Great Lakes Advisors LLC Takes $22.31 Million Position in Newmont Corporation $NEM

Great Lakes Advisors LLC bought a new position in Newmont Corporation (NYSE:NEM) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 238,884 shares of the basic materials company’s stock, valued at approximately $22,312,000.

A number of other large investors also recently bought and sold shares of NEM. Novem Group boosted its stake in Newmont by 3.7% during the fourth quarter. Novem Group now owns 2,487 shares of the basic materials company’s stock worth $248,000 after acquiring an additional 88 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in shares of Newmont by 1.4% during the fourth quarter. Parkside Financial Bank & Trust now owns 7,153 shares of the basic materials company’s stock valued at $714,000 after purchasing an additional 96 shares in the last quarter. Coston McIsaac & Partners lifted its holdings in shares of Newmont by 28.6% during the fourth quarter. Coston McIsaac & Partners now owns 450 shares of the basic materials company’s stock valued at $44,000 after purchasing an additional 100 shares during the last quarter. Creative Financial Designs Inc. ADV lifted its holdings in shares of Newmont by 6.5% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 1,647 shares of the basic materials company’s stock valued at $164,000 after purchasing an additional 100 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Newmont by 0.6% in the 1st quarter. Blue Trust Inc. now owns 17,194 shares of the basic materials company’s stock worth $1,861,000 after purchasing an additional 100 shares in the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Price Performance

NYSE NEM opened at $115.99 on Wednesday. The company has a 50-day moving average price of $99.71 and a 200-day moving average price of $108.70. Newmont Corporation has a 52 week low of $67.20 and a 52 week high of $134.88. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $122.22 billion, a P/E ratio of 14.65, a PEG ratio of 1.31 and a beta of 0.47.

Newmont (NYSE:NEM) last posted its quarterly earnings data 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. The company had revenue of $6.12 billion for the quarter, compared to the consensus estimate of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same quarter last year, the firm posted $1.43 earnings per share. Equities research analysts anticipate that Newmont Corporation will post 9 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd will be paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Thursday, September 3rd. Newmont’s dividend payout ratio (DPR) is currently 13.13%.

Insider Transactions at Newmont

In related news, CFO Brian Tabolt sold 11,445 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total value of $1,202,755.05. Following the transaction, the chief financial officer directly owned 29,324 shares of the company’s stock, valued at approximately $3,081,659.16. This trade represents a 28.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $93.45, for a total value of $280,350.00. Following the transaction, the executive vice president owned 40,315 shares in the company, valued at $3,767,436.75. This trade represents a 6.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 32,091 shares of company stock worth $3,292,513 in the last 90 days. 0.06% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

NEM has been the subject of a number of analyst reports. Scotiabank raised their price objective on Newmont from $147.00 to $149.00 and gave the company an “outperform” rating in a research report on Wednesday, August 12th. BNP Paribas Exane dropped their target price on Newmont from $111.00 to $102.00 and set a “neutral” rating on the stock in a report on Tuesday, July 21st. TD Securities raised Newmont from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. Raymond James Financial lowered their price target on Newmont from $139.00 to $137.00 and set an “outperform” rating for the company in a research report on Tuesday, June 30th. Finally, TD upped their price target on shares of Newmont from $127.00 to $133.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Two 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 MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $132.59.

Newmont Company Profile

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.