Citizens Financial Group Inc. RI Boosts Position in Newmont Co. (NYSE:NEM)

Citizens Financial Group Inc. RI lifted its position in Newmont Co. (NYSE:NEM) by 12.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,829 shares of the basic materials company’s stock after purchasing an additional 1,467 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Newmont were worth $537,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NEM. LRI Investments LLC purchased a new stake in shares of Newmont in the 1st quarter valued at approximately $25,000. Strategic Financial Concepts LLC acquired a new stake in Newmont during the second quarter worth $25,000. Meeder Asset Management Inc. purchased a new stake in Newmont in the second quarter valued at $27,000. Heritage Wealth Advisors lifted its stake in shares of Newmont by 1,310.4% in the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 878 shares during the last quarter. Finally, Crewe Advisors LLC purchased a new position in shares of Newmont during the 1st quarter worth $35,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the company from $48.00 to $59.00 in a report on Monday, August 19th. UBS Group upped their price objective on shares of Newmont from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Tuesday. BMO Capital Markets boosted their target price on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Jefferies Financial Group raised their price target on Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Finally, Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $52.62.

Newmont Stock Performance

Shares of Newmont stock opened at $53.06 on Thursday. 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 52 week low of $29.42 and a 52 week high of $54.93. The firm’s 50 day moving average is $49.84 and its two-hundred day moving average is $43.25. The firm has a market capitalization of $61.19 billion, a P/E ratio of -19.87, a P/E/G ratio of 0.37 and a beta of 0.49.

Newmont (NYSE:NEM) last posted its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, beating 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 firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.13 billion. During the same period last year, the firm posted $0.33 EPS. The company’s revenue was up 64.1% on a year-over-year basis. Research analysts forecast that Newmont Co. will post 2.82 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.88%. The ex-dividend date is Thursday, September 5th. Newmont’s payout ratio is currently -37.45%.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 13,000 shares of Newmont stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $42.13, for a total transaction of $547,690.00. Following the transaction, the chief executive officer now owns 331,469 shares of the company’s stock, valued at $13,964,788.97. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated 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 sale, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Ronald Palmer sold 13,000 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $42.13, for a total value of $547,690.00. Following the completion of the transaction, the chief executive officer now owns 331,469 shares in the company, valued at approximately $13,964,788.97. The disclosure for this sale can be found here. Insiders sold a total of 56,000 shares of company stock valued at $2,744,700 in the last three months. 0.06% of the stock is currently owned by company insiders.

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.