Northern Trust Corp Purchases 1,309,177 Shares of Newmont Co. (NYSE:NEM)

Northern Trust Corp grew its position in shares of Newmont Co. (NYSE:NEM) by 11.5% in the fourth quarter, HoldingsChannel reports. The fund owned 12,742,155 shares of the basic materials company’s stock after acquiring an additional 1,309,177 shares during the period. Northern Trust Corp’s holdings in Newmont were worth $474,263,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the business. McIlrath & Eck LLC increased its stake in Newmont by 80.6% in the 3rd quarter. McIlrath & Eck LLC now owns 809 shares of the basic materials company’s stock valued at $43,000 after buying an additional 361 shares during the last quarter. HHM Wealth Advisors LLC raised its holdings in Newmont by 66.0% during the fourth quarter. HHM Wealth Advisors LLC now owns 880 shares of the basic materials company’s stock worth $33,000 after acquiring an additional 350 shares in the last quarter. Redwood Park Advisors LLC acquired a new position in Newmont during the fourth quarter valued at approximately $37,000. Promus Capital LLC bought a new position in Newmont in the fourth quarter valued at approximately $38,000. Finally, Kestra Investment Management LLC acquired a new position in shares of Newmont during the 4th quarter worth approximately $43,000. 68.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. National Bank Financial raised Newmont to a “hold” rating in a report on Friday, March 21st. Argus set a $63.00 price objective on shares of Newmont in a research report on Friday. Cfra Research raised shares of Newmont to a “strong-buy” rating in a report on Friday, April 25th. The Goldman Sachs Group assumed coverage on Newmont in a report on Monday, January 13th. They set a “buy” rating and a $47.20 price target for the company. Finally, Raymond James restated an “outperform” rating and issued a $66.00 price objective on shares of Newmont in a research note on Friday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and an average target price of $55.63.

Newmont Price Performance

NYSE:NEM opened at $52.95 on Wednesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. The firm has a market cap of $59.69 billion, a price-to-earnings ratio of 18.07, a P/E/G ratio of 0.41 and a beta of 0.54. Newmont Co. has a 52 week low of $36.86 and a 52 week high of $58.72. The firm’s 50-day simple moving average is $48.12 and its 200 day simple moving average is $45.12.

Newmont (NYSE:NEM) last released its quarterly earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.54. The company had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.82 billion. Newmont had a net margin of 17.92% and a return on equity of 13.52%. During the same period in the previous year, the business earned $0.55 earnings per share. As a group, sell-side analysts predict that Newmont Co. 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 Friday, June 20th. Stockholders of record on Tuesday, May 27th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.89%. The ex-dividend date is Tuesday, May 27th. Newmont’s dividend payout ratio (DPR) is currently 22.42%.

Insider Activity at Newmont

In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $43.71, for a total value of $131,130.00. Following the transaction, the executive vice president now owns 86,526 shares in the company, valued at approximately $3,782,051.46. This trade represents a 3.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $43.71, for a total value of $90,785.67. Following the sale, the director now owns 47,916 shares of the company’s stock, valued at approximately $2,094,408.36. This represents a 4.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,154 shares of company stock valued at $825,678 over the last quarter. 0.05% of the stock is owned by corporate insiders.

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.