PNC Financial Services Group Inc. raised its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 5.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 133,640 shares of the basic materials company's stock after buying an additional 7,238 shares during the period. PNC Financial Services Group Inc.'s holdings in Newmont were worth $6,452,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Pacer Advisors Inc. grew its stake in shares of Newmont by 4,203.5% during the first quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company's stock valued at $259,580,000 after purchasing an additional 5,251,616 shares during the last quarter. Voloridge Investment Management LLC bought a new stake in shares of Newmont during the fourth quarter valued at approximately $92,693,000. Capital Research Global Investors grew its stake in shares of Newmont by 70.7% during the fourth quarter. Capital Research Global Investors now owns 5,644,953 shares of the basic materials company's stock valued at $210,105,000 after purchasing an additional 2,338,953 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Newmont during the fourth quarter valued at approximately $76,281,000. Finally, Invesco Ltd. grew its stake in shares of Newmont by 23.9% during the fourth quarter. Invesco Ltd. now owns 10,520,354 shares of the basic materials company's stock valued at $391,568,000 after purchasing an additional 2,028,150 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company's stock.
Insiders Place Their Bets
In related news, EVP Peter Toth sold 3,000 shares of the firm's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $54.09, for a total transaction of $162,270.00. Following the sale, the executive vice president directly owned 77,526 shares in the company, valued at $4,193,381.34. This trade represents a 3.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at 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 transaction of $132,221.82. Following the sale, the director owned 41,026 shares in the company, valued at approximately $2,611,715.16. The trade was a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 15,231 shares of company stock worth $896,091. Insiders own 0.05% of the company's stock.
Newmont Trading Up 1.1%
Shares of NYSE NEM opened at $67.98 on Thursday. The company's fifty day moving average is $58.92 and its 200-day moving average is $51.80. The stock has a market cap of $74.67 billion, a price-to-earnings ratio of 12.20, a P/E/G ratio of 0.82 and a beta of 0.30. Newmont Corporation has a twelve month low of $36.86 and a twelve month high of $68.44. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23.
Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.95 by $0.48. The company had revenue of $5.32 billion for 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% compared to the same quarter last year. During the same period last year, the firm posted $0.72 earnings per share. Equities research analysts predict that Newmont Corporation will post 3.45 EPS for the current year.
Newmont Announces Dividend
The company also recently declared 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 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's dividend payout ratio (DPR) is currently 17.95%.
Analysts Set New Price Targets
Several research firms have recently commented on NEM. The Goldman Sachs Group reissued a "neutral" rating and set a $60.90 price target on shares of Newmont in a research note on Tuesday, July 8th. Argus set a $63.00 price target on shares of Newmont in a research note on Friday, April 25th. Raymond James Financial increased their price target on shares of Newmont from $67.00 to $69.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. CIBC set a $74.00 price objective on shares of Newmont and gave the company a "neutral" rating in a research note on Tuesday, July 15th. Finally, National Bank Financial raised shares of Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $64.58.
Check Out Our Latest Research Report on NEM
About Newmont
(
Free Report)
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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