Newmont Corporation (NYSE:NEM) Shares Acquired by Prudential PLC

Key Points

• Prudential PLC has increased its stake in Newmont Corporation by 21.3%, holding 283,099 shares worth approximately $13.67 million as of its latest SEC filing.
• Several hedge funds, including SOA Wealth Advisors LLC and Private Trust Co. NA, have also made significant acquisitions of Newmont shares during the first quarter, contributing to institutional ownership of 68.85% in the company.
• Newmont announced a $0.25 quarterly dividend to be paid on September 29th, representing a 1.5% yield and a payout ratio of 17.95%.

Prudential PLC lifted its position in Newmont Corporation (NYSE:NEM - Free Report) by 21.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 283,099 shares of the basic materials company's stock after buying an additional 49,637 shares during the period. Prudential PLC's holdings in Newmont were worth $13,668,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Resona Asset Management Co. Ltd. grew its position in Newmont by 7.4% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 380,163 shares of the basic materials company's stock worth $18,343,000 after purchasing an additional 26,031 shares during the last quarter. AIA Group Ltd lifted its stake in Newmont by 22.4% during the 1st quarter. AIA Group Ltd now owns 24,475 shares of the basic materials company's stock valued at $1,182,000 after acquiring an additional 4,482 shares during the period. Cypress Capital Group acquired a new stake in Newmont during the 1st quarter valued at approximately $2,201,000. Independent Advisor Alliance lifted its stake in Newmont by 9.8% during the 1st quarter. Independent Advisor Alliance now owns 14,392 shares of the basic materials company's stock valued at $695,000 after acquiring an additional 1,289 shares during the period. Finally, SouthState Corp acquired a new position in shares of Newmont in the 1st quarter valued at $93,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on NEM. Scotiabank boosted their target price on shares of Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a research note on Monday, July 28th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $60.90 target price on shares of Newmont in a research note on Tuesday, July 8th. Raymond James Financial upped 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. Stifel Canada upgraded shares of Newmont to a "strong-buy" rating in a research report on Tuesday, July 8th. Finally, CIBC set a $74.00 price objective on shares of Newmont and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have given a buy rating and four have given a strong buy rating to the company's stock. According to MarketBeat.com, Newmont presently has an average rating of "Moderate Buy" and a consensus price target of $64.58.

Newmont Stock Up 1.2%

Shares of NYSE:NEM traded up $0.84 during trading on Friday, hitting $69.32. 7,907,348 shares of the company were exchanged, compared to its average volume of 11,944,745. The stock has a market capitalization of $76.14 billion, a P/E ratio of 12.45, a PEG ratio of 0.81 and a beta of 0.30. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $70.29. The firm's 50 day moving average price is $60.66 and its 200-day moving average price is $52.92.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data 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. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The business had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter in the previous year, the firm earned $0.72 EPS. The company's revenue was up 20.8% compared to the same quarter last year. On average, research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

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

Insiders Place Their Bets

In other news, CAO Brian Tabolt sold 7,015 shares of the company'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 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 position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $54.09, for a total transaction of $162,270.00. Following the transaction, the executive vice president directly owned 77,526 shares in the company, valued at approximately $4,193,381.34. This trade represents a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,246 shares of company stock worth $1,373,251. 0.05% of the stock is owned by insiders.

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.