Investment Management Corp of Ontario Sells 98,619 Shares of Newmont Corporation $NEM

by · The Markets Daily

Investment Management Corp of Ontario decreased its stake in shares of Newmont Corporation (NYSE:NEM – Free Report) by 38.4% in the 4th quarter, Holdings Channel reports. The fund owned 158,437 shares of the basic materials company’s stock after selling 98,619 shares during the quarter. Investment Management Corp of Ontario’s holdings in Newmont were worth $15,820,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. GoalVest Advisory LLC bought a new position in Newmont during the 4th quarter worth about $25,000. Swiss RE Ltd. acquired a new stake in shares of Newmont in the fourth quarter valued at about $26,000. Cornerstone Planning Group LLC increased its position in shares of Newmont by 312.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 206 shares during the last quarter. JPL Wealth Management LLC bought a new stake in Newmont during the third quarter worth about $27,000. Finally, Lodestone Wealth Management LLC acquired a new position in Newmont during the fourth quarter valued at approximately $28,000. 68.85% of the stock is owned by institutional investors.

Newmont Price Performance

NYSE:NEM opened at $105.55 on Thursday. The company has a market cap of $112.68 billion, a P/E ratio of 13.69, a P/E/G ratio of 1.80 and a beta of 0.42. The firm’s fifty day moving average price is $110.52 and its two-hundred day moving average price is $110.51. Newmont Corporation has a one year low of $55.37 and a one year high of $134.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17.

Newmont (NYSE:NEM – Get Free Report) last announced its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, topping the consensus estimate of $2.07 by $0.83. The business 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%. Newmont’s revenue was up 45.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.25 EPS. Equities analysts expect that Newmont Corporation will post 9.91 earnings per share for the current year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be paid a dividend of $0.26 per share. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. Newmont’s dividend payout ratio (DPR) is 13.49%.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. National Bank Financial raised their price target on Newmont from $130.00 to $140.00 and gave the company a “sector perform” rating in a research note on Friday, April 24th. Jefferies Financial Group increased their price objective on Newmont from $154.00 to $158.00 and gave the company a “buy” rating in a report on Monday, June 8th. TD raised their target price on shares of Newmont from $116.00 to $129.00 and gave the company a “hold” rating in a research note on Monday, April 27th. Canadian Imperial Bank of Commerce set a $175.00 target price on shares of Newmont and gave the stock an “outperform” rating in a report on Monday, June 1st. Finally, Barclays assumed coverage on shares of Newmont in a research report on Thursday, May 21st. They set an “overweight” rating and a $133.00 price target on the stock. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $141.79.

Check Out Our Latest Report on NEM

Insider Transactions at Newmont

In other Newmont news, EVP Peter Wexler sold 13,378 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the transaction, the executive vice president owned 67,865 shares in the company, valued at $7,472,615.15. This trade represents a 16.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction on Friday, May 1st. The stock was 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 position. 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. In the last 90 days, insiders sold 28,556 shares of company stock valued at $3,120,276. 0.06% of the stock is currently owned by company insiders.

Trending Headlines about Newmont

Here are the key news stories impacting Newmont this week:

  • Positive Sentiment: Zacks upgraded Newmont from hold to strong-buy, reinforcing a more optimistic view on the stock’s near-term prospects.
  • Positive Sentiment: Wall Street’s average price target implies about 30% upside, with analysts also pointing to rising earnings estimates as a supportive signal for the shares. Article: Does Newmont (NEM) Have the Potential to Rally 30.14% as Wall Street Analysts Expect?
  • Positive Sentiment: Newmont announced a leadership reshuffle, naming new CFO, COO, and CTO appointments effective July 1, which investors may see as a move to sharpen execution under CEO Natascha Viljoen.
  • Positive Sentiment: Several recent articles highlight Newmont as a value or buy idea and note that the company remains well positioned if gold prices rebound, which is supportive for a gold miner.
  • Neutral Sentiment: Other coverage focused on comparison pieces and broad investor interest, but these are less likely to move the stock on their own.

Newmont Profile

(Free Report)

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.

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