Mirae Asset Global Investments Co. Ltd. Sells 187,012 Shares of Newmont Co. (NYSE:NEM)

Mirae Asset Global Investments Co. Ltd. lessened its holdings in Newmont Co. (NYSE:NEM) by 23.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 608,505 shares of the basic materials company’s stock after selling 187,012 shares during the period. Mirae Asset Global Investments Co. Ltd. owned 0.05% of Newmont worth $23,033,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in NEM. Vanguard Group Inc. raised its stake in Newmont by 43.8% in the 4th quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock valued at $4,915,059,000 after acquiring an additional 36,170,995 shares during the period. Van ECK Associates Corp increased its position in Newmont by 57.2% during the 4th quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock worth $2,122,913,000 after buying an additional 18,664,614 shares during the period. Norges Bank bought a new position in Newmont during the 4th quarter worth $604,516,000. Charles Schwab Investment Management Inc. increased its position in Newmont by 44.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock worth $1,019,813,000 after buying an additional 7,635,657 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Newmont by 39.8% during the 1st quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock worth $832,354,000 after buying an additional 6,617,145 shares during the period. Institutional investors own 68.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. StockNews.com upgraded Newmont from a “sell” rating to a “hold” rating in a research report on Friday, April 26th. TD Securities increased their target price on Newmont from $43.00 to $48.00 and gave the stock a “hold” rating in a report on Friday, April 26th. BMO Capital Markets reduced their target price on Newmont from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Tuesday, May 21st. Bank of America increased their target price on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Finally, UBS Group raised Newmont from a “neutral” rating to a “buy” rating and increased their target price for the stock from $40.00 to $50.00 in a report on Monday, June 17th. Seven analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Newmont presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.13.

Newmont Trading Up 2.4 %

Shares of NEM stock traded up $1.06 during mid-day trading on Friday, reaching $44.51. 10,350,231 shares of the stock traded hands, compared to its average volume of 6,503,892. The stock’s fifty day simple moving average is $41.97 and its two-hundred day simple moving average is $38.20. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $45.92. The company has a market cap of $51.33 billion, a price-to-earnings ratio of -16.66, a price-to-earnings-growth ratio of 0.37 and a beta of 0.47. The company has a quick ratio of 1.90, a current ratio of 2.15 and a debt-to-equity ratio of 0.32.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.20. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.66 billion. During the same period last year, the firm posted $0.40 earnings per share. The business’s revenue for the quarter was up 50.2% on a year-over-year basis. On average, research analysts anticipate that Newmont Co. will post 2.48 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Tuesday, June 4th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, June 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.25%. Newmont’s dividend payout ratio (DPR) is -37.45%.

Insider Transactions at Newmont

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $42.13, for a total transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.06% of the stock is owned by corporate insiders.

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.