QRG Capital Management Inc. Grows Stock Position in Newmont Corporation $NEM

QRG Capital Management Inc. increased its stake in shares of Newmont Corporation (NYSE:NEM) by 34.9% in the 2nd quarter, Holdings Channel.com reports. The firm owned 500,525 shares of the basic materials company’s stock after purchasing an additional 129,457 shares during the period. QRG Capital Management Inc.’s holdings in Newmont were worth $29,161,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the company. Bank of New York Mellon Corp increased its stake in shares of Newmont by 8.9% during the first quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company’s stock worth $773,159,000 after acquiring an additional 1,306,783 shares during the period. Northern Trust Corp boosted its holdings in Newmont by 1.5% in the 1st quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company’s stock valued at $624,458,000 after purchasing an additional 191,940 shares in the last quarter. Amundi increased its position in Newmont by 2.8% during the 1st quarter. Amundi now owns 12,646,114 shares of the basic materials company’s stock worth $611,187,000 after purchasing an additional 343,535 shares during the period. Invesco Ltd. raised its stake in shares of Newmont by 2.2% during the 1st quarter. Invesco Ltd. now owns 10,748,470 shares of the basic materials company’s stock worth $518,936,000 after buying an additional 228,116 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Newmont by 15.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,772,477 shares of the basic materials company’s stock valued at $423,572,000 after buying an additional 1,201,237 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the company’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 transaction, the director directly owned 36,869 shares in the company, valued at approximately $3,133,496.31. This represents a 5.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Brian Tabolt sold 7,015 shares of the firm’s stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total transaction of $477,160.30. Following the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,249 shares of company stock worth $1,132,065 over the last three months. 0.05% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. UBS Group upped their price objective on Newmont from $70.00 to $92.00 and gave the stock a “buy” rating in a report on Friday, September 19th. Stifel Canada raised shares of Newmont to a “strong-buy” rating in a research note on Tuesday, July 8th. Stifel Nicolaus began coverage on shares of Newmont in a research note on Wednesday, July 9th. They issued a “buy” rating and a $73.00 price objective for the company. The Goldman Sachs Group upped their target price on shares of Newmont from $63.10 to $77.30 and gave the stock a “neutral” rating in a research report on Thursday, September 11th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Newmont in a research report on Saturday, September 27th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $74.18.

Newmont Stock Up 0.5%

Shares of NYSE NEM opened at $86.86 on Friday. The firm’s 50-day moving average is $74.37 and its two-hundred day moving average is $61.08. The company has a market capitalization of $95.41 billion, a PE ratio of 15.59, a price-to-earnings-growth ratio of 0.96 and a beta of 0.34. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $87.93. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91.

Newmont (NYSE:NEM) last issued its quarterly earnings data 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 net margin of 30.50% and a return on equity of 17.86%. The business had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $4.70 billion. During the same period last year, the company posted $0.72 EPS. The company’s revenue was up 20.8% on a year-over-year basis. Equities analysts anticipate that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Thursday, September 4th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Thursday, September 4th. Newmont’s payout ratio is 17.95%.

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.