Ethic Inc. Increases Position in Newmont Corporation $NEM

Ethic Inc. grew its position in shares of Newmont Corporation (NYSE:NEM) by 97.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,555 shares of the basic materials company’s stock after buying an additional 10,660 shares during the quarter. Ethic Inc.’s holdings in Newmont were worth $1,223,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Knights of Columbus Asset Advisors LLC grew its holdings in shares of Newmont by 59.6% during the second quarter. Knights of Columbus Asset Advisors LLC now owns 15,653 shares of the basic materials company’s stock valued at $912,000 after buying an additional 5,848 shares during the last quarter. Generate Investment Management Ltd grew its holdings in shares of Newmont by 25.9% during the second 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 during the last quarter. Bessemer Group Inc. grew its holdings in shares of Newmont by 13.2% during the first quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company’s stock valued at $569,000 after buying an additional 1,379 shares during the last quarter. Cypress Capital Group grew its holdings in shares of Newmont by 6.5% during the second quarter. Cypress Capital Group now owns 48,549 shares of the basic materials company’s stock valued at $2,828,000 after buying an additional 2,959 shares during the last quarter. Finally, Spire Wealth Management grew its holdings in shares of Newmont by 125.0% during the first quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company’s stock valued at $114,000 after buying an additional 1,309 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Buying and Selling at Newmont

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at approximately $2,218,472.30. The trade was a 17.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $190,980.00. Following the completion of the sale, the executive vice president owned 58,736 shares in the company, valued at approximately $3,739,133.76. This represents a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,249 shares of company stock worth $1,132,065. Insiders own 0.05% of the company’s stock.

Newmont Stock Performance

Shares of NYSE NEM opened at $83.25 on Monday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. The company has a market cap of $90.85 billion, a P/E ratio of 12.93, a P/E/G ratio of 0.56 and a beta of 0.34. The firm’s fifty day moving average is $81.17 and its two-hundred day moving average is $65.67. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $98.58.

Newmont (NYSE:NEM) last announced its quarterly earnings results 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. The company had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.14 billion. Newmont had a net margin of 33.42% and a return on equity of 20.35%. Newmont’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.81 EPS. As a group, 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 will be paid on Monday, December 22nd. Shareholders 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 yield of 1.2%. The ex-dividend date is Wednesday, November 26th. Newmont’s payout ratio is currently 15.53%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on NEM shares. Weiss Ratings upgraded shares of Newmont from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Saturday. UBS Group increased their price target on shares of Newmont from $92.00 to $105.50 and gave the stock a “buy” rating in a research report on Thursday, October 16th. BNP Paribas Exane increased their price target on shares of Newmont from $66.00 to $92.00 and gave the stock an “outperform” rating in a research report on Monday, September 15th. Bank of America increased their price target on shares of Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Finally, Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and increased their price target for the stock from $71.50 to $114.00 in a research report on Thursday. Five research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $90.59.

Newmont Company 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.