Strategic Investment Advisors MI Boosts Stake in Newmont Corporation $NEM

Strategic Investment Advisors MI raised its stake in shares of Newmont Corporation (NYSE:NEM) by 19.1% during the 1st quarter, Holdings Channel reports. The fund owned 49,020 shares of the basic materials company’s stock after purchasing an additional 7,852 shares during the period. Strategic Investment Advisors MI’s holdings in Newmont were worth $5,308,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Newmont by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company’s stock worth $13,390,613,000 after purchasing an additional 637,996 shares during the last quarter. State Street Corp grew its stake in Newmont by 1.0% in the fourth quarter. State Street Corp now owns 49,959,850 shares of the basic materials company’s stock valued at $4,988,491,000 after purchasing an additional 480,223 shares during the last quarter. Van ECK Associates Corp grew its stake in Newmont by 23.4% in the fourth quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock valued at $2,973,539,000 after purchasing an additional 5,643,496 shares during the last quarter. Geode Capital Management LLC raised its holdings in Newmont by 3.6% in the fourth quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company’s stock worth $2,738,756,000 after purchasing an additional 946,824 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Newmont during the fourth quarter valued at about $1,443,128,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Stock Down 0.2%

NYSE:NEM opened at $91.34 on Thursday. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15. Newmont Corporation has a twelve month low of $61.76 and a twelve month high of $134.88. The company has a market cap of $96.24 billion, a PE ratio of 11.53, a P/E/G ratio of 1.02 and a beta of 0.46. The company’s 50 day moving average is $99.02 and its two-hundred day moving average is $109.65.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The business had revenue of $6.12 billion during the quarter, compared to analysts’ expectations of $6.35 billion. During the same quarter last year, the company posted $1.43 earnings per share. Analysts anticipate that Newmont Corporation will post 8.99 EPS for the current year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be paid a $0.26 dividend. The ex-dividend date is Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 1.1%. Newmont’s dividend payout ratio (DPR) is 13.13%.

Insider Transactions at Newmont

In related news, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $252,812.56. Following the completion of the sale, the insider owned 23,163 shares of the company’s stock, valued at $2,550,477.93. The trade was a 9.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Peter Wexler sold 13,378 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $1,473,051.58. Following the completion of the sale, the executive vice president owned 67,865 shares in the company, valued at approximately $7,472,615.15. This represents a 16.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 28,556 shares of company stock worth $3,058,146. 0.06% of the stock is owned by insiders.

Analyst Ratings Changes

NEM has been the subject of several recent analyst reports. Royal Bank Of Canada reduced their price objective on shares of Newmont from $140.00 to $135.00 and set an “outperform” rating for the company in a research note on Thursday, July 9th. UBS Group cut their price target on shares of Newmont from $140.00 to $120.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Scotiabank reduced their price target on Newmont from $151.00 to $147.00 and set a “sector outperform” rating on the stock in a research report on Tuesday, July 14th. Wall Street Zen lowered Newmont from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Finally, Macquarie Infrastructure lowered their price objective on Newmont from $133.00 to $123.00 and set an “outperform” rating for the company in a research report on Monday, June 15th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Newmont has a consensus rating of “Moderate Buy” and an average price target of $132.83.

About Newmont

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.