Vanguard Group Inc. Buys 16,190,422 Shares of Newmont Co. (NYSE:NEM)

Vanguard Group Inc. increased its stake in Newmont Co. (NYSE:NEM) by 13.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 134,940,345 shares of the basic materials company’s stock after buying an additional 16,190,422 shares during the period. Vanguard Group Inc. owned 0.12% of Newmont worth $4,836,262,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Life Planning Partners Inc acquired a new position in shares of Newmont during the fourth quarter worth $26,000. Manchester Capital Management LLC grew its position in Newmont by 171.9% during the 4th quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 397 shares during the last quarter. CVA Family Office LLC acquired a new position in Newmont during the 4th quarter valued at approximately $34,000. Heritage Wealth Advisors raised its holdings in shares of Newmont by 1,310.4% in the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after buying an additional 878 shares during the last quarter. Finally, Rise Advisors LLC raised its holdings in shares of Newmont by 2,373.2% in the first quarter. Rise Advisors LLC now owns 1,014 shares of the basic materials company’s stock worth $36,000 after buying an additional 973 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

Shares of NEM traded down $0.51 during trading hours on Friday, hitting $47.00. The stock had a trading volume of 6,268,666 shares, compared to its average volume of 7,341,910. The firm has a 50-day moving average price of $43.00 and a 200 day moving average price of $38.53. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $48.97. The firm has a market capitalization of $54.20 billion, a price-to-earnings ratio of -17.60, a PEG ratio of 0.37 and a beta of 0.47. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.90 and a current ratio of 2.15.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.20. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The company had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.66 billion. During the same quarter in the previous year, the company earned $0.40 earnings per share. The firm’s revenue for the quarter was up 50.2% on a year-over-year basis. As a group, research analysts anticipate that Newmont Co. will post 2.64 EPS for the current year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Tuesday, June 4th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, June 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.13%. Newmont’s dividend payout ratio is currently -37.45%.

Insider Buying and Selling

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of Newmont stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the sale, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at $13,964,788.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

NEM has been the topic of a number of research analyst reports. Citigroup dropped their price objective on shares of Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. BNP Paribas raised Newmont to a “strong-buy” rating in a report on Friday, June 21st. StockNews.com upgraded Newmont from a “sell” rating to a “hold” rating in a research note on Friday, April 26th. Scotiabank lifted their target price on Newmont from $46.50 to $48.00 and gave the stock a “sector perform” rating in a report on Thursday, May 23rd. Finally, UBS Group upgraded shares of Newmont from a “neutral” rating to a “buy” rating and increased their price target for the stock from $40.00 to $50.00 in a report on Monday, June 17th. Seven research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.21.

Newmont 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.