Forsta AP Fonden Sells 27,500 Shares of Newmont Co. (NYSE:NEM)

Forsta AP Fonden lessened its stake in Newmont Co. (NYSE:NEM) by 10.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 224,600 shares of the basic materials company’s stock after selling 27,500 shares during the quarter. Forsta AP Fonden’s holdings in Newmont were worth $9,404,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. American International Group Inc. boosted its holdings in shares of Newmont by 24.8% during the 4th quarter. American International Group Inc. now owns 292,735 shares of the basic materials company’s stock valued at $12,116,000 after purchasing an additional 58,217 shares during the last quarter. Premier Fund Managers Ltd bought a new position in Newmont during the fourth quarter valued at approximately $1,276,000. Nations Financial Group Inc. IA ADV bought a new position in Newmont during the fourth quarter valued at approximately $1,167,000. Virtu Financial LLC purchased a new position in Newmont during the 4th quarter valued at approximately $3,313,000. Finally, Oppenheimer & Co. Inc. increased its stake in Newmont by 26.8% in the 4th quarter. Oppenheimer & Co. Inc. now owns 184,604 shares of the basic materials company’s stock worth $7,641,000 after acquiring an additional 39,053 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Price Performance

Shares of NEM stock opened at $53.71 on Friday. The stock has a 50 day moving average price of $49.32 and a 200 day moving average price of $42.70. The firm has a market capitalization of $61.63 billion, a P/E ratio of -20.12, a P/E/G ratio of 0.37 and a beta of 0.49. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $54.25.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.10. The business had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The business’s revenue for the quarter was up 64.1% compared to the same quarter last year. During the same period last year, the company earned $0.33 earnings per share. As a group, sell-side analysts predict that Newmont Co. will post 2.82 earnings per share for the current year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date of this dividend is Thursday, September 5th. Newmont’s dividend payout ratio (DPR) is presently -37.45%.

Analysts Set New Price Targets

NEM has been the subject of a number of recent research reports. Jefferies Financial Group raised their target price on shares of Newmont from $50.00 to $54.00 and gave the company a “buy” rating in a report on Friday, July 12th. JPMorgan Chase & Co. cut shares of Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research report on Thursday, August 29th. UBS Group upgraded Newmont from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $40.00 to $50.00 in a research report on Monday, June 17th. Finally, CIBC upgraded Newmont from a “neutral” rating to a “sector outperform” rating and upped their price objective for the company from $46.00 to $61.00 in a research report on Wednesday, July 10th. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Newmont presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.46.

Insider Activity

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the transaction, the chief executive officer now owns 311,469 shares of the company’s stock, valued at $15,420,830.19. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the sale, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at $15,420,830.19. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the transaction, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 56,000 shares of company stock valued at $2,744,700. Corporate insiders own 0.06% 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.