Pitcairn Co. Grows Holdings in Newmont Corporation $NEM

Pitcairn Co. raised its stake in Newmont Corporation (NYSE:NEM) by 171.3% during the second quarter, Holdings Channel.com reports. The institutional investor owned 12,477 shares of the basic materials company’s stock after purchasing an additional 7,878 shares during the quarter. Pitcairn Co.’s holdings in Newmont were worth $727,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Envestnet Asset Management Inc. raised its position in Newmont by 176.4% during the second quarter. Envestnet Asset Management Inc. now owns 447,960 shares of the basic materials company’s stock valued at $26,098,000 after purchasing an additional 285,897 shares in the last quarter. Knights of Columbus Asset Advisors LLC increased its position in shares of Newmont by 59.6% during the 2nd quarter. Knights of Columbus Asset Advisors LLC now owns 15,653 shares of the basic materials company’s stock valued at $912,000 after purchasing an additional 5,848 shares during the last quarter. Generate Investment Management Ltd raised its holdings in shares of Newmont by 25.9% during the 2nd quarter. Generate Investment Management Ltd now owns 378,975 shares of the basic materials company’s stock valued at $22,079,000 after buying an additional 77,865 shares in the last quarter. Midwest Trust Co bought a new stake in Newmont in the 2nd quarter worth approximately $4,424,000. Finally, Kaizen Financial Strategies purchased a new stake in Newmont in the second quarter worth approximately $202,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Price Performance

Shares of Newmont stock opened at $99.64 on Tuesday. The business has a 50 day moving average of $88.08 and a 200 day moving average of $74.57. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $102.13. The company has a market cap of $108.73 billion, a PE ratio of 15.47, a P/E/G ratio of 0.68 and a beta of 0.41. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.44. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The business had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the previous year, the firm earned $0.81 EPS. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. As a group, equities research analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, November 26th. Newmont’s dividend payout ratio is presently 15.53%.

Wall Street Analysts Forecast Growth

NEM has been the topic of several research reports. UBS Group lifted their price target on shares of Newmont from $105.50 to $125.00 and gave the stock a “buy” rating in a research note on Monday, December 1st. Wall Street Zen cut shares of Newmont from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 2nd. BNP Paribas Exane downgraded shares of Newmont from an “outperform” rating to a “neutral” rating and set a $97.00 price target for the company. in a research note on Friday, December 5th. Argus raised their price objective on Newmont from $75.00 to $94.00 in a research note on Friday, November 21st. Finally, TD Securities lifted their price objective on Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a report on Wednesday, October 8th. Five research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Newmont has an average rating of “Buy” and a consensus price target of $96.37.

Insider Activity

In other news, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $92.36, for a total value of $192,108.80. Following the completion of the transaction, the director owned 32,709 shares in the company, valued at $3,021,003.24. This trade represents a 5.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total value of $406,700.00. Following the sale, the chief executive officer owned 279,923 shares in the company, valued at $22,768,936.82. This represents a 1.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 11,240 shares of company stock valued at $943,985 over the last 90 days. 0.05% of the stock is currently owned by company insiders.

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.