Philadelphia Trust Co. Decreases Stock Position in Newmont Corporation (NYSE:NEM)

Philadelphia Trust Co. lessened its stake in Newmont Corporation (NYSE:NEM) by 13.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 209,435 shares of the basic materials company’s stock after selling 32,224 shares during the quarter. Philadelphia Trust Co.’s holdings in Newmont were worth $10,112,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Cresset Asset Management LLC increased its stake in Newmont by 3.2% during the first quarter. Cresset Asset Management LLC now owns 19,213 shares of the basic materials company’s stock worth $928,000 after acquiring an additional 598 shares during the last quarter. American Century Companies Inc. boosted its holdings in Newmont by 15.7% in the first quarter. American Century Companies Inc. now owns 994,038 shares of the basic materials company’s stock valued at $47,992,000 after purchasing an additional 134,945 shares during the period. Brandywine Global Investment Management LLC purchased a new position in Newmont in the first quarter valued at $33,187,000. Element Capital Management LLC purchased a new position in Newmont in the first quarter valued at $2,780,000. Finally, Aberdeen Group plc boosted its holdings in Newmont by 21.6% in the first quarter. Aberdeen Group plc now owns 1,922,254 shares of the basic materials company’s stock valued at $92,259,000 after purchasing an additional 340,837 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,077 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 $132,221.82. Following the sale, the director owned 41,026 shares of the company’s stock, valued at approximately $2,611,715.16. This represents a 4.82% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of the company’s stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at approximately $2,218,472.30. The trade was a 17.70% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,246 shares of company stock valued at $1,373,251. 0.05% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. BMO Capital Markets reaffirmed an “outperform” rating on shares of Newmont in a report on Thursday, April 24th. National Bank Financial raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, July 25th. National Bankshares raised Newmont from a “sector perform” rating to an “outperform” rating in a report on Friday, July 25th. UBS Group boosted their target price on Newmont from $60.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, July 3rd. Finally, Wall Street Zen raised Newmont from a “hold” rating to a “buy” rating in a research note on Friday, May 30th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, nine have given a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $64.58.

Newmont Stock Performance

NEM opened at $69.32 on Friday. The stock has a market cap of $76.14 billion, a P/E ratio of 12.45, a P/E/G 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. The stock’s 50 day simple moving average is $61.00 and its 200 day simple moving average is $53.11. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $70.29.

Newmont (NYSE:NEM) last released 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. Newmont had a return on equity of 17.86% and a net margin of 30.50%. The business had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $4.70 billion. During the same quarter in the prior year, the firm posted $0.72 EPS. The company’s revenue was up 20.8% compared to the same quarter last year. As a group, equities analysts anticipate that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

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 paid a $0.25 dividend. The ex-dividend date of this dividend 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%.

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.