Legal & General Group Plc Buys 438,748 Shares of Newmont Corporation $NEM

Legal & General Group Plc raised its stake in shares of Newmont Corporation (NYSE:NEM) by 6.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,444,729 shares of the basic materials company’s stock after buying an additional 438,748 shares during the quarter. Legal & General Group Plc owned about 0.68% of Newmont worth $433,236,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Concord Wealth Partners increased its stake in Newmont by 534.7% during the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 385 shares in the last quarter. Evermay Wealth Management LLC lifted its holdings in shares of Newmont by 408.2% during the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock valued at $29,000 after buying an additional 400 shares during the period. Colonial Trust Advisors boosted its stake in shares of Newmont by 315.4% in the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock worth $27,000 after buying an additional 429 shares during the last quarter. Financial Management Professionals Inc. grew its holdings in shares of Newmont by 274.1% in the second quarter. Financial Management Professionals Inc. now owns 606 shares of the basic materials company’s stock worth $35,000 after acquiring an additional 444 shares during the period. Finally, ST Germain D J Co. Inc. increased its position in Newmont by 92.3% during the second quarter. ST Germain D J Co. Inc. now owns 625 shares of the basic materials company’s stock valued at $36,000 after acquiring an additional 300 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on NEM. BNP Paribas Exane upped their price target on shares of Newmont from $66.00 to $92.00 and gave the company an “outperform” rating in a research report on Monday, September 15th. BNP Paribas downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 4th. Bank of America raised their target price on Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and upped their price target for the stock from $71.50 to $114.00 in a research report on Thursday, October 23rd. Finally, The Goldman Sachs Group set a $104.30 price objective on Newmont and gave the stock a “buy” rating in a research note on Sunday, October 12th. Four analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Newmont presently has a consensus rating of “Moderate Buy” and a consensus price target of $88.99.

Newmont Trading Up 1.7%

Newmont stock opened at $83.38 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. The firm’s 50 day moving average price is $85.33 and its 200-day moving average price is $69.84. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $98.58. The stock has a market cap of $90.99 billion, a P/E ratio of 12.95, a PEG ratio of 0.53 and a beta of 0.33.

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

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Wednesday, November 26th. Newmont’s dividend payout ratio is currently 15.53%.

Insiders Place Their Bets

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

Newmont Company 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.