Perpetual Ltd Increases Stock Position in Newmont Corporation $NEM

Key Points

• Perpetual Ltd increased its stake in Newmont Corporation by 5.4% during Q2, acquiring an additional 39,883 shares, bringing its ownership to approximately 0.07% of the company, valued at $45.71 million.
• Wall Street analysts exhibit optimism for Newmont, with one upgrade to a "buy" rating and a majority holding a consensus rating of "Moderate Buy."
• Newmont announced a quarterly dividend of $0.25 per share, reflecting an annualized dividend yield of 1.3%, set to be paid on September 29th.

Perpetual Ltd raised its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 5.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 784,650 shares of the basic materials company's stock after acquiring an additional 39,883 shares during the period. Perpetual Ltd owned approximately 0.07% of Newmont worth $45,714,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. SOA Wealth Advisors LLC. raised its holdings in Newmont by 64.0% in the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock valued at $25,000 after acquiring an additional 201 shares during the last quarter. Cloud Capital Management LLC acquired a new stake in shares of Newmont during the 1st quarter worth approximately $26,000. Colonial Trust Advisors increased its holdings in shares of Newmont by 315.4% during the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock worth $27,000 after buying an additional 429 shares during the last quarter. Private Trust Co. NA increased its holdings in shares of Newmont by 122.6% during the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock worth $30,000 after buying an additional 347 shares during the last quarter. Finally, Nexus Investment Management ULC acquired a new stake in shares of Newmont during the 1st quarter worth approximately $31,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $74.59, for a total value of $154,923.43. Following the completion of the sale, the director directly owned 38,949 shares of the company's stock, valued at $2,905,205.91. The trade was a 5.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of the business's stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction of $477,160.30. Following the completion of the sale, the chief accounting officer directly owned 32,615 shares of the company's stock, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,246 shares of company stock valued at $1,253,559 over the last ninety days. Insiders own 0.05% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. UBS Group raised their price target on shares of Newmont from $70.00 to $92.00 and gave the stock a "buy" rating in a report on Friday. National Bank Financial upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a report on Friday, July 25th. The Goldman Sachs Group raised their price target on shares of Newmont from $63.10 to $77.30 and gave the stock a "neutral" rating in a report on Thursday, September 11th. CIBC raised their price target on shares of Newmont from $74.00 to $78.00 and gave the stock a "neutral" rating in a report on Friday, September 12th. Finally, Royal Bank Of Canada upgraded shares of Newmont from a "sector perform" rating to an "outperform" rating and raised their price target for the stock from $66.00 to $95.00 in a report on Wednesday, September 10th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $72.31.

Newmont Stock Up 1.6%

Shares of NYSE:NEM traded up $1.33 during trading on Tuesday, hitting $85.05. The company's stock had a trading volume of 7,381,767 shares, compared to its average volume of 11,770,345. The company has a market capitalization of $93.42 billion, a PE ratio of 15.26, a P/E/G ratio of 0.96 and a beta of 0.33. The business has a 50 day moving average price of $69.93 and a two-hundred day moving average price of $58.80. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $86.62. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company's revenue for the quarter was up 20.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.72 EPS. As a group, research analysts expect that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The company 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 dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's payout ratio is 17.95%.

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.