Invesco Ltd. Raises Stock Holdings in Newmont Corporation (NYSE:NEM)

Key Points

• Invesco Ltd. increased its stake in Newmont Corporation by 2.2%, owning approximately 10.75 million shares worth about $518.94 million at the end of Q1.
• Several large investors have also boosted their holdings in Newmont, including SOA Wealth Advisors LLC with a 64% increase and Private Trust Co. NA with a 122.6% increase.
• Newmont announced a quarterly dividend of $0.25, representing a 1.5% yield, with a payout ratio currently at 17.95%.

Invesco Ltd. lifted its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 2.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,748,470 shares of the basic materials company's stock after acquiring an additional 228,116 shares during the period. Invesco Ltd. owned 0.97% of Newmont worth $518,936,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in NEM. Bank of New York Mellon Corp lifted its position in shares of Newmont by 8.9% in the first quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company's stock worth $773,159,000 after buying an additional 1,306,783 shares in the last quarter. Northern Trust Corp raised its position in Newmont by 11.5% during the fourth quarter. Northern Trust Corp now owns 12,742,155 shares of the basic materials company's stock valued at $474,263,000 after purchasing an additional 1,309,177 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Newmont by 16.5% in 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 worth $350,166,000 after buying an additional 1,331,278 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Newmont by 9.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,571,240 shares of the basic materials company's stock worth $281,797,000 after buying an additional 630,031 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Newmont by 0.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 6,901,244 shares of the basic materials company's stock worth $333,192,000 after buying an additional 50,840 shares during the period. Institutional investors own 68.85% of the company's stock.

Newmont Stock Up 0.1%

NYSE NEM traded up $0.04 during midday trading on Tuesday, hitting $68.91. 5,880,427 shares of the company traded hands, compared to its average volume of 12,847,742. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The company has a market cap of $75.69 billion, a PE ratio of 12.37, a price-to-earnings-growth ratio of 0.81 and a beta of 0.30. The company's 50-day simple moving average is $60.11 and its 200-day simple moving average is $52.62. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $70.29.

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. 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 business's revenue for the quarter was up 20.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.72 EPS. As a group, equities research analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.5%. Newmont's dividend payout ratio (DPR) is presently 17.95%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on NEM shares. The Goldman Sachs Group reiterated a "neutral" rating and issued a $60.90 price target on shares of Newmont in a report on Tuesday, July 8th. Scotiabank increased their price target on Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a report on Monday, July 28th. BMO Capital Markets reiterated an "outperform" rating on shares of Newmont in a report on Thursday, April 24th. Cfra Research upgraded Newmont to a "strong-buy" rating in a report on Friday, April 25th. Finally, Raymond James Financial increased their price objective on Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a research note on Monday, July 28th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Newmont presently has a consensus rating of "Moderate Buy" and a consensus target price of $64.58.

Insider Transactions at Newmont

In other news, CAO Brian Tabolt sold 7,015 shares of the firm's 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 completion of the sale, the chief accounting officer owned 32,615 shares of the company's stock, valued at $2,218,472.30. This trade represents a 17.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction 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 completion of the sale, the director directly owned 41,026 shares of the company's stock, valued at $2,611,715.16. The trade was a 4.82% decrease in their position. The disclosure for this sale can be found here. Insiders sold 22,246 shares of company stock valued at $1,373,251 in the last quarter. 0.05% of the stock is currently owned by corporate insiders.

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.