Fifth Third Bancorp Buys 139,419 Shares of Newmont Corporation $NEM

Fifth Third Bancorp boosted its position in shares of Newmont Corporation (NYSE:NEM) by 322.3% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 182,674 shares of the basic materials company’s stock after purchasing an additional 139,419 shares during the quarter. Fifth Third Bancorp’s holdings in Newmont were worth $19,774,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Newmont by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company’s stock worth $13,390,613,000 after purchasing an additional 637,996 shares in the last quarter. State Street Corp grew its position in shares of Newmont by 1.0% in the 4th quarter. State Street Corp now owns 49,959,850 shares of the basic materials company’s stock worth $4,988,491,000 after buying an additional 480,223 shares during the last quarter. Van ECK Associates Corp grew its position in shares of Newmont by 23.4% in the 4th quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock worth $2,973,539,000 after buying an additional 5,643,496 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Newmont by 3.6% during the 4th quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company’s stock worth $2,738,756,000 after acquiring an additional 946,824 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Newmont during the 4th quarter worth approximately $1,443,128,000. 68.85% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on NEM shares. Royal Bank Of Canada lowered their price objective on Newmont from $140.00 to $135.00 and set an “outperform” rating for the company in a research report on Thursday. The Goldman Sachs Group decreased their price target on Newmont from $122.50 to $111.40 and set a “buy” rating for the company in a research note on Wednesday, July 1st. Canaccord Genuity Group raised their price target on Newmont from $150.00 to $160.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. TD increased their price objective on shares of Newmont from $116.00 to $129.00 and gave the company a “hold” rating in a research report on Monday, April 27th. Finally, Argus lifted their target price on shares of Newmont from $94.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, April 23rd. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $137.64.

Newmont Stock Down 2.3%

Shares of NEM opened at $93.07 on Tuesday. The firm has a market cap of $99.36 billion, a P/E ratio of 12.07, a PEG ratio of 1.08 and a beta of 0.46. Newmont Corporation has a 12 month low of $55.37 and a 12 month high of $134.88. The stock’s 50 day moving average is $103.98 and its two-hundred day moving average is $110.59. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM) last released its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, beating the consensus estimate of $2.07 by $0.83. The business had revenue of $7.31 billion for the quarter, compared to the consensus estimate of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The business’s quarterly revenue was up 45.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.25 earnings per share. Analysts predict that Newmont Corporation will post 9.32 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th were given a $0.26 dividend. The ex-dividend date of this dividend was Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a yield of 1.1%. Newmont’s dividend payout ratio is presently 13.49%.

Insider Activity at Newmont

In related news, insider David John Thornton sold 2,296 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $252,812.56. Following the sale, the insider directly owned 23,163 shares of the company’s stock, valued at $2,550,477.93. This represents a 9.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Natascha Viljoen sold 3,882 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $105.32, for a total value of $408,852.24. Following the sale, the chief executive officer directly owned 142,999 shares in the company, valued at $15,060,654.68. This represents a 2.64% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 28,556 shares of company stock worth $3,058,146. 0.06% of the stock is owned by corporate insiders.

Newmont 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.