Bank of Nova Scotia Lowers Position in Newmont Corporation $NEM

Bank of Nova Scotia trimmed its position in shares of Newmont Corporation (NYSE:NEM) by 24.8% during the second quarter, Holdings Channel.com reports. The fund owned 1,384,821 shares of the basic materials company’s stock after selling 456,508 shares during the quarter. Bank of Nova Scotia’s holdings in Newmont were worth $80,680,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

A number of research firms recently weighed in on NEM. Macquarie upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Friday. BNP Paribas Exane lowered Newmont from an “outperform” rating to a “neutral” rating and set a $97.00 price target for the company. in a report on Friday. BNP Paribas cut Newmont from an “outperform” rating to a “hold” rating and set a $97.00 price target for the company. in a research report on Friday. The Goldman Sachs Group set a $104.30 price objective on Newmont and gave the company a “buy” rating in a research note on Sunday, October 12th. Finally, Argus raised their target price on Newmont from $75.00 to $94.00 in a research note on Friday, November 21st. Five research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Newmont currently has a consensus rating of “Buy” and a consensus target price of $94.89.

Insider Transactions at Newmont

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of the stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the transaction, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at $22,768,936.82. This represents a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were 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 of the company’s stock, valued at approximately $3,021,003.24. The trade was a 5.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 11,240 shares of company stock worth $943,985 in the last ninety days. Insiders own 0.05% of the company’s stock.

Newmont Price Performance

Shares of NYSE:NEM opened at $89.84 on Monday. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. The stock has a market cap of $98.04 billion, a PE ratio of 13.95, a PEG ratio of 0.63 and a beta of 0.41. The company’s fifty day moving average is $86.92 and its 200 day moving average is $72.77. 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 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.44. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The business had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the previous year, the firm earned $0.81 EPS. The business’s quarterly revenue was up 20.0% on a year-over-year basis. Research analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Wednesday, November 26th. Newmont’s dividend payout ratio (DPR) is currently 15.53%.

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.