BlackRock Inc. Sells 4,209,654 Shares of Newmont Mining Co. (NEM)

BlackRock Inc. trimmed its holdings in shares of Newmont Mining Co. (NYSE:NEM) by 5.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 73,427,391 shares of the basic materials company’s stock after selling 4,209,654 shares during the period. BlackRock Inc. owned approximately 13.76% of Newmont Mining worth $2,868,808,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in NEM. First Eagle Investment Management LLC lifted its holdings in shares of Newmont Mining by 115.5% during the first quarter. First Eagle Investment Management LLC now owns 9,584,767 shares of the basic materials company’s stock valued at $374,477,000 after purchasing an additional 5,137,612 shares during the last quarter. Flossbach Von Storch AG lifted its holdings in shares of Newmont Mining by 16.8% during the first quarter. Flossbach Von Storch AG now owns 9,930,898 shares of the basic materials company’s stock valued at $388,000,000 after purchasing an additional 1,430,627 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Newmont Mining by 120.9% during the fourth quarter. Alliancebernstein L.P. now owns 2,386,160 shares of the basic materials company’s stock valued at $89,529,000 after purchasing an additional 1,306,175 shares during the last quarter. Global Thematic Partners LLC lifted its holdings in shares of Newmont Mining by 44.2% during the fourth quarter. Global Thematic Partners LLC now owns 4,103,076 shares of the basic materials company’s stock valued at $153,947,000 after purchasing an additional 1,258,566 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in shares of Newmont Mining by 25.1% during the fourth quarter. Millennium Management LLC now owns 3,497,291 shares of the basic materials company’s stock valued at $131,218,000 after purchasing an additional 700,796 shares during the last quarter. Hedge funds and other institutional investors own 82.44% of the company’s stock.

Shares of NEM opened at $39.37 on Tuesday. The company has a market cap of $20.89 billion, a P/E ratio of 26.97 and a beta of 0.29. The company has a quick ratio of 3.62, a current ratio of 4.18 and a debt-to-equity ratio of 0.35. Newmont Mining Co. has a twelve month low of $31.42 and a twelve month high of $42.04.

Newmont Mining (NYSE:NEM) last announced its quarterly earnings results on Thursday, April 26th. The basic materials company reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.33 by $0.02. The company had revenue of $1.82 billion during the quarter, compared to the consensus estimate of $1.84 billion. Newmont Mining had a net margin of 0.64% and a return on equity of 7.01%. The firm’s quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.09 earnings per share. sell-side analysts anticipate that Newmont Mining Co. will post 1.5 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 21st. Shareholders of record on Thursday, June 7th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.42%. The ex-dividend date of this dividend is Wednesday, June 6th. Newmont Mining’s dividend payout ratio (DPR) is presently 38.36%.

In other Newmont Mining news, COO Thomas Ronald Palmer sold 1,250 shares of Newmont Mining stock in a transaction that occurred on Monday, April 2nd. The shares were sold at an average price of $39.44, for a total value of $49,300.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP William N. Macgowan sold 5,000 shares of Newmont Mining stock in a transaction that occurred on Tuesday, May 1st. The stock was sold at an average price of $38.89, for a total transaction of $194,450.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,500 shares of company stock valued at $794,165. 0.36% of the stock is currently owned by insiders.

Several equities analysts have recently issued reports on NEM shares. Bank of America lifted their target price on shares of Newmont Mining from $46.00 to $49.00 and gave the company a “buy” rating in a report on Monday, February 26th. BMO Capital Markets set a $46.00 target price on shares of Newmont Mining and gave the company a “buy” rating in a report on Wednesday, March 28th. Scotiabank reiterated a “buy” rating and set a $49.00 target price on shares of Newmont Mining in a report on Thursday, March 1st. TheStreet lowered shares of Newmont Mining from a “b-” rating to a “c+” rating in a report on Monday, March 12th. Finally, Zacks Investment Research downgraded shares of Newmont Mining from a “buy” rating to a “hold” rating in a research report on Monday, February 12th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $42.93.

About Newmont Mining

Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of February 22, 2018, the company had proven and probable gold reserves of 68.5 million ounces and an aggregate land position of approximately 23,000 square miles.

Institutional Ownership by Quarter for Newmont Mining (NYSE:NEM)

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