm posted $0.55 EPS. On average, research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Tuesday, May 27th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.67%. The ex-dividend date was Tuesday, May 27th. Newmont’s dividend payout ratio (DPR) is presently 22.42%.

Insider Activity

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the business’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $58.75, for a total transaction of $122,023.75. Following the completion of the transaction, the director directly owned 43,103 shares of the company’s stock, valued at $2,532,301.25. The trade was a 4.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $54.09, for a total transaction of $162,270.00. Following the sale, the executive vice president owned 77,526 shares in the company, valued at $4,193,381.34. This trade represents a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 12,231 shares of company stock valued at $679,813 over the last ninety days. Company insiders own 0.05% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NEM. Raymond James Financial reaffirmed an “outperform” rating and set a $66.00 price target on shares of Newmont in a research report on Friday, April 25th. Cfra Research upgraded shares of Newmont to a “strong-buy” rating in a research note on Friday, April 25th. The Goldman Sachs Group restated a “neutral” rating and issued a $60.90 price target on shares of Newmont in a research note on Tuesday, July 8th. Stifel Nicolaus assumed coverage on shares of Newmont in a research note on Wednesday, July 9th. They issued a “buy” rating and a $73.00 price target for the company. Finally, National Bankshares reiterated a “sector perform” rating on shares of Newmont in a research note on Tuesday, June 24th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, Newmont presently has a consensus rating of “Moderate Buy” and an average price target of $62.49.

About Newmont

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.