Greenleaf Trust Makes New Investment in Newmont Corporation $NEM

Key Points

• Greenleaf Trust acquired 26,406 Newmont shares during the second quarter, worth approximately $552,000. Institutional investors own 68.85% of the company.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $132.73, despite several recent target reductions.
• Newmont reported quarterly EPS of $2.10, exceeding estimates, and declared a quarterly dividend of $0.26 per share. Meanwhile, insiders sold 25,209 shares worth about $2.57 million over the past 90 days.

Greenleaf Trust purchased a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 26,406 shares of the basic materials company's stock, valued at approximately $552,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Parkside Financial Bank & Trust raised its holdings in Newmont by 1.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 7,153 shares of the basic materials company's stock valued at $714,000 after buying an additional 96 shares during the last quarter. Coston McIsaac & Partners grew its holdings in Newmont by 28.6% during the 4th quarter. Coston McIsaac & Partners now owns 450 shares of the basic materials company's stock worth $44,000 after acquiring an additional 100 shares during the last quarter. Creative Financial Designs Inc. ADV grew its holdings in Newmont by 6.5% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 1,647 shares of the basic materials company's stock worth $164,000 after acquiring an additional 100 shares during the last quarter. Blue Trust Inc. increased its position in Newmont by 0.6% in the 1st quarter. Blue Trust Inc. now owns 17,194 shares of the basic materials company's stock valued at $1,861,000 after acquiring an additional 100 shares during the period. Finally, Townsquare Capital LLC raised its stake in shares of Newmont by 4.2% during the fourth quarter. Townsquare Capital LLC now owns 2,523 shares of the basic materials company's stock valued at $252,000 after acquiring an additional 102 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. The Goldman Sachs Group cut their price target on shares of Newmont from $122.50 to $111.40 and set a "buy" rating on the stock in a report on Wednesday, July 1st. National Bank Financial lowered their target price on Newmont from $140.00 to $125.00 and set a "sector perform" rating for the company in a research report on Tuesday, July 14th. BMO Capital Markets cut their target price on Newmont from $145.00 to $135.00 and set an "outperform" rating on the stock in a report on Tuesday, June 23rd. Barclays reduced their price target on Newmont from $125.00 to $124.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 28th. Finally, Bank of America decreased their price target on Newmont from $157.00 to $132.00 and set a "buy" rating for the company in a research note on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Newmont currently has a consensus rating of "Moderate Buy" and a consensus price target of $132.73.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $93.45, for a total value of $280,350.00. Following the transaction, the executive vice president directly owned 40,315 shares of the company's stock, valued at $3,767,436.75. The trade was a 6.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the company's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total value of $1,202,755.05. Following the sale, the chief financial officer owned 29,324 shares in the company, valued at approximately $3,081,659.16. The trade was a 28.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 25,209 shares of company stock valued at $2,567,701. Corporate insiders own 0.06% of the company's stock.

Newmont Trading Down 2.8%

NEM opened at $122.56 on Wednesday. Newmont Corporation has a twelve month low of $73.44 and a twelve month high of $135.29. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15. The company has a fifty day moving average of $105.20 and a 200-day moving average of $109.51. The stock has a market cap of $129.14 billion, a PE ratio of 15.47, a price-to-earnings-growth ratio of 1.30 and a beta of 0.52.

Newmont (NYSE:NEM - Get Free Report) last released its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.05. The business had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same quarter in the previous year, the business earned $1.43 earnings per share. On average, sell-side analysts predict that Newmont Corporation will post 9.01 EPS for the current year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd will be given a $0.26 dividend. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $1.04 annualized dividend and a dividend yield of 0.8%. Newmont's dividend payout ratio (DPR) is 13.13%.

Newmont Company Profile

Newmont Corporation NYSE: NEM is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company's core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.

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