PNC Financial Services Group Inc. Boosts Holdings in Newmont Corporation $NEM

PNC Financial Services Group Inc. raised its holdings in Newmont Corporation (NYSE:NEM) by 5.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 178,302 shares of the basic materials company’s stock after buying an additional 9,225 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Newmont were worth $17,803,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in NEM. Assetmark Inc. grew its holdings in Newmont by 398.3% in the 4th quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company’s stock valued at $286,619,000 after buying an additional 2,294,396 shares during the period. Boston Partners grew its holdings in Newmont by 49.3% in the 3rd quarter. Boston Partners now owns 6,931,710 shares of the basic materials company’s stock valued at $585,828,000 after buying an additional 2,288,653 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in Newmont by 106.9% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 4,155,210 shares of the basic materials company’s stock valued at $349,288,000 after buying an additional 2,146,905 shares during the period. Ameriprise Financial Inc. grew its holdings in Newmont by 142.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 3,262,258 shares of the basic materials company’s stock valued at $189,963,000 after buying an additional 1,914,286 shares during the period. Finally, AQR Capital Management LLC grew its holdings in Newmont by 171.6% in the 2nd quarter. AQR Capital Management LLC now owns 2,504,253 shares of the basic materials company’s stock valued at $143,068,000 after buying an additional 1,582,324 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on NEM shares. Scotiabank lowered their price target on Newmont from $152.00 to $151.00 and set a “sector outperform” rating for the company in a report on Friday, March 20th. The Goldman Sachs Group boosted their target price on Newmont from $123.20 to $125.10 and gave the stock a “buy” rating in a report on Tuesday, April 28th. TD boosted their target price on Newmont from $116.00 to $129.00 and gave the stock a “hold” rating in a report on Monday, April 27th. Stifel Nicolaus boosted their target price on Newmont from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday, February 10th. Finally, Barclays assumed coverage on Newmont in a report on Thursday. They set an “overweight” rating and a $133.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $142.05.

Newmont Stock Down 0.5%

Shares of NYSE:NEM opened at $107.74 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. Newmont Corporation has a 1 year low of $51.80 and a 1 year high of $134.88. The stock has a market capitalization of $115.02 billion, a P/E ratio of 13.97, a PEG ratio of 1.55 and a beta of 0.43. The stock has a 50-day simple moving average of $111.03 and a 200-day simple moving average of $108.00.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The business had revenue of $7.31 billion during the quarter, compared to analysts’ expectations of $6.83 billion. During the same quarter in the previous year, the business earned $1.25 EPS. The company’s revenue for the quarter was up 45.8% on a year-over-year basis. Equities analysts forecast that Newmont Corporation will post 9.47 earnings per share for the current year.

Newmont Announces Dividend

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

Insider Buying and Selling

In related news, insider David John Thornton sold 2,296 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $252,812.56. Following the transaction, the insider directly owned 23,163 shares of the company’s stock, valued at approximately $2,550,477.93. The trade was a 9.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 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, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $330,330.00. Following the transaction, the executive vice president directly owned 49,315 shares in the company, valued at $5,430,074.65. This trade represents a 5.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 43,068 shares of company stock valued at $4,769,475. Insiders own 0.06% of the company’s stock.

About Newmont

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.