Sumitomo Mitsui Trust Group Inc. Boosts Stock Position in Newmont Corporation $NEM

Key Points

• Sumitomo Mitsui Trust Group Inc. increased its stake in Newmont Corporation by 11.8% in Q2, owning approximately 0.29% of the company, valued at $187.7 million as per the latest SEC filing.
• The company recently reported $1.71 EPS for the quarter, surpassing analyst estimates and indicating a 20% increase in quarterly revenue year-over-year.
• Newmont announced a $0.25 quarterly dividend scheduled for December 22nd, reflecting an annualized dividend yield of 1.2%.

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 11.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,222,348 shares of the basic materials company's stock after acquiring an additional 340,038 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.29% of Newmont worth $187,734,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Concord Wealth Partners lifted its holdings in shares of Newmont by 534.7% in the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company's stock valued at $27,000 after buying an additional 385 shares during the period. Evermay Wealth Management LLC lifted its holdings in shares of Newmont by 408.2% in the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company's stock valued at $29,000 after buying an additional 400 shares during the period. Cloud Capital Management LLC acquired a new stake in shares of Newmont in the 1st quarter valued at approximately $26,000. Colonial Trust Advisors raised its holdings in Newmont by 315.4% during the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock worth $27,000 after purchasing an additional 429 shares during the last quarter. Finally, Financial Management Professionals Inc. raised its holdings in Newmont by 274.1% during the second quarter. Financial Management Professionals Inc. now owns 606 shares of the basic materials company's stock worth $35,000 after purchasing an additional 444 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Newmont

In related news, CAO Brian Tabolt sold 7,015 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the transaction, the chief accounting officer directly owned 32,615 shares in the company, valued at approximately $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the business's stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total value of $176,779.20. Following the sale, the director directly owned 36,869 shares of the company's stock, valued at approximately $3,133,496.31. This trade represents a 5.34% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,249 shares of company stock worth $1,132,065. 0.05% of the stock is currently owned by insiders.

Newmont Stock Performance

NYSE NEM opened at $83.25 on Friday. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $98.58. The stock has a market cap of $91.45 billion, a price-to-earnings ratio of 12.93, a price-to-earnings-growth ratio of 0.60 and a beta of 0.34. The business has a fifty day moving average of $81.17 and a 200-day moving average of $65.41. 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 released its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, beating the consensus estimate of $1.27 by $0.44. The firm had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.14 billion. Newmont had a return on equity of 20.69% and a net margin of 33.42%.The business's quarterly revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.81 earnings per share. As a group, analysts predict that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Wednesday, November 26th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.2%. The ex-dividend date is Wednesday, November 26th. Newmont's dividend payout ratio is presently 15.53%.

Analysts Set New Price Targets

NEM has been the subject of several research reports. Cibc World Mkts raised Newmont from a "hold" rating to a "strong-buy" rating in a report on Friday, October 10th. The Goldman Sachs Group set a $104.30 price objective on Newmont and gave the stock a "buy" rating in a report on Sunday, October 12th. Bank of America lifted their price objective on Newmont from $105.00 to $115.00 and gave the stock a "buy" rating in a report on Thursday, October 16th. Raymond James Financial set a $99.00 price objective on Newmont and gave the stock an "outperform" rating in a report on Friday. Finally, CIBC set a $112.00 price target on Newmont and gave the stock an "outperformer" rating in a report on Friday, October 10th. Five investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $90.59.

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.

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