Johnson Financial Group Inc. Purchases 24,774 Shares of Newmont Corporation $NEM

Key Points

• Johnson Financial Group Inc. boosted its stake in Newmont by 681.5% during Q3, buying 24,774 shares to hold 28,409 shares worth about $2.395 million.
• Wall Street sentiment is positive — Newmont carries a consensus "Buy" rating with an average price target of $134.15 following multiple analyst upgrades.
• Newmont beat quarterly expectations with $2.52 EPS (vs. $1.81 estimate) and $6.82B revenue (up 20.6% YoY), and raised its quarterly dividend to $0.26 (annualized $1.04).

Johnson Financial Group Inc. boosted its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 681.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 28,409 shares of the basic materials company's stock after buying an additional 24,774 shares during the period. Johnson Financial Group Inc.'s holdings in Newmont were worth $2,395,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Colonial Trust Advisors increased its stake in Newmont by 20.8% in the third quarter. Colonial Trust Advisors now owns 684 shares of the basic materials company's stock valued at $58,000 after acquiring an additional 118 shares during the last quarter. Harbor Capital Advisors Inc. lifted its holdings in shares of Newmont by 53.5% during the third quarter. Harbor Capital Advisors Inc. now owns 399 shares of the basic materials company's stock worth $34,000 after buying an additional 139 shares in the last quarter. HHM Wealth Advisors LLC grew its holdings in Newmont by 26.4% during the 3rd quarter. HHM Wealth Advisors LLC now owns 670 shares of the basic materials company's stock valued at $56,000 after buying an additional 140 shares in the last quarter. Fielder Capital Group LLC grew its holdings in Newmont by 1.7% during the 3rd quarter. Fielder Capital Group LLC now owns 8,390 shares of the basic materials company's stock valued at $707,000 after buying an additional 141 shares in the last quarter. Finally, Summit Financial Wealth Advisors LLC boosted its position in Newmont by 2.3% during the third quarter. Summit Financial Wealth Advisors LLC now owns 6,584 shares of the basic materials company's stock worth $566,000 after acquiring an additional 145 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Macquarie Infrastructure upped their price target on shares of Newmont from $115.00 to $126.00 and gave the stock an "outperform" rating in a research report on Friday, February 6th. Argus boosted their price target on Newmont from $75.00 to $94.00 in a research report on Friday, November 21st. UBS Group dropped their price target on Newmont from $160.00 to $150.00 and set a "buy" rating for the company in a research note on Monday, February 23rd. Wall Street Zen upgraded Newmont from a "hold" rating to a "buy" rating in a research note on Sunday, March 8th. Finally, DZ Bank raised shares of Newmont to a "strong-buy" rating in a report on Monday, January 19th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $134.15.

Newmont Stock Performance

Shares of NYSE NEM opened at $114.26 on Friday. The firm has a market cap of $124.30 billion, a price-to-earnings ratio of 17.88, a P/E/G ratio of 0.90 and a beta of 0.39. Newmont Corporation has a 52 week low of $42.93 and a 52 week high of $134.88. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.02 and a current ratio of 2.29. The business's 50-day simple moving average is $118.56 and its 200-day simple moving average is $98.06.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data on Thursday, February 19th. The basic materials company reported $2.52 EPS for the quarter, beating the consensus estimate of $1.81 by $0.71. Newmont had a net margin of 31.25% and a return on equity of 23.28%. The business had revenue of $6.82 billion during the quarter, compared to the consensus estimate of $6.18 billion. During the same quarter in the prior year, the firm earned $1.40 EPS. The business's revenue was up 20.6% on a year-over-year basis. As a group, equities research analysts expect that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Tuesday, March 3rd will be given a $0.26 dividend. The ex-dividend date is Tuesday, March 3rd. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. This is a boost from Newmont's previous quarterly dividend of $0.25. Newmont's payout ratio is presently 16.28%.

Newmont 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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