Bank of Nova Scotia Has $80.68 Million Position in Newmont Corporation $NEM

Bank of Nova Scotia trimmed its position in shares of Newmont Corporation (NYSE:NEM) by 24.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,384,821 shares of the basic materials company’s stock after selling 456,508 shares during the quarter. Bank of Nova Scotia owned approximately 0.13% of Newmont worth $80,680,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in NEM. Brighton Jones LLC raised its holdings in Newmont by 15.7% in the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock valued at $506,000 after buying an additional 1,847 shares during the last quarter. Savvy Advisors Inc. acquired a new position in Newmont in the 1st quarter valued at approximately $353,000. Wolverine Asset Management LLC raised its stake in shares of Newmont by 66.7% during the first quarter. Wolverine Asset Management LLC now owns 20,000 shares of the basic materials company’s stock valued at $966,000 after acquiring an additional 8,000 shares during the last quarter. Townsquare Capital LLC lifted its holdings in shares of Newmont by 54.5% during the first quarter. Townsquare Capital LLC now owns 47,289 shares of the basic materials company’s stock worth $2,283,000 after purchasing an additional 16,676 shares during the period. Finally, Zions Bancorporation National Association UT bought a new stake in shares of Newmont in the first quarter worth $50,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on NEM shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Newmont in a research report on Monday, December 1st. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the stock from $71.50 to $114.00 in a research report on Thursday, October 23rd. Macquarie raised Newmont from a “hold” rating to a “strong-buy” rating in a research note on Friday. TD Securities increased their target price on shares of Newmont from $67.00 to $89.00 and gave the company a “hold” rating in a research report on Wednesday, October 8th. Finally, BNP Paribas downgraded shares of Newmont from an “outperform” rating to a “hold” rating and set a $97.00 price target on the stock. in a research report on Friday. Five research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $94.89.

Newmont Stock Down 1.0%

Newmont stock opened at $89.84 on Monday. The company has a market capitalization of $98.04 billion, a PE ratio of 13.95, a PEG ratio of 0.63 and a beta of 0.41. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $98.58. The firm’s fifty day moving average is $86.92 and its 200 day moving average is $72.77. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17.

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

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Investors 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 1.1%. The ex-dividend date of this dividend is Wednesday, November 26th. Newmont’s dividend payout ratio is 15.53%.

Insider Activity at Newmont

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the transaction, the chief executive officer directly owned 279,923 shares in the company, valued at $22,768,936.82. This trade represents a 1.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction on Monday, December 1st. The shares were sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the sale, the director directly owned 32,709 shares of the company’s stock, valued at approximately $3,021,003.24. The trade was a 5.98% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 11,240 shares of company stock worth $943,985. Corporate insiders own 0.05% of the company’s stock.

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.