Baird Financial Group Inc. Has $27.24 Million Stock Holdings in Newmont Corporation $NEM

Key Points

• Baird Financial Group Inc. increased its stake in Newmont Corporation by 25.6%, acquiring an additional 114,888 shares, bringing its total ownership to approximately 564,165 shares worth $27.2 million.
• Analyst ratings have generally improved for Newmont, with several firms raising their price targets, including Raymond James, which increased its target from $67 to $69 and rated the stock "outperform."
• Newmont announced a quarterly dividend of $0.25 per share, representing a 1.3% yield, with the dividend to be paid on September 29th to shareholders of record.

Baird Financial Group Inc. boosted its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 25.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 564,165 shares of the basic materials company's stock after acquiring an additional 114,888 shares during the quarter. Baird Financial Group Inc. owned approximately 0.05% of Newmont worth $27,238,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bessemer Group Inc. lifted its stake in shares of Newmont by 13.2% in the first quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company's stock worth $569,000 after buying an additional 1,379 shares during the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Newmont in the first quarter worth $423,000. Spire Wealth Management lifted its stake in shares of Newmont by 125.0% in the first quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company's stock worth $114,000 after buying an additional 1,309 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new stake in shares of Newmont in the first quarter worth $202,000. Finally, Freestone Grove Partners LP acquired a new stake in shares of Newmont in the fourth quarter worth $316,000. Institutional investors own 68.85% of the company's stock.

Wall Street Analyst Weigh In

NEM has been the subject of a number of analyst reports. Wall Street Zen upgraded shares of Newmont from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. UBS Group boosted their price objective on shares of Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, July 3rd. Stifel Canada raised shares of Newmont to a "strong-buy" rating in a research report on Tuesday, July 8th. Scotiabank boosted their target price on shares of Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a research report on Monday, July 28th. Finally, Macquarie lowered shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. Four analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $65.15.

Newmont Stock Performance

NEM stock traded up $1.26 on Friday, reaching $76.14. 8,676,401 shares of the company were exchanged, compared to its average volume of 7,931,247. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $77.30. The stock's fifty day moving average price is $65.61 and its 200 day moving average price is $55.94. The firm has a market capitalization of $83.64 billion, a PE ratio of 13.67, a PEG ratio of 0.90 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 - Get Free Report) last announced its quarterly 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. The firm had revenue of $5.32 billion for the quarter, compared to analyst estimates of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The business's revenue for the quarter was up 20.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.72 EPS. On average, research analysts anticipate that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's payout ratio is 17.95%.

Insider Buying and Selling at Newmont

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the sale, the chief accounting officer owned 32,615 shares of the company's stock, valued at $2,218,472.30. The trade was a 17.70% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $190,980.00. Following the completion of the sale, the executive vice president directly owned 58,736 shares in the company, valued at $3,739,133.76. This trade represents a 4.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,246 shares of company stock valued at $1,253,559 in the last 90 days. 0.05% of the stock is currently owned by company insiders.

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.