PNC Financial Services Group Inc. Lowers Stock Holdings in Newmont Co. (NYSE:NEM)

PNC Financial Services Group Inc. reduced its position in Newmont Co. (NYSE:NEM) by 16.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 126,402 shares of the basic materials company’s stock after selling 25,716 shares during the period. PNC Financial Services Group Inc.’s holdings in Newmont were worth $4,705,000 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. Atria Investments Inc grew its stake in shares of Newmont by 33.8% during the 3rd quarter. Atria Investments Inc now owns 8,352 shares of the basic materials company’s stock valued at $446,000 after buying an additional 2,108 shares during the period. Baker Avenue Asset Management LP purchased a new stake in shares of Newmont during the 3rd quarter valued at $214,000. Ashton Thomas Securities LLC purchased a new stake in shares of Newmont during the 3rd quarter valued at $52,000. Apollon Wealth Management LLC grew its stake in shares of Newmont by 43.9% during the 3rd quarter. Apollon Wealth Management LLC now owns 8,660 shares of the basic materials company’s stock valued at $463,000 after buying an additional 2,640 shares during the period. Finally, OVERSEA CHINESE BANKING Corp Ltd acquired a new position in shares of Newmont during the 3rd quarter valued at $720,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $43.71, for a total value of $90,785.67. Following the completion of the transaction, the director now owns 47,916 shares in the company, valued at approximately $2,094,408.36. This represents a 4.15 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Natascha Viljoen sold 9,000 shares of the company’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $360,000.00. Following the completion of the transaction, the chief operating officer now owns 145,967 shares of the company’s stock, valued at approximately $5,838,680. This trade represents a 5.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,231 shares of company stock worth $1,388,758. Insiders own 0.06% of the company’s stock.

Newmont Price Performance

Shares of NYSE:NEM opened at $43.72 on Thursday. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. Newmont Co. has a fifty-two week low of $33.29 and a fifty-two week high of $58.72. The firm has a 50-day simple moving average of $42.89 and a 200 day simple moving average of $45.85. The company has a market cap of $49.26 billion, a PE ratio of 14.92, a P/E/G ratio of 0.41 and a beta of 0.54.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, February 20th. The basic materials company reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.29. Newmont had a net margin of 17.92% and a return on equity of 13.52%. The business had revenue of $5.65 billion during the quarter, compared to the consensus estimate of $5.32 billion. On average, sell-side analysts anticipate that Newmont Co. will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Tuesday, March 4th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.29%. The ex-dividend date is Tuesday, March 4th. Newmont’s dividend payout ratio (DPR) is 34.13%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Royal Bank of Canada lifted their target price on shares of Newmont from $47.00 to $52.00 and gave the company a “sector perform” rating in a report on Tuesday, February 11th. Scotiabank reduced their target price on shares of Newmont from $52.00 to $50.00 and set a “sector perform” rating on the stock in a report on Tuesday, January 21st. CLSA initiated coverage on shares of Newmont in a report on Friday, November 29th. They issued an “underperform” rating on the stock. JPMorgan Chase & Co. upgraded shares of Newmont from a “neutral” rating to an “overweight” rating in a report on Tuesday, November 19th. Finally, StockNews.com upgraded shares of Newmont from a “hold” rating to a “buy” rating in a report on Monday, February 24th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.16.

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.