Fifth Third Bancorp Boosts Stock Position in Newmont Corporation $NEM

Key Points

• Fifth Third Bancorp increased its stake in Newmont Corporation by 11.0% during the second quarter, now owning 42,634 shares valued at approximately $2.48 million.
• Newmont's stock recently announced a quarterly dividend of $0.25, reflecting a 1.2% dividend yield, with the ex-dividend date set for September 4th.
• Wall Street analysts have a consensus rating of "Moderate Buy" on Newmont shares, with an average target price of $73.38.

Fifth Third Bancorp grew its stake in Newmont Corporation (NYSE:NEM - Free Report) by 11.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 42,634 shares of the basic materials company's stock after purchasing an additional 4,220 shares during the period. Fifth Third Bancorp's holdings in Newmont were worth $2,484,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Bfsg LLC grew its position in Newmont by 12.8% in the second quarter. Bfsg LLC now owns 281,460 shares of the basic materials company's stock worth $16,398,000 after acquiring an additional 31,880 shares during the period. Occidental Asset Management LLC purchased a new position in Newmont in the second quarter worth approximately $289,000. CHICAGO TRUST Co NA grew its position in Newmont by 72.1% in the second quarter. CHICAGO TRUST Co NA now owns 11,216 shares of the basic materials company's stock worth $653,000 after acquiring an additional 4,697 shares during the period. Farmers Trust Co. grew its position in Newmont by 1.0% in the second quarter. Farmers Trust Co. now owns 126,229 shares of the basic materials company's stock worth $7,354,000 after acquiring an additional 1,295 shares during the period. Finally, AdvisorNet Financial Inc grew its position in Newmont by 37.8% in the second quarter. AdvisorNet Financial Inc now owns 2,113 shares of the basic materials company's stock worth $123,000 after acquiring an additional 580 shares during the period. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Brian Tabolt sold 7,015 shares of the stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their ownership of the stock. 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 on Tuesday, September 2nd. The shares were sold at an average price of $74.59, for a total value of $154,923.43. Following the completion of the sale, the director owned 38,949 shares in the company, valued at approximately $2,905,205.91. This represents a 5.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,246 shares of company stock worth $1,253,559. Corporate insiders own 0.05% of the company's stock.

Newmont Stock Up 1.8%

Shares of NYSE NEM opened at $85.17 on Friday. The stock has a market cap of $93.55 billion, a P/E ratio of 15.29, a PEG ratio of 0.97 and a beta of 0.34. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $86.62. The business's fifty day simple moving average is $72.02 and its 200-day simple moving average is $59.72.

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 (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.48. The business had revenue of $5.32 billion for 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 for the quarter was up 20.8% compared to the same quarter last year. During the same period last year, the firm earned $0.72 earnings per share. As a group, equities analysts predict that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Thursday, September 4th. Newmont's dividend payout ratio (DPR) is presently 17.95%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on NEM shares. Wall Street Zen upgraded Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. National Bankshares restated an "outperform" rating on shares of Newmont in a research note on Monday. Stifel Nicolaus began coverage on Newmont in a research note on Wednesday, July 9th. They set a "buy" rating and a $73.00 price target on the stock. BNP Paribas Exane upped their price target on Newmont from $66.00 to $92.00 and gave the stock an "outperform" rating in a research note on Monday, September 15th. Finally, National Bank Financial upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. Four research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Newmont has a consensus rating of "Moderate Buy" and an average target price of $73.38.

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.

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