Northern Trust Corp Has $624.46 Million Stock Position in Newmont Corporation $NEM

Key Points

• Northern Trust Corp increased its stake in Newmont Corporation by 1.5% in Q1 2023, now owning approximately 12.93 million shares valued at $624.46 million.
• Newmont reported a substantial earnings per share (EPS) of $1.43, significantly surpassing the anticipated $0.95, with a quarterly revenue of $5.32 billion.
• The company announced a quarterly dividend of $0.25, reflecting an annualized yield of 1.4% and a payout ratio of 17.95%.

Northern Trust Corp grew its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 1.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 12,934,095 shares of the basic materials company's stock after acquiring an additional 191,940 shares during the period. Northern Trust Corp owned about 1.16% of Newmont worth $624,458,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Bessemer Group Inc. raised its stake in shares of Newmont by 13.2% during the first quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company's stock valued at $569,000 after acquiring an additional 1,379 shares during the last quarter. First Trust Advisors LP raised its stake in shares of Newmont by 9.9% during the fourth quarter. First Trust Advisors LP now owns 96,040 shares of the basic materials company's stock valued at $3,575,000 after acquiring an additional 8,678 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in shares of Newmont during the first quarter valued at $423,000. Spire Wealth Management raised its stake in shares of Newmont by 125.0% during the first quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company's stock valued at $114,000 after acquiring an additional 1,309 shares during the last quarter. Finally, Flagship Harbor Advisors LLC bought a new position in shares of Newmont during the first quarter valued at $202,000. Institutional investors own 68.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on NEM. Cfra Research raised shares of Newmont to a "strong-buy" rating in a research note on Friday, April 25th. National Bankshares upgraded shares of Newmont from a "sector perform" rating to an "outperform" rating in a research report on Friday, July 25th. Raymond James Financial increased their price objective on shares of Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a research report on Monday, July 28th. Wall Street Zen upgraded shares of Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Newmont in a research report on Thursday, April 24th. Four analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $64.58.

Insiders Place Their Bets

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction on Friday, August 1st. The shares were 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 in the company, valued at approximately $2,611,715.16. This trade represents a 4.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 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 transaction of $190,980.00. Following the completion of the sale, the executive vice president owned 58,736 shares of the company's stock, valued at $3,739,133.76. The trade was a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 22,246 shares of company stock worth $1,373,251. 0.05% of the stock is currently owned by company insiders.

Newmont Stock Up 0.8%

NYSE:NEM traded up $0.5710 during trading hours on Friday, reaching $70.6610. The company had a trading volume of 6,575,987 shares, compared to its average volume of 11,801,996. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. The firm has a market cap of $77.62 billion, a price-to-earnings ratio of 12.69, a P/E/G ratio of 0.82 and a beta of 0.30. The business's 50-day simple moving average is $62.21 and its two-hundred day simple moving average is $53.83. Newmont Corporation has a twelve month low of $36.86 and a twelve month high of $71.10.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, topping analysts' consensus estimates of $0.95 by $0.48. The business had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The business's quarterly revenue was up 20.8% on a year-over-year basis. During the same period last year, the company posted $0.72 earnings per share. On average, equities analysts expect that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Thursday, September 4th. Newmont's dividend payout ratio (DPR) is presently 17.95%.

Newmont 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.