Cary Street Partners Financial LLC Takes Position in Newmont Corporation (NYSE:NEM)

Key Points

• Cary Street Partners Financial LLC purchased 81,944 shares of Newmont Corporation, valued at approximately $3.96 million, during the first quarter according to SEC filings.
• Newmont reported earnings of $1.43 per share for the last quarter, significantly exceeding estimates of $0.95, with revenues of $5.32 billion, a 20.8% increase from the previous year.
• The company announced a quarterly dividend of $0.25 per share to be paid on September 29, reflecting an annualized dividend yield of 1.5% and a payout ratio of 17.95%.

Cary Street Partners Financial LLC bought a new position in Newmont Corporation (NYSE:NEM - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 81,944 shares of the basic materials company's stock, valued at approximately $3,956,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its stake in shares of Newmont by 8.9% in the 1st quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company's stock valued at $773,159,000 after acquiring an additional 1,306,783 shares in the last quarter. Northern Trust Corp grew its holdings in Newmont by 11.5% in the fourth quarter. Northern Trust Corp now owns 12,742,155 shares of the basic materials company's stock worth $474,263,000 after purchasing an additional 1,309,177 shares during the period. Invesco Ltd. increased its stake in Newmont by 23.9% in the fourth quarter. Invesco Ltd. now owns 10,520,354 shares of the basic materials company's stock valued at $391,568,000 after purchasing an additional 2,028,150 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Newmont by 16.5% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,407,995 shares of the basic materials company's stock valued at $350,166,000 after purchasing an additional 1,331,278 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Newmont by 9.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,571,240 shares of the basic materials company's stock valued at $281,797,000 after purchasing an additional 630,031 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently commented on NEM shares. Stifel Nicolaus initiated coverage on Newmont in a research report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 target price for the company. Scotiabank boosted their price objective on Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a report on Monday, July 28th. Royal Bank Of Canada increased their target price on Newmont from $52.00 to $66.00 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. Raymond James Financial lifted their price target on shares of Newmont from $67.00 to $69.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Finally, UBS Group upped their price objective on shares of Newmont from $60.00 to $68.00 and gave the stock a "buy" rating in a report on Thursday, July 3rd. One analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, Newmont has an average rating of "Moderate Buy" and an average price target of $64.58.

Insider Activity

In other news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $63.66, for a total value of $132,221.82. Following the completion of the transaction, the director owned 41,026 shares in the company, valued at $2,611,715.16. This trade represents a 4.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction that occurred 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 approximately $3,739,133.76. This trade represents a 4.86% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,231 shares of company stock worth $896,091. Insiders own 0.05% of the company's stock.

Newmont Stock Performance

NEM stock traded up $1.02 during mid-day trading on Thursday, hitting $68.94. The company had a trading volume of 9,167,264 shares, compared to its average volume of 12,880,928. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $69.31. The stock's fifty day moving average price is $59.25 and its two-hundred day moving average price is $51.99. The firm has a market cap of $75.73 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 0.83 and a beta of 0.30. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23.

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

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be issued 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 yield of 1.5%. Newmont's dividend payout ratio is 17.95%.

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.