AE Wealth Management LLC Trims Stake in Newmont Corporation $NEM

AE Wealth Management LLC lessened its position in Newmont Corporation (NYSE:NEM) by 75.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 82,063 shares of the basic materials company’s stock after selling 257,693 shares during the quarter. AE Wealth Management LLC’s holdings in Newmont were worth $4,781,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Nuveen LLC bought a new position in Newmont in the first quarter worth $306,507,000. Pacer Advisors Inc. grew its position in shares of Newmont by 4,203.5% in the 1st quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company’s stock worth $259,580,000 after buying an additional 5,251,616 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Newmont by 1,502.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,692,606 shares of the basic materials company’s stock worth $273,391,000 after acquiring an additional 4,399,778 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its position in Newmont by 1,074.8% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,411,264 shares of the basic materials company’s stock valued at $116,416,000 after acquiring an additional 2,206,017 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its stake in Newmont by 2,003.7% during the second quarter. Robeco Institutional Asset Management B.V. now owns 1,581,171 shares of the basic materials company’s stock worth $92,119,000 after acquiring an additional 1,506,010 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on NEM shares. National Bank Financial raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 25th. TD Securities boosted their price target on Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a research report on Wednesday, October 8th. Weiss Ratings raised Newmont from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Saturday, October 25th. The Goldman Sachs Group set a $104.30 price objective on Newmont and gave the company a “buy” rating in a research note on Sunday, October 12th. Finally, Citigroup boosted their target price on Newmont from $74.00 to $104.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Five equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $86.92.

Newmont Price Performance

Shares of NYSE:NEM opened at $83.39 on Monday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. The firm has a market cap of $91.00 billion, a price-to-earnings ratio of 12.95, a price-to-earnings-growth ratio of 0.53 and a beta of 0.33. The business has a 50-day simple moving average of $83.14 and a two-hundred day simple moving average of $67.65. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $98.58.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.44. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The firm had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter last year, the firm posted $0.81 EPS. The business’s quarterly revenue was up 20.0% compared to the same quarter last year. On average, analysts expect that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Wednesday, November 26th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Wednesday, November 26th. Newmont’s payout ratio is 15.53%.

Insiders Place Their Bets

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the sale, the chief executive officer owned 279,923 shares of the company’s stock, valued at $22,768,936.82. The trade was a 1.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $80.96, for a total value of $168,396.80. Following the completion of the sale, the director directly owned 34,789 shares of the company’s stock, valued at $2,816,517.44. The trade was a 5.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 11,237 shares of company stock valued at $906,799. Company insiders own 0.05% of the company’s stock.

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.