Cigna Investments Inc. New Decreases Stock Position in Newmont Corporation $NEM

Cigna Investments Inc. New lessened its stake in shares of Newmont Corporation (NYSE:NEM) by 4.8% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 10,941 shares of the basic materials company’s stock after selling 551 shares during the period. Cigna Investments Inc. New’s holdings in Newmont were worth $637,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its holdings in Newmont by 8.9% during the 1st quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company’s stock valued at $773,159,000 after buying an additional 1,306,783 shares during the period. Northern Trust Corp raised its holdings in Newmont by 1.5% during the 1st quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company’s stock valued at $624,458,000 after buying an additional 191,940 shares during the period. Amundi raised its holdings in Newmont by 2.8% during the 1st quarter. Amundi now owns 12,646,114 shares of the basic materials company’s stock valued at $611,187,000 after buying an additional 343,535 shares during the period. Invesco Ltd. increased its stake in Newmont by 2.2% in the first quarter. Invesco Ltd. now owns 10,748,470 shares of the basic materials company’s stock worth $518,936,000 after purchasing an additional 228,116 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Newmont by 15.9% in the first quarter. Dimensional Fund Advisors LP now owns 8,772,477 shares of the basic materials company’s stock worth $423,572,000 after purchasing an additional 1,201,237 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total transaction of $154,923.43. Following the sale, the director owned 38,949 shares of the company’s stock, valued at $2,905,205.91. This trade represents a 5.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $63.66, for a total value of $190,980.00. Following the sale, the executive vice president directly owned 58,736 shares in the company, valued at approximately $3,739,133.76. The trade was a 4.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 19,246 shares of company stock valued at $1,253,559 over the last quarter. 0.05% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

NEM has been the topic of a number of recent analyst reports. BNP Paribas Exane increased their target price on Newmont from $66.00 to $92.00 and gave the stock an “outperform” rating in a research note on Monday, September 15th. Macquarie lowered Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 2nd. National Bank Financial upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 25th. Zacks Research lowered Newmont from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 4th. Finally, National Bankshares reiterated an “outperform” rating on shares of Newmont in a research note on Monday. Four analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $73.38.

Newmont Stock Down 1.4%

NYSE:NEM opened at $83.45 on Thursday. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $86.62. The company has a 50-day moving average of $70.97 and a 200 day moving average of $59.15. The firm has a market cap of $91.66 billion, a PE ratio of 14.98, a price-to-earnings-growth ratio of 0.98 and a beta of 0.34. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $4.70 billion. During the same period in the prior year, the firm earned $0.72 earnings per share. The firm’s revenue for the quarter was up 20.8% compared to the same quarter last year. As a group, research analysts anticipate that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. Newmont’s dividend payout ratio (DPR) is presently 17.95%.

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.