Sumitomo Mitsui Trust Group Inc. Boosts Stake in Newmont Corporation $NEM

Sumitomo Mitsui Trust Group Inc. raised its position in shares of Newmont Corporation (NYSE:NEM) by 11.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,222,348 shares of the basic materials company’s stock after acquiring an additional 340,038 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Newmont were worth $187,734,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its position in shares of Newmont by 15.7% in the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock worth $506,000 after buying an additional 1,847 shares during the period. GAMMA Investing LLC lifted its stake in shares of Newmont by 22.2% in the first quarter. GAMMA Investing LLC now owns 21,146 shares of the basic materials company’s stock worth $1,021,000 after acquiring an additional 3,840 shares in the last quarter. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Newmont in the first quarter worth about $423,000. Flagship Harbor Advisors LLC acquired a new position in shares of Newmont in the first quarter worth about $202,000. Finally, Moran Wealth Management LLC lifted its stake in shares of Newmont by 5.3% in the first quarter. Moran Wealth Management LLC now owns 26,294 shares of the basic materials company’s stock worth $1,269,000 after acquiring an additional 1,314 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Down 6.4%

NEM stock opened at $83.25 on Friday. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $98.58. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. The stock has a market cap of $91.45 billion, a PE ratio of 12.93, a price-to-earnings-growth ratio of 0.60 and a beta of 0.34. The firm’s 50-day simple moving average is $81.17 and its 200 day simple moving average is $65.41.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.44. The business had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.14 billion. Newmont had a return on equity of 20.69% and a net margin of 33.42%.The business’s revenue was up 20.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.81 earnings per share. As a group, sell-side analysts predict that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Dividend Announcement

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

Insider Buying and Selling at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total value of $176,779.20. Following the completion of the sale, the director owned 36,869 shares in the company, valued at $3,133,496.31. This represents a 5.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $63.66, for a total value of $190,980.00. Following the transaction, the executive vice president directly owned 58,736 shares in the company, valued at approximately $3,739,133.76. The trade was a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,249 shares of company stock valued at $1,132,065. 0.05% of the stock is owned by corporate insiders.

Analyst Ratings Changes

NEM has been the topic of several recent analyst reports. Stifel Canada upgraded Newmont to a “strong-buy” rating in a research note on Tuesday, July 8th. Macquarie cut Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 2nd. Bank of America boosted their price target on Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. BNP Paribas cut Newmont from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 4th. Finally, The Goldman Sachs Group set a $104.30 price objective on Newmont and gave the company a “buy” rating in a research note on Sunday, October 12th. Five analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Newmont currently has an average rating of “Moderate Buy” and a consensus price target of $90.59.

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.