Newmont Corporation (NYSE:NEM) Stock Position Lowered by Wilkins Investment Counsel Inc.

Key Points

• Wilkins Investment Counsel Inc. has reduced its stake in Newmont Corporation (NYSE:NEM) by 1.2%, now holding approximately 594,144 shares worth about $28.7 million.
• Newmont's latest quarterly earnings showed an earnings per share (EPS) of $1.43, significantly exceeding analysts' expectations, with revenues reaching $5.32 billion, a 20.8% increase year-over-year.
• Multiple brokerage firms have recently raised their price targets on Newmont, with Royal Bank of Canada increasing its target from $52.00 to $66.00, signaling a positive outlook for the stock.

Wilkins Investment Counsel Inc. trimmed its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 1.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 594,144 shares of the basic materials company's stock after selling 7,303 shares during the period. Newmont accounts for about 4.1% of Wilkins Investment Counsel Inc.'s holdings, making the stock its biggest holding. Wilkins Investment Counsel Inc. owned approximately 0.05% of Newmont worth $28,685,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in NEM. SOA Wealth Advisors LLC. raised its stake in shares of Newmont by 64.0% during the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock valued at $25,000 after purchasing an additional 201 shares during the period. Cloud Capital Management LLC acquired a new stake in Newmont during the 1st quarter valued at $26,000. Private Trust Co. NA grew its holdings in Newmont by 122.6% during the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock valued at $30,000 after purchasing an additional 347 shares in the last quarter. Nexus Investment Management ULC purchased a new stake in Newmont during the 1st quarter worth $31,000. Finally, Alpine Bank Wealth Management acquired a new position in Newmont in the 1st quarter worth $32,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total value of $122,023.75. Following the sale, the director owned 43,103 shares of the company's stock, valued at approximately $2,532,301.25. This trade represents a 4.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $58.75, for a total value of $176,250.00. Following the transaction, the executive vice president owned 74,526 shares of the company's stock, valued at $4,378,402.50. This represents a 3.87% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,231 shares of company stock worth $679,813. 0.05% of the stock is owned by company insiders.

Newmont Stock Performance

Newmont stock opened at $61.57 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.98 and a quick ratio of 1.70. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $62.56. The company has a fifty day moving average price of $56.74 and a two-hundred day moving average price of $50.28. The company has a market cap of $68.52 billion, a PE ratio of 13.80, a P/E/G ratio of 0.90 and a beta of 0.33.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.48. Newmont had a net margin of 25.77% and a return on equity of 15.75%. The company had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same period last year, the firm posted $0.72 EPS. The company's revenue for the quarter was up 20.8% on a year-over-year basis. Research analysts expect that Newmont Corporation will post 3.45 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on NEM. Royal Bank Of Canada raised their target price on Newmont from $52.00 to $66.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. National Bankshares restated a "sector perform" rating on shares of Newmont in a research note on Tuesday, June 24th. Scotiabank restated a "sector perform" rating on shares of Newmont in a report on Monday, April 14th. Raymond James Financial reiterated an "outperform" rating and set a $66.00 target price on shares of Newmont in a research note on Friday, April 25th. Finally, Stifel Nicolaus started coverage on shares of Newmont in a research report on Wednesday, July 9th. They set a "buy" rating and a $73.00 price target for the company. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, Newmont has an average rating of "Moderate Buy" and a consensus price target of $62.49.

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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