Corebridge Financial Inc. Sells 14,697 Shares of Newmont Co. (NYSE:NEM)

Corebridge Financial Inc. reduced its position in Newmont Co. (NYSE:NEM - Free Report) by 4.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 284,591 shares of the basic materials company's stock after selling 14,697 shares during the period. Corebridge Financial Inc.'s holdings in Newmont were worth $10,592,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. HHM Wealth Advisors LLC boosted its position in Newmont by 66.0% during the fourth quarter. HHM Wealth Advisors LLC now owns 880 shares of the basic materials company's stock worth $33,000 after purchasing an additional 350 shares in the last quarter. Promus Capital LLC purchased a new stake in shares of Newmont during the fourth quarter worth $38,000. McIlrath & Eck LLC boosted its stake in shares of Newmont by 80.6% in the 3rd quarter. McIlrath & Eck LLC now owns 809 shares of the basic materials company's stock valued at $43,000 after buying an additional 361 shares during the period. Kestra Investment Management LLC acquired a new position in Newmont during the 4th quarter worth approximately $43,000. Finally, Assetmark Inc. grew its position in shares of Newmont by 185.9% in the 4th quarter. Assetmark Inc. now owns 1,261 shares of the basic materials company's stock valued at $47,000 after buying an additional 820 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $43.71, for a total value of $90,785.67. Following the completion of the transaction, the director now directly owns 47,916 shares in the company, valued at approximately $2,094,408.36. The trade was a 4.15 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the transaction, the executive vice president now owns 82,596 shares of the company's stock, valued at approximately $3,303,840. This represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,231 shares of company stock valued at $1,388,758 over the last ninety days. 0.05% of the stock is currently owned by company insiders.

Remove Ads

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on NEM. StockNews.com upgraded shares of Newmont from a "hold" rating to a "buy" rating in a research note on Monday, February 24th. National Bank Financial upgraded shares of Newmont to a "hold" rating in a research report on Friday, March 21st. Royal Bank of Canada lifted their price objective on Newmont from $47.00 to $52.00 and gave the company a "sector perform" rating in a research note on Tuesday, February 11th. TD Securities decreased their price objective on shares of Newmont from $46.00 to $45.00 and set a "hold" rating for the company in a research report on Wednesday, February 26th. Finally, Scotiabank decreased their target price on Newmont from $52.00 to $50.00 and set a "sector perform" rating for the company in a research report on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $53.16.

Newmont Stock Up 0.4 %

Shares of NEM traded up $0.20 on Monday, hitting $48.28. The company's stock had a trading volume of 12,184,299 shares, compared to its average volume of 9,709,140. The firm has a market capitalization of $54.43 billion, a price-to-earnings ratio of 16.48, a P/E/G ratio of 0.41 and a beta of 0.54. Newmont Co. has a fifty-two week low of $36.10 and a fifty-two week high of $58.72. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The firm's fifty day moving average price is $44.91 and its 200-day moving average price is $45.39.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The basic materials company reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.29. Newmont had a net margin of 17.92% and a return on equity of 13.52%. The firm had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.32 billion. On average, equities research analysts expect that Newmont Co. will post 3.45 EPS for the current year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Shareholders of record on Tuesday, March 4th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.07%. The ex-dividend date was Tuesday, March 4th. Newmont's dividend payout ratio is 34.13%.

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.