Prudential PLC Has $10.04 Million Stake in Newmont Co. (NYSE:NEM)

Prudential PLC raised its holdings in Newmont Co. (NYSE:NEM) by 74.8% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 239,668 shares of the basic materials company’s stock after acquiring an additional 102,563 shares during the quarter. Prudential PLC’s holdings in Newmont were worth $10,035,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. LRI Investments LLC acquired a new stake in shares of Newmont in the first quarter valued at about $25,000. Strategic Financial Concepts LLC acquired a new stake in shares of Newmont in the 2nd quarter valued at approximately $25,000. Manchester Capital Management LLC boosted its holdings in shares of Newmont by 171.9% in the 4th quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock valued at $26,000 after buying an additional 397 shares during the last quarter. Heritage Wealth Advisors increased its holdings in Newmont by 1,310.4% during the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after buying an additional 878 shares during the last quarter. Finally, Crewe Advisors LLC bought a new stake in Newmont during the first quarter worth $35,000. 68.85% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the sale, the chief executive officer now directly owns 311,469 shares in the company, valued at approximately $15,420,830.19. The disclosure for this sale can be found here. Insiders have sold 56,000 shares of company stock worth $2,744,700 in the last 90 days. Insiders own 0.06% of the company’s stock.

Newmont Price Performance

Shares of NEM stock opened at $50.72 on Tuesday. The business has a fifty day simple moving average of $48.61 and a 200 day simple moving average of $42.26. The company has a market cap of $58.20 billion, a P/E ratio of -19.00, a P/E/G ratio of 0.37 and a beta of 0.49. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $53.88.

Newmont (NYSE:NEM) last released its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. During the same period in the prior year, the company earned $0.33 EPS. The firm’s quarterly revenue was up 64.1% compared to the same quarter last year. On average, sell-side analysts forecast that Newmont Co. will post 2.82 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.97%. The ex-dividend date is Thursday, September 5th. Newmont’s dividend payout ratio (DPR) is -37.45%.

Analysts Set New Price Targets

Several research firms have recently weighed in on NEM. BMO Capital Markets boosted their price objective on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Sanford C. Bernstein cut their price objective on Newmont from $46.00 to $45.00 and set a “market perform” rating for the company in a research report on Thursday, May 16th. Jefferies Financial Group upped their price objective on shares of Newmont from $50.00 to $54.00 and gave the company a “buy” rating in a report on Friday, July 12th. UBS Group upgraded Newmont from a “neutral” rating to a “buy” rating and increased their target price for the stock from $40.00 to $50.00 in a research note on Monday, June 17th. Finally, BNP Paribas raised shares of Newmont to a “strong-buy” rating in a research report on Friday, June 21st. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $51.46.

Newmont 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.