Provident Investment Management Inc. Purchases New Shares in Newmont Corporation (NYSE:NEM)

Key Points

• Provident Investment Management Inc. made a new investment of $200,000 in Newmont Corporation, acquiring 4,150 shares in the first quarter.
• Newmont recently declared a quarterly dividend of $0.25, representing an annualized payment of $1.00 with a yield of 1.5%.
• Analysts have varying ratings for Newmont, with an average target price of $64.58 and a current average rating of "Moderate Buy".

Provident Investment Management Inc. purchased a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 4,150 shares of the basic materials company's stock, valued at approximately $200,000.

Several other hedge funds also recently made changes to their positions in the business. Bank of New York Mellon Corp grew its stake in shares of Newmont by 8.9% during the 1st quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company's stock worth $773,159,000 after acquiring an additional 1,306,783 shares in the last quarter. Northern Trust Corp grew its stake in shares of Newmont by 11.5% during the 4th quarter. Northern Trust Corp now owns 12,742,155 shares of the basic materials company's stock worth $474,263,000 after acquiring an additional 1,309,177 shares in the last quarter. Invesco Ltd. grew its stake 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 valued at $391,568,000 after buying an additional 2,028,150 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Newmont by 16.5% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,407,995 shares of the basic materials company's stock valued at $350,166,000 after buying an additional 1,331,278 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Newmont by 9.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,571,240 shares of the basic materials company's stock valued at $281,797,000 after buying an additional 630,031 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Stifel Canada raised shares of Newmont to a "strong-buy" rating in a research note on Tuesday, July 8th. Argus set a $63.00 target price on Newmont in a report on Friday, April 25th. National Bankshares raised Newmont from a "sector perform" rating to an "outperform" rating in a research note on Friday, July 25th. Raymond James Financial boosted their price target on Newmont from $67.00 to $69.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Finally, CIBC set a $74.00 price target on Newmont and gave the company a "neutral" rating in a research note on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, Newmont presently has an average rating of "Moderate Buy" and an average target price of $64.58.

Insider Activity at Newmont

In other news, CAO Brian Tabolt sold 7,015 shares of the company's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total transaction of $477,160.30. Following the transaction, the chief accounting officer directly owned 32,615 shares of the company's stock, valued at $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $63.66, for a total value of $190,980.00. Following the transaction, the executive vice president directly owned 58,736 shares in the company, 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. Insiders have sold 22,246 shares of company stock worth $1,373,251 over the last ninety days. Insiders own 0.05% of the company's stock.

Newmont Price Performance

Shares of Newmont stock traded down $0.11 during midday trading on Friday, hitting $68.96. 9,068,992 shares of the company traded hands, compared to its average volume of 12,932,138. The stock has a market cap of $75.75 billion, a price-to-earnings ratio of 12.38, a PEG ratio of 0.84 and a beta of 0.30. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The firm's fifty day moving average price is $59.58 and its 200-day moving average price is $52.17. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $70.29.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 17.86% and a net margin of 30.50%. The business's quarterly revenue was up 20.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.72 earnings per share. As a group, sell-side analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be issued a $0.25 dividend. The ex-dividend date is Thursday, September 4th. This represents a $1.00 annualized dividend and a yield of 1.5%. Newmont's dividend payout ratio is presently 17.95%.

About Newmont

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.