Bank of New York Mellon Corp Purchases 725,012 Shares of Newmont Corporation $NEM

Bank of New York Mellon Corp raised its holdings in shares of Newmont Corporation (NYSE:NEM) by 6.7% during the 4th quarter, Holdings Channel.com reports. The firm owned 11,622,479 shares of the basic materials company’s stock after acquiring an additional 725,012 shares during the quarter. Bank of New York Mellon Corp’s holdings in Newmont were worth $1,160,505,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Westpac Banking Corp grew its stake in Newmont by 105.3% in the 4th quarter. Westpac Banking Corp now owns 79,665 shares of the basic materials company’s stock valued at $7,955,000 after buying an additional 40,852 shares in the last quarter. Dynasty Wealth Management LLC lifted its position in shares of Newmont by 10.2% during the fourth quarter. Dynasty Wealth Management LLC now owns 51,354 shares of the basic materials company’s stock worth $5,128,000 after acquiring an additional 4,736 shares in the last quarter. Natixis Advisors LLC boosted its holdings in shares of Newmont by 21.9% in the fourth quarter. Natixis Advisors LLC now owns 596,632 shares of the basic materials company’s stock worth $59,574,000 after acquiring an additional 107,094 shares during the period. BW Gestao de Investimentos Ltda. purchased a new position in shares of Newmont in the fourth quarter valued at $584,000. Finally, Florida Financial Advisors LLC grew its position in shares of Newmont by 30.6% in the fourth quarter. Florida Financial Advisors LLC now owns 21,506 shares of the basic materials company’s stock valued at $2,146,000 after purchasing an additional 5,038 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

Newmont Price Performance

Newmont stock opened at $109.45 on Wednesday. The stock has a market cap of $116.84 billion, a price-to-earnings ratio of 14.20 and a beta of 0.42. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. The business has a 50-day simple moving average of $111.08 and a 200 day simple moving average of $109.23. Newmont Corporation has a 52 week low of $52.08 and a 52 week high of $134.88.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.07 by $0.83. The firm had revenue of $7.31 billion during 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 company’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same quarter last year, the company posted $1.25 EPS. On average, research analysts forecast that Newmont Corporation will post 9.72 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be given a dividend of $0.26 per share. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 annualized dividend and a yield of 1.0%. Newmont’s payout ratio is presently 13.49%.

Insider Activity at Newmont

In other news, EVP Peter Wexler sold 13,378 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $1,473,051.58. Following the transaction, the executive vice president owned 67,865 shares of the company’s stock, valued at $7,472,615.15. This represents a 16.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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, insider David James Fry sold 18,394 shares of the firm’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the sale, the insider owned 17,147 shares in the company, valued at approximately $1,911,033.15. This trade represents a 51.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 43,068 shares of company stock worth $4,769,475 in the last 90 days. 0.06% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. BNP Paribas Exane increased their price objective on Newmont from $123.00 to $128.00 and gave the stock a “neutral” rating in a report on Monday, March 2nd. TD Cowen reiterated a “buy” rating on shares of Newmont in a research report on Monday, April 27th. Stifel Nicolaus increased their price target on shares of Newmont from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, February 10th. Weiss Ratings lowered shares of Newmont from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 27th. Finally, Zacks Research cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and an average price target of $141.48.

Newmont Company 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.