Aberdeen Group plc Buys 340,837 Shares of Newmont Corporation $NEM

Key Points

• Aberdeen Group plc has increased its ownership in Newmont Corporation by 21.6%, acquiring an additional 340,837 shares, bringing its total to 1,922,254 shares worth approximately $92.3 million.
• Analysts have been optimistic about Newmont, with several upgrades to buy ratings and target prices reaching as high as $73.00, reflecting positive growth expectations.
• Newmont is set to pay a quarterly dividend of $0.25 on September 29th, representing an annual dividend yield of 1.4% and a payout ratio of 17.95%.

Aberdeen Group plc raised its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 21.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,922,254 shares of the basic materials company's stock after buying an additional 340,837 shares during the quarter. Aberdeen Group plc owned about 0.17% of Newmont worth $92,259,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of NEM. Bessemer Group Inc. lifted its holdings in Newmont by 13.2% in the 1st quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company's stock worth $569,000 after purchasing an additional 1,379 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Newmont by 9.9% in the fourth quarter. First Trust Advisors LP now owns 96,040 shares of the basic materials company's stock worth $3,575,000 after purchasing an additional 8,678 shares during the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in Newmont during the first quarter worth about $423,000. Spire Wealth Management grew its stake in Newmont by 125.0% in the 1st quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company's stock valued at $114,000 after acquiring an additional 1,309 shares during the period. Finally, Flagship Harbor Advisors LLC acquired a new stake in shares of Newmont in the first quarter worth approximately $202,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on NEM shares. BMO Capital Markets reiterated an "outperform" rating on shares of Newmont in a report on Thursday, April 24th. National Bank Financial raised Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. Raymond James Financial increased their target price on Newmont from $67.00 to $69.00 and gave the company an "outperform" rating in a report on Monday, July 28th. Stifel Canada upgraded Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. Finally, The Goldman Sachs Group reaffirmed a "neutral" rating and set a $60.90 target price on shares of Newmont in a research report on Tuesday, July 8th. Four equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Newmont has an average rating of "Moderate Buy" and a consensus target price of $64.58.

Newmont Stock Performance

Shares of NYSE NEM traded down $1.6540 during mid-day trading on Tuesday, hitting $67.3460. The company had a trading volume of 7,861,849 shares, compared to its average volume of 11,887,684. The firm has a market cap of $73.98 billion, a P/E ratio of 12.09, a PEG ratio of 0.82 and a beta of 0.30. 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 Corporation has a 12 month low of $36.86 and a 12 month high of $70.29. The business's 50-day simple moving average is $61.31 and its 200-day simple moving average is $53.44.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.95 by $0.48. The firm had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The company's revenue was up 20.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.72 earnings per share. As a group, analysts predict that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 annualized dividend and a dividend yield of 1.5%. Newmont's dividend payout ratio (DPR) is presently 17.95%.

Insider Buying and Selling

In other news, CAO Brian Tabolt sold 7,015 shares of the business's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction of $477,160.30. Following the completion of the sale, the chief accounting officer directly owned 32,615 shares of the company's stock, valued at $2,218,472.30. The trade was a 17.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Bruce R. Brook sold 2,077 shares of the company's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $132,221.82. Following the completion of the sale, the director directly owned 41,026 shares of the company's stock, valued at $2,611,715.16. The trade was a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 22,246 shares of company stock valued at $1,373,251 over the last quarter. Insiders own 0.05% of the company's stock.

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.