PNC Financial Services Group Inc. Raises Stake in Newmont Co. (NYSE:NEM)

PNC Financial Services Group Inc. lifted its position in Newmont Co. (NYSE:NEM) by 14.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 152,118 shares of the basic materials company’s stock after purchasing an additional 18,895 shares during the period. PNC Financial Services Group Inc.’s holdings in Newmont were worth $8,131,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Maj Invest Holding A S raised its holdings in Newmont by 296.0% during the second quarter. Maj Invest Holding A S now owns 3,427,313 shares of the basic materials company’s stock valued at $143,502,000 after acquiring an additional 2,561,823 shares during the period. Van ECK Associates Corp raised its stake in Newmont by 2.6% during the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock valued at $2,131,939,000 after purchasing an additional 1,289,084 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Newmont by 262.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company’s stock worth $80,960,000 after purchasing an additional 1,096,905 shares in the last quarter. National Bank of Canada FI boosted its stake in Newmont by 47.7% in the 2nd quarter. National Bank of Canada FI now owns 3,372,670 shares of the basic materials company’s stock worth $140,460,000 after purchasing an additional 1,088,742 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its holdings in Newmont by 29.4% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,728,350 shares of the basic materials company’s stock valued at $197,976,000 after buying an additional 1,074,623 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Analyst Ratings Changes

NEM has been the subject of a number of research reports. Scotiabank lowered shares of Newmont from a “sector outperform” rating to a “sector perform” rating and dropped their target price for the stock from $59.00 to $55.00 in a research report on Friday, October 25th. Cibc World Mkts downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Raymond James raised their price objective on Newmont from $65.00 to $66.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research report on Thursday, August 29th. Finally, CIBC cut Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Eight equities research analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $54.85.

Newmont Price Performance

Newmont stock opened at $43.37 on Friday. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $58.72. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The firm has a 50-day moving average price of $50.23 and a 200-day moving average price of $47.42. The firm has a market capitalization of $49.37 billion, a PE ratio of -28.53, a price-to-earnings-growth ratio of 0.36 and a beta of 0.51.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.05). The firm had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The firm’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.36 EPS. As a group, equities research analysts forecast that Newmont Co. will post 3.12 EPS for the current year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.31%. The ex-dividend date is Wednesday, November 27th. Newmont’s dividend payout ratio (DPR) is presently -65.79%.

Insiders Place Their Bets

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $1,076,200.00. Following the transaction, the chief executive officer now directly owns 271,469 shares in the company, valued at $14,607,746.89. This represents a 6.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $161,430.00. Following the sale, the executive vice president now directly owns 91,596 shares of the company’s stock, valued at $4,928,780.76. This represents a 3.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,000 shares of company stock worth $2,444,440 over the last quarter. Company insiders own 0.06% of the company’s stock.

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.