Allstate Corp Buys Shares of 33,851 Newmont Co. (NYSE:NEM)

Allstate Corp bought a new stake in shares of Newmont Co. (NYSE:NEM - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The fund bought 33,851 shares of the basic materials company's stock, valued at approximately $1,260,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Norges Bank acquired a new stake in Newmont during the fourth quarter valued at approximately $626,074,000. Zurich Insurance Group Ltd FI acquired a new stake in Newmont in the 3rd quarter valued at $98,011,000. Nordea Investment Management AB raised its stake in Newmont by 173.0% during the fourth quarter. Nordea Investment Management AB now owns 2,491,126 shares of the basic materials company's stock worth $92,832,000 after acquiring an additional 1,578,545 shares in the last quarter. Amundi lifted its holdings in shares of Newmont by 14.0% during the fourth quarter. Amundi now owns 12,302,579 shares of the basic materials company's stock valued at $481,400,000 after acquiring an additional 1,507,708 shares during the period. Finally, FMR LLC boosted its stake in shares of Newmont by 21.1% in the 3rd quarter. FMR LLC now owns 7,052,439 shares of the basic materials company's stock valued at $376,953,000 after purchasing an additional 1,226,697 shares in the last quarter. Institutional investors own 68.85% of the company's stock.

Insider Activity

In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the sale, the executive vice president now directly owns 82,596 shares of the company's stock, valued at approximately $3,303,840. This represents a 3.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $40.00, for a total transaction of $83,080.00. Following the completion of the transaction, the director now directly owns 52,070 shares in the company, valued at approximately $2,082,800. The trade was a 3.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,231 shares of company stock valued at $1,388,758 in the last quarter. Company insiders own 0.05% of the company's stock.

Remove Ads

Analyst Ratings Changes

Several equities analysts recently issued reports on NEM shares. Scotiabank cut their price target on shares of Newmont from $52.00 to $50.00 and set a "sector perform" rating for the company in a report on Tuesday, January 21st. National Bank Financial upgraded Newmont to a "hold" rating in a research report on Friday, March 21st. The Goldman Sachs Group began coverage on Newmont in a report on Monday, January 13th. They set a "buy" rating and a $47.20 price target for the company. TD Securities decreased their target price on Newmont from $46.00 to $45.00 and set a "hold" rating on the stock in a report on Wednesday, February 26th. Finally, Royal Bank of Canada raised their target price on Newmont from $47.00 to $52.00 and gave the company a "sector perform" rating in a research note on Tuesday, February 11th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Newmont presently has an average rating of "Moderate Buy" and a consensus price target of $53.16.

Newmont Trading Up 0.0 %

Shares of Newmont stock traded up $0.01 during trading on Tuesday, reaching $48.29. 9,302,888 shares of the company were exchanged, compared to its average volume of 9,696,475. Newmont Co. has a twelve month low of $36.44 and a twelve month high of $58.72. The business has a 50-day moving average price of $45.03 and a 200-day moving average price of $45.35. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $54.44 billion, a price-to-earnings ratio of 16.48, a P/E/G ratio of 0.41 and a beta of 0.54.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Thursday, February 20th. The basic materials company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.11 by $0.29. Newmont had a return on equity of 13.52% and a net margin of 17.92%. The company had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.32 billion. Sell-side analysts anticipate that Newmont Co. will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 27th. Stockholders of record on Tuesday, March 4th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.07%. Newmont's dividend payout ratio is 34.13%.

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.