BCS Private Wealth Management Inc. Increases Stock Position in Newmont Corporation $NEM

BCS Private Wealth Management Inc. raised its position in Newmont Corporation (NYSE:NEM) by 9.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 65,908 shares of the basic materials company’s stock after acquiring an additional 5,632 shares during the quarter. Newmont makes up 2.0% of BCS Private Wealth Management Inc.’s investment portfolio, making the stock its 11th largest position. BCS Private Wealth Management Inc.’s holdings in Newmont were worth $5,557,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of NEM. Norges Bank bought a new stake in shares of Newmont in the second quarter worth about $919,170,000. Invesco Ltd. grew its position in shares of Newmont by 45.0% in the 2nd quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock worth $908,152,000 after buying an additional 4,839,447 shares during the last quarter. Boston Partners increased its stake in shares of Newmont by 4,090.7% during the second quarter. Boston Partners now owns 4,643,057 shares of the basic materials company’s stock valued at $272,558,000 after buying an additional 4,532,263 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of Newmont by 1,502.5% during the second quarter. Assenagon Asset Management S.A. now owns 4,692,606 shares of the basic materials company’s stock valued at $273,391,000 after acquiring an additional 4,399,778 shares in the last quarter. Finally, LSV Asset Management purchased a new stake in Newmont in the second quarter worth $187,206,000. 68.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on NEM. Macquarie raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Friday, December 5th. Weiss Ratings reissued a “buy (b-)” rating on shares of Newmont in a research report on Monday, December 29th. Argus raised their target price on Newmont from $75.00 to $94.00 in a research note on Friday, November 21st. Zacks Research cut Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 18th. Finally, Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the company from $71.50 to $114.00 in a research report on Thursday, October 23rd. Five research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $97.08.

Newmont Stock Performance

Newmont stock opened at $114.14 on Thursday. Newmont Corporation has a twelve month low of $40.35 and a twelve month high of $115.70. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $124.55 billion, a P/E ratio of 17.72, a PEG ratio of 0.85 and a beta of 0.41. The stock’s 50 day moving average is $96.33 and its 200 day moving average is $81.90.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 EPS 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 company had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.14 billion. Newmont’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.81 EPS. On average, equities research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 22nd. Investors of record on Wednesday, November 26th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.9%. The ex-dividend date was Wednesday, November 26th. Newmont’s dividend payout ratio (DPR) is presently 15.53%.

Insider Activity

In related news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction that occurred 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 transaction, the director owned 32,709 shares in the company, valued at $3,021,003.24. This represents a 5.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction of $406,700.00. Following the sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 9,160 shares of company stock worth $767,206 in the last 90 days. Company insiders own 0.05% of the company’s stock.

Newmont Profile

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.