Patriot Financial Group Insurance Agency LLC Increases Position in Newmont Corporation $NEM

Patriot Financial Group Insurance Agency LLC grew its position in Newmont Corporation (NYSE:NEM) by 116.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 72,004 shares of the basic materials company’s stock after purchasing an additional 38,673 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Newmont were worth $7,794,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of NEM. Norges Bank purchased a new position in Newmont in the fourth quarter valued at $1,443,128,000. Van ECK Associates Corp lifted its holdings in Newmont by 23.4% during 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. Arrowstreet Capital Limited Partnership lifted its holdings in Newmont by 110.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 8,743,228 shares of the basic materials company’s stock worth $873,011,000 after buying an additional 4,588,018 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Newmont by 82.5% during the 4th quarter. AQR Capital Management LLC now owns 7,402,278 shares of the basic materials company’s stock worth $739,117,000 after acquiring an additional 3,345,543 shares in the last quarter. Finally, Assetmark Inc. increased its holdings in shares of 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 acquiring an additional 2,294,396 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Stock Performance

Shares of NEM stock opened at $96.09 on Friday. Newmont Corporation has a 12-month low of $55.37 and a 12-month high of $134.88. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. The stock has a 50 day simple moving average of $107.94 and a 200-day simple moving average of $110.78. The company has a market cap of $102.58 billion, a price-to-earnings ratio of 12.46, a price-to-earnings-growth ratio of 1.59 and a beta of 0.42.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping analysts’ consensus estimates of $2.07 by $0.83. The business had revenue of $7.31 billion for the quarter, compared to analysts’ expectations of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business’s revenue for the quarter was up 45.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.25 EPS. On average, equities analysts forecast that Newmont Corporation will post 9.91 EPS for the current year.

Newmont Dividend Announcement

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

Insider Buying and Selling at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $105.32, for a total value of $315,960.00. Following the sale, the executive vice president directly owned 46,315 shares of the company’s stock, valued at approximately $4,877,895.80. This represents a 6.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 3,882 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $408,852.24. Following the completion of the transaction, the chief executive officer owned 142,999 shares in the company, valued at $15,060,654.68. The trade was a 2.64% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 28,556 shares of company stock valued at $3,120,276 over the last 90 days. 0.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

NEM has been the subject of a number of research analyst reports. National Bank Financial upped their price target on Newmont from $130.00 to $140.00 and gave the company a “sector perform” rating in a report on Friday, April 24th. Royal Bank Of Canada decreased their price objective on Newmont from $160.00 to $140.00 and set an “outperform” rating for the company in a report on Wednesday, June 3rd. TD lifted their price objective on shares of Newmont from $116.00 to $129.00 and gave the company a “hold” rating in a research note on Monday, April 27th. The Goldman Sachs Group dropped their price target on Newmont from $125.10 to $122.50 and set a “buy” rating on the stock in a research report on Thursday, June 4th. Finally, Wall Street Zen downgraded Newmont from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 30th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Newmont has an average rating of “Moderate Buy” and a consensus price target of $140.50.

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.