Scheer Rowlett & Associates Investment Management Ltd. Increases Stock Position in Newmont Corporation $NEM

Scheer Rowlett & Associates Investment Management Ltd. increased its holdings in shares of Newmont Corporation (NYSE:NEM) by 7.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 401,777 shares of the basic materials company’s stock after purchasing an additional 27,336 shares during the period. Newmont accounts for 1.5% of Scheer Rowlett & Associates Investment Management Ltd.’s holdings, making the stock its 26th biggest holding. Scheer Rowlett & Associates Investment Management Ltd.’s holdings in Newmont were worth $23,430,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Newmont by 4.7% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,138,953 shares of the basic materials company’s stock valued at $124,615,000 after acquiring an additional 95,646 shares during the period. Parkside Financial Bank & Trust lifted its stake in shares of Newmont by 3.0% during the 2nd quarter. Parkside Financial Bank & Trust now owns 12,047 shares of the basic materials company’s stock worth $702,000 after purchasing an additional 353 shares during the last quarter. Los Angeles Capital Management LLC lifted its stake in shares of Newmont by 515.2% during the 2nd quarter. Los Angeles Capital Management LLC now owns 1,538,808 shares of the basic materials company’s stock worth $89,651,000 after purchasing an additional 1,288,691 shares during the last quarter. Paradigm Asset Management Co. LLC bought a new stake in Newmont during the second quarter valued at about $117,000. Finally, KCM Investment Advisors LLC grew its stake in Newmont by 34.4% in the second quarter. KCM Investment Advisors LLC now owns 13,653 shares of the basic materials company’s stock valued at $795,000 after purchasing an additional 3,493 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Transactions at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $81.34, for a total transaction of $406,700.00. Following the sale, the chief executive officer owned 279,923 shares in the company, valued at approximately $22,768,936.82. The trade was a 1.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $80.96, for a total value of $168,396.80. Following the completion of the transaction, the director directly owned 34,789 shares in the company, valued at $2,816,517.44. This represents a 5.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 11,237 shares of company stock valued at $906,799. 0.05% of the stock is currently owned by insiders.

Newmont Stock Performance

NEM opened at $83.39 on Friday. The company has a market cap of $91.00 billion, a P/E ratio of 12.95, a price-to-earnings-growth ratio of 0.53 and a beta of 0.33. 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 firm’s 50-day moving average price is $83.14 and its 200-day moving average price is $67.55. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $98.58.

Newmont (NYSE:NEM) last released its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.44. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The company had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the previous year, the firm earned $0.81 EPS. Newmont’s revenue was up 20.0% compared to the same quarter last year. As a group, equities analysts anticipate that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

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 given a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 26th. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. Newmont’s payout ratio is currently 15.53%.

Analysts Set New Price Targets

Several analysts have commented on NEM shares. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 10th. 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. Wall Street Zen cut shares of Newmont from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 2nd. National Bankshares restated an “outperform” rating on shares of Newmont in a research note on Monday, September 22nd. Finally, TD Securities lifted their price target on shares of Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a report on Wednesday, October 8th. Five investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Newmont currently has a consensus rating of “Buy” and an average target price of $86.92.

Newmont 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.