Pitcairn Co. Grows Position in Newmont Corporation $NEM

Pitcairn Co. grew its position in shares of Newmont Corporation (NYSE:NEM) by 171.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,477 shares of the basic materials company’s stock after acquiring an additional 7,878 shares during the quarter. Pitcairn Co.’s holdings in Newmont were worth $727,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Envestnet Asset Management Inc. boosted its position in Newmont by 176.4% in the second quarter. Envestnet Asset Management Inc. now owns 447,960 shares of the basic materials company’s stock worth $26,098,000 after purchasing an additional 285,897 shares during the last quarter. Knights of Columbus Asset Advisors LLC increased its position in shares of Newmont by 59.6% during the 2nd quarter. Knights of Columbus Asset Advisors LLC now owns 15,653 shares of the basic materials company’s stock valued at $912,000 after purchasing an additional 5,848 shares during the last quarter. Generate Investment Management Ltd raised its stake in shares of Newmont by 25.9% during the 2nd quarter. Generate Investment Management Ltd now owns 378,975 shares of the basic materials company’s stock worth $22,079,000 after purchasing an additional 77,865 shares during the period. Midwest Trust Co purchased a new position in shares of Newmont in the 2nd quarter worth about $4,424,000. Finally, Kaizen Financial Strategies bought a new position in Newmont during the second quarter valued at about $202,000. Institutional investors own 68.85% of the company’s stock.

Insiders Place Their Bets

In other news, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction 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 transaction, the director owned 32,709 shares of the company’s stock, valued at approximately $3,021,003.24. This represents a 5.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the stock in a transaction 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 in the company, valued at $22,768,936.82. This trade represents a 1.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 11,240 shares of company stock valued at $943,985 over the last 90 days. Company insiders own 0.05% of the company’s stock.

Newmont Stock Up 1.5%

Shares of NYSE NEM opened at $99.64 on Tuesday. 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 company has a market cap of $108.73 billion, a P/E ratio of 15.47, a P/E/G ratio of 0.68 and a beta of 0.41. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $102.13. The business has a 50-day simple moving average of $88.08 and a two-hundred day simple moving average of $74.57.

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, topping analysts’ consensus estimates of $1.27 by $0.44. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The firm had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the prior year, the firm posted $0.81 earnings per share. The company’s revenue for the quarter 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 fiscal year.

Newmont Dividend Announcement

The company 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 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Wednesday, November 26th. Newmont’s dividend payout ratio (DPR) is presently 15.53%.

Analyst Ratings Changes

Several analysts have commented on the stock. Royal Bank Of Canada lifted their price objective on shares of Newmont from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Monday, October 27th. Zacks Research cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 18th. TD Securities increased their price objective on Newmont from $67.00 to $89.00 and gave the company a “hold” rating in a report on Wednesday, October 8th. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 10th. Finally, Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and upped their price target for the company from $71.50 to $114.00 in a research report on Thursday, October 23rd. Five analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Newmont has an average rating of “Buy” and a consensus price target of $96.37.

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.