Principal Financial Group Inc. Boosts Stake in Newmont Corporation (NYSE:NEM)

Principal Financial Group Inc. grew its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 0.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,337,359 shares of the basic materials company's stock after purchasing an additional 9,477 shares during the period. Principal Financial Group Inc. owned 0.12% of Newmont worth $64,568,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Geode Capital Management LLC grew its position in Newmont by 5.2% in the 4th quarter. Geode Capital Management LLC now owns 24,697,779 shares of the basic materials company's stock valued at $919,484,000 after buying an additional 1,213,397 shares in the last quarter. Norges Bank purchased a new stake in shares of Newmont in the fourth quarter worth approximately $626,074,000. Northern Trust Corp lifted its position in shares of Newmont by 11.5% in the fourth quarter. Northern Trust Corp now owns 12,742,155 shares of the basic materials company's stock worth $474,263,000 after purchasing an additional 1,309,177 shares in the last quarter. Amundi lifted its position in shares of Newmont by 14.0% in the fourth quarter. Amundi now owns 12,302,579 shares of the basic materials company's stock worth $481,400,000 after purchasing an additional 1,507,708 shares in the last quarter. Finally, Invesco Ltd. lifted its position in shares of Newmont by 23.9% in the fourth quarter. Invesco Ltd. now owns 10,520,354 shares of the basic materials company's stock worth $391,568,000 after purchasing an additional 2,028,150 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on the company. National Bankshares reiterated a "sector perform" rating on shares of Newmont in a report on Tuesday, June 24th. UBS Group lifted their price objective on Newmont from $60.00 to $68.00 and gave the company a "buy" rating in a report on Thursday, July 3rd. Argus set a $63.00 price target on Newmont in a report on Friday, April 25th. Raymond James Financial reaffirmed an "outperform" rating and issued a $66.00 price target on shares of Newmont in a report on Friday, April 25th. Finally, Wall Street Zen raised Newmont from a "hold" rating to a "buy" rating in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Newmont presently has a consensus rating of "Moderate Buy" and a consensus price target of $60.35.

Insider Transactions at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the firm's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total transaction of $176,250.00. Following the sale, the executive vice president directly owned 74,526 shares of the company's stock, valued at $4,378,402.50. This trade represents a 3.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction dated 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 directly owned 43,103 shares in the company, valued at approximately $2,532,301.25. This trade represents a 4.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 12,231 shares of company stock valued at $679,813. 0.05% of the stock is currently owned by company insiders.

Newmont Trading Down 4.2%

Shares of NYSE NEM traded down $2.50 during trading hours on Tuesday, hitting $57.66. 14,732,121 shares of the company traded hands, compared to its average volume of 10,630,804. The company's 50 day moving average price is $54.79 and its 200 day moving average price is $48.48. The stock has a market capitalization of $64.18 billion, a price-to-earnings ratio of 12.93, a price-to-earnings-growth ratio of 0.76 and a beta of 0.33. The company has a current ratio of 1.98, a quick ratio of 1.70 and a debt-to-equity ratio of 0.25. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $60.31.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The basic materials company reported $1.25 EPS for the quarter, beating the consensus estimate of $0.71 by $0.54. Newmont had a return on equity of 15.75% and a net margin of 25.77%. The company had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the prior year, the company posted $0.55 EPS. On average, equities research analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Tuesday, May 27th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date was Tuesday, May 27th. Newmont's dividend payout ratio (DPR) is presently 22.42%.

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.