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

Corebridge Financial Inc. decreased its position in Newmont Co. (NYSE:NEM) by 4.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of NEM. Cerity Partners LLC grew its holdings in shares of Newmont by 49.3% during the third quarter. Cerity Partners LLC now owns 58,535 shares of the basic materials company’s stock valued at $3,129,000 after buying an additional 19,321 shares during the last quarter. Kingsview Wealth Management LLC bought a new position in Newmont in the 3rd quarter valued at approximately $911,000. Penserra Capital Management LLC boosted its stake in Newmont by 17,084.4% during the 3rd quarter. Penserra Capital Management LLC now owns 16,497 shares of the basic materials company’s stock valued at $881,000 after purchasing an additional 16,401 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Newmont in the 3rd quarter worth $1,083,000. Finally, Brown Brothers Harriman & Co. raised its stake in shares of Newmont by 31.6% in the third quarter. Brown Brothers Harriman & Co. now owns 4,526 shares of the basic materials company’s stock worth $242,000 after purchasing an additional 1,088 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Stock Performance

NEM opened at $47.36 on Thursday. The company has a 50 day simple moving average of $44.52 and a two-hundred day simple moving average of $45.50. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The firm has a market cap of $53.38 billion, a P/E ratio of 16.16, a PEG ratio of 0.41 and a beta of 0.54. Newmont Co. has a 1-year low of $34.18 and a 1-year high of $58.72.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, February 20th. The basic materials company reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.29. The company had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.32 billion. Newmont had a net margin of 17.92% and a return on equity of 13.52%. Equities analysts forecast that Newmont Co. will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Tuesday, March 4th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.11%. The ex-dividend date is Tuesday, March 4th. Newmont’s dividend payout ratio is currently 34.13%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on NEM shares. CLSA started coverage on Newmont in a report on Friday, November 29th. They issued an “underperform” rating for the company. Scotiabank reduced their price target on shares of Newmont from $52.00 to $50.00 and set a “sector perform” rating for the company in a research note on Tuesday, January 21st. Royal Bank of Canada increased their price objective on shares of Newmont from $47.00 to $52.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 11th. The Goldman Sachs Group assumed coverage on shares of Newmont in a research report on Monday, January 13th. They issued a “buy” rating and a $47.20 target price for the company. Finally, StockNews.com raised Newmont from a “hold” rating to a “buy” rating in a report on Monday, February 24th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $53.16.

Insider Activity at Newmont

In related news, COO Natascha Viljoen sold 9,000 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $40.00, for a total transaction of $360,000.00. Following the completion of the transaction, the chief operating officer now directly owns 145,967 shares of the company’s stock, valued at approximately $5,838,680. This trade represents a 5.81 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Bruce R. Brook sold 2,077 shares of the business’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $83,080.00. Following the completion of the sale, the director now owns 52,070 shares in the company, valued at approximately $2,082,800. The trade was a 3.84 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,231 shares of company stock valued at $1,388,758. 0.06% of the stock is owned by company 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.