Central Pacific Bank Trust Division Raises Stake in Newmont Corporation $NEM

Central Pacific Bank Trust Division raised its position in Newmont Corporation (NYSE:NEM) by 17.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,923 shares of the basic materials company’s stock after acquiring an additional 1,350 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Newmont were worth $520,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. SOA Wealth Advisors LLC. lifted its stake in Newmont by 64.0% in the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 201 shares during the last quarter. Cloud Capital Management LLC purchased a new position in Newmont in the first quarter worth approximately $26,000. Colonial Trust Advisors lifted its stake in Newmont by 315.4% in the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 429 shares during the last quarter. Private Trust Co. NA lifted its stake in Newmont by 122.6% in the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company’s stock worth $30,000 after acquiring an additional 347 shares during the last quarter. Finally, Nexus Investment Management ULC purchased a new position in Newmont in the first quarter worth approximately $31,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

NEM has been the subject of a number of recent research reports. Wall Street Zen upgraded shares of Newmont from a “hold” rating to a “buy” rating in a research note on Friday, May 30th. Raymond James Financial boosted their price objective on shares of Newmont from $67.00 to $69.00 and gave the stock an “outperform” rating in a research report on Monday, July 28th. National Bankshares upgraded shares of Newmont from a “sector perform” rating to an “outperform” rating in a research report on Friday, July 25th. The Goldman Sachs Group restated a “neutral” rating and set a $60.90 price objective on shares of Newmont in a research report on Tuesday, July 8th. Finally, Stifel Nicolaus began coverage on shares of Newmont in a research report on Wednesday, July 9th. They set a “buy” rating and a $73.00 price objective for the company. Four equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $67.38.

Insider Buying and Selling at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the business’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $74.59, for a total value of $154,923.43. Following the transaction, the director directly owned 38,949 shares of the company’s stock, valued at approximately $2,905,205.91. The trade was a 5.06% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $190,980.00. Following the completion of the transaction, the executive vice president directly owned 58,736 shares in the company, valued at $3,739,133.76. This represents a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 19,246 shares of company stock valued at $1,253,559. 0.05% of the stock is owned by company insiders.

Newmont Stock Performance

Shares of Newmont stock opened at $79.25 on Friday. The firm’s fifty day simple moving average is $67.46 and its 200-day simple moving average is $57.15. The stock has a market capitalization of $87.05 billion, a price-to-earnings ratio of 14.23, a PEG ratio of 0.96 and a beta of 0.34. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $80.07. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.48. The company had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. Newmont’s revenue was up 20.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.72 EPS. As a group, equities analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont’s payout ratio is currently 17.95%.

About Newmont

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.