Canada Pension Plan Investment Board Sells 714,477 Shares of Newmont Co. (NYSE:NEM)

Canada Pension Plan Investment Board lowered its position in Newmont Co. (NYSE:NEM) by 33.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,395,778 shares of the basic materials company’s stock after selling 714,477 shares during the period. Canada Pension Plan Investment Board owned 0.12% of Newmont worth $58,441,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of NEM. Vanguard Group Inc. grew its holdings in shares of Newmont by 13.6% during the first quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock worth $4,836,262,000 after purchasing an additional 16,190,422 shares during the last quarter. Van ECK Associates Corp grew its holdings in Newmont by 2.6% during the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock worth $2,131,939,000 after acquiring an additional 1,289,084 shares during the last quarter. Bank of New York Mellon Corp increased its position in Newmont by 39.8% in the 1st quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock valued at $832,354,000 after acquiring an additional 6,617,145 shares in the last quarter. Northern Trust Corp lifted its position in shares of Newmont by 25.9% during the fourth quarter. Northern Trust Corp now owns 12,988,497 shares of the basic materials company’s stock worth $537,594,000 after purchasing an additional 2,671,774 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Newmont by 8.6% during the second quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock valued at $289,445,000 after purchasing an additional 545,903 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

NEM has been the topic of several research reports. Bank of America upped their price objective on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. BMO Capital Markets raised their price target on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the stock from $48.00 to $59.00 in a report on Monday, August 19th. 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 research note on Friday, July 12th. Finally, UBS Group boosted their price target on shares of Newmont from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, September 17th. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Newmont has a consensus rating of “Moderate Buy” and a consensus price target of $52.62.

Insiders Place Their Bets

In other news, EVP Peter Toth sold 3,000 shares of the company’s 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 completion of the transaction, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the completion of the sale, the chief executive officer now owns 291,469 shares in the company, valued at $15,293,378.43. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,000 shares of company stock worth $2,744,700. Corporate insiders own 0.06% of the company’s stock.

Newmont Stock Up 1.8 %

Shares of Newmont stock opened at $54.47 on Friday. The company has a market capitalization of $62.81 billion, a P/E ratio of -20.40, a price-to-earnings-growth ratio of 0.37 and a beta of 0.49. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. The business has a 50-day moving average of $50.10 and a two-hundred day moving average of $43.54. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $54.93.

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

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date is Thursday, September 5th. Newmont’s payout ratio is presently -37.45%.

Newmont Company Profile

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.