Cary Street Partners Financial LLC Sells 20,974 Shares of Newmont Corporation $NEM

Cary Street Partners Financial LLC cut its holdings in Newmont Corporation (NYSE:NEM) by 24.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 66,484 shares of the basic materials company’s stock after selling 20,974 shares during the period. Cary Street Partners Financial LLC’s holdings in Newmont were worth $5,605,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Estate Counselors LLC acquired a new stake in shares of Newmont in the third quarter valued at $4,182,000. AustralianSuper Pty Ltd boosted its holdings in Newmont by 124.8% during the 3rd quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company’s stock valued at $27,843,000 after acquiring an additional 183,360 shares during the period. Knights of Columbus Asset Advisors LLC grew its position in Newmont by 286.5% in the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 60,499 shares of the basic materials company’s stock valued at $5,101,000 after acquiring an additional 44,846 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Newmont by 176.4% during the second quarter. Envestnet Asset Management Inc. now owns 447,960 shares of the basic materials company’s stock worth $26,098,000 after purchasing an additional 285,897 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its stake in shares of Newmont by 172.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 4,304,215 shares of the basic materials company’s stock valued at $362,888,000 after purchasing an additional 2,723,044 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the transaction, the director owned 32,709 shares of the company’s stock, valued at approximately $3,021,003.24. This trade represents a 5.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.05% of the company’s stock.

Newmont Price Performance

Shares of NEM opened at $124.76 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.02 and a current ratio of 2.29. Newmont Corporation has a fifty-two week low of $41.23 and a fifty-two week high of $134.88. The firm has a 50-day simple moving average of $114.64 and a 200-day simple moving average of $94.32. The company has a market capitalization of $135.72 billion, a price-to-earnings ratio of 19.52, a price-to-earnings-growth ratio of 1.06 and a beta of 0.40.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, February 19th. The basic materials company reported $2.52 EPS for the quarter, topping the consensus estimate of $1.81 by $0.71. The business had revenue of $6.82 billion during 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 company’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.40 earnings per share. On average, equities research analysts anticipate that Newmont Corporation will post 3.45 earnings per share 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 issued a dividend of $0.26 per share. This is a boost from Newmont’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Tuesday, March 3rd. Newmont’s payout ratio is presently 15.65%.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Macquarie Infrastructure raised their price target on shares of Newmont from $115.00 to $126.00 and gave the company an “outperform” rating in a research report on Friday, February 6th. TD Cowen boosted their target price on Newmont from $89.00 to $120.00 and gave the stock a “hold” rating in a research note on Thursday, January 22nd. Zacks Research downgraded Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 18th. The Goldman Sachs Group lifted their price objective on Newmont from $99.90 to $123.90 and gave the company a “buy” rating in a research note on Monday, January 12th. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating and issued a $177.00 target price on shares of Newmont in a report on Wednesday, February 4th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Newmont currently has an average rating of “Moderate Buy” and an average price target of $132.88.

About Newmont

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.