Allstate Corp Increases Holdings in Newmont Corporation $NEM

Key Points

• Allstate Corp increased its stake in Newmont Corporation by 37.5% during the first quarter, acquiring an additional 12,688 shares, bringing its total holdings to 46,539 shares valued at approximately $2.25 million.
• Newmont recently announced a quarterly dividend of $0.25, with a dividend yield of 1.4%, set to be paid to stockholders of record on September 4th.
• The company reported earnings of $1.43 per share for the last quarter, exceeding analysts' estimates of $0.95, along with a 20.8% year-over-year revenue increase to $5.32 billion.

Allstate Corp raised its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 37.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 46,539 shares of the basic materials company's stock after acquiring an additional 12,688 shares during the quarter. Allstate Corp's holdings in Newmont were worth $2,247,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Hemington Wealth Management raised its holdings in Newmont by 25.2% during the first quarter. Hemington Wealth Management now owns 965 shares of the basic materials company's stock valued at $46,000 after acquiring an additional 194 shares during the period. Ipswich Investment Management Co. Inc. increased its holdings in shares of Newmont by 1.4% in the first quarter. Ipswich Investment Management Co. Inc. now owns 14,269 shares of the basic materials company's stock worth $689,000 after purchasing an additional 200 shares during the last quarter. SOA Wealth Advisors LLC. increased its holdings in shares of Newmont by 64.0% in the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after purchasing an additional 201 shares during the last quarter. Rothschild Investment LLC increased its holdings in shares of Newmont by 8.5% in the first quarter. Rothschild Investment LLC now owns 2,786 shares of the basic materials company's stock worth $135,000 after purchasing an additional 219 shares during the last quarter. Finally, Twin Capital Management Inc. increased its holdings in shares of Newmont by 0.7% in the first quarter. Twin Capital Management Inc. now owns 38,798 shares of the basic materials company's stock worth $1,873,000 after purchasing an additional 254 shares during the last quarter. 68.85% of the stock is owned by institutional investors.

Newmont Trading Up 0.0%

NEM traded up $0.01 on Wednesday, hitting $72.44. The company had a trading volume of 8,974,432 shares, compared to its average volume of 11,741,140. The company has a market cap of $79.57 billion, a PE ratio of 13.00, a PEG ratio of 0.84 and a beta of 0.30. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $72.79. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. The business's fifty day simple moving average is $63.00 and its 200 day simple moving average is $54.46.

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

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's dividend payout ratio (DPR) is currently 17.95%.

Analyst Ratings Changes

NEM has been the topic of several research reports. CIBC set a $74.00 target price on Newmont and gave the stock a "neutral" rating in a report on Tuesday, July 15th. UBS Group lifted their target price on Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a report on Thursday, July 3rd. Raymond James Financial lifted their target price on Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. Scotiabank lifted their target price on Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a report on Monday, July 28th. Finally, Stifel Canada raised Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. Four analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Newmont has an average rating of "Moderate Buy" and an average price target of $64.58.

Insider Buying and Selling

In related news, CAO Brian Tabolt sold 7,015 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was 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 approximately $2,218,472.30. This trade represents a 17.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $63.66, for a total value of $132,221.82. Following the sale, the director directly owned 41,026 shares of the company's stock, valued at $2,611,715.16. This represents a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 22,246 shares of company stock valued at $1,373,251. Insiders own 0.05% of the company's stock.

Newmont 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.