FineMark National Bank & Trust Buys Shares of 7,889 Newmont Corporation $NEM

FineMark National Bank & Trust bought a new position in shares of Newmont Corporation (NYSE:NEM) during the 2nd quarter, HoldingsChannel reports. The firm bought 7,889 shares of the basic materials company’s stock, valued at approximately $460,000.

Several other hedge funds also recently made changes to their positions in NEM. Northern Trust Corp lifted its holdings in Newmont by 1.5% during the 1st quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company’s stock worth $624,458,000 after purchasing an additional 191,940 shares in the last quarter. Amundi increased its position in shares of Newmont by 2.8% during the first quarter. Amundi now owns 12,646,114 shares of the basic materials company’s stock valued at $611,187,000 after buying an additional 343,535 shares during the period. Invesco Ltd. lifted its holdings in shares of Newmont by 2.2% in the first 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. Dimensional Fund Advisors LP lifted its holdings in shares of Newmont by 15.9% in the first quarter. Dimensional Fund Advisors LP now owns 8,772,477 shares of the basic materials company’s stock worth $423,572,000 after buying an additional 1,201,237 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Newmont by 0.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 6,901,244 shares of the basic materials company’s stock valued at $333,192,000 after acquiring an additional 50,840 shares during the period. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $80.96, for a total transaction of $168,396.80. Following the transaction, the director directly owned 34,789 shares of the company’s stock, valued at approximately $2,816,517.44. This trade represents a 5.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the sale, the chief executive officer owned 279,923 shares of the company’s stock, valued at $22,768,936.82. The trade was a 1.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 11,237 shares of company stock worth $906,799 over the last quarter. Corporate insiders own 0.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on NEM shares. TD Securities upped their target price on shares of Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a report on Wednesday, October 8th. UBS Group boosted their price target on shares of Newmont from $92.00 to $105.50 and gave the company a “buy” rating in a research report on Thursday, October 16th. Royal Bank Of Canada upped their price target on shares of Newmont from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. National Bankshares reissued an “outperform” rating on shares of Newmont in a research note on Monday, September 22nd. Finally, Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 10th. Four research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $88.99.

Newmont Price Performance

Shares of NYSE:NEM opened at $81.98 on Friday. The company’s fifty day moving average price is $85.25 and its 200-day moving average price is $69.63. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. The firm has a market capitalization of $89.46 billion, a price-to-earnings ratio of 12.73, a PEG ratio of 0.53 and a beta of 0.33. Newmont Corporation has a one year low of $36.86 and a one year high of $98.58.

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

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th will be 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 is Wednesday, November 26th. Newmont’s dividend payout ratio is presently 15.53%.

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.