Allspring Global Investments Holdings LLC Reduces Stock Position in Newmont Co. (NYSE:NEM)

Allspring Global Investments Holdings LLC trimmed its position in Newmont Co. (NYSE:NEM) by 11.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 343,033 shares of the basic materials company’s stock after selling 42,856 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Newmont were worth $12,294,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Grey Street Capital LLC lifted its position in Newmont by 0.4% during the fourth quarter. Grey Street Capital LLC now owns 69,874 shares of the basic materials company’s stock worth $2,892,000 after buying an additional 289 shares during the period. Moody National Bank Trust Division boosted its position in shares of Newmont by 1.7% in the first quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock worth $647,000 after acquiring an additional 296 shares during the last quarter. Reitz Capital Advisors LLC grew its holdings in Newmont by 1.1% in the fourth quarter. Reitz Capital Advisors LLC now owns 28,174 shares of the basic materials company’s stock valued at $1,166,000 after purchasing an additional 298 shares during the period. Berkeley Capital Partners LLC increased its position in Newmont by 5.6% during the fourth quarter. Berkeley Capital Partners LLC now owns 5,960 shares of the basic materials company’s stock worth $247,000 after purchasing an additional 318 shares during the last quarter. Finally, Crestmont Private Wealth LLC raised its stake in Newmont by 4.9% during the first quarter. Crestmont Private Wealth LLC now owns 6,852 shares of the basic materials company’s stock worth $246,000 after purchasing an additional 319 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NEM has been the subject of several research reports. Scotiabank boosted their price objective on shares of Newmont from $46.50 to $48.00 and gave the company a “sector perform” rating in a research note on Thursday, May 23rd. JPMorgan Chase & Co. lowered Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday. StockNews.com raised Newmont from a “sell” rating to a “hold” rating in a research note on Friday, April 26th. Citigroup dropped their target price on shares of Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, April 4th. Finally, National Bank Financial cut shares of Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research report on Tuesday, April 30th. Eight analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.29.

Newmont Trading Down 0.9 %

Shares of NEM opened at $44.13 on Tuesday. Newmont Co. has a one year low of $29.42 and a one year high of $45.92. The stock has a 50-day moving average price of $42.00 and a 200 day moving average price of $38.18. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.90 and a current ratio of 2.15. The company has a market capitalization of $50.89 billion, a P/E ratio of -16.53, a P/E/G ratio of 0.38 and a beta of 0.47.

Newmont (NYSE:NEM) last released its earnings results on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.35 by $0.20. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.66 billion. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The business’s revenue was up 50.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.40 EPS. Sell-side analysts forecast that Newmont Co. will post 2.48 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Tuesday, June 4th were given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.27%. The ex-dividend date of this dividend was Tuesday, June 4th. Newmont’s payout ratio is currently -37.45%.

Insider Activity

In related news, CEO Thomas Ronald Palmer sold 13,000 shares of Newmont stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the completion of the transaction, the chief executive officer now directly owns 331,469 shares in the company, valued at $13,964,788.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company 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.