Principal Financial Group Inc. Has $72.42 Million Stock Position in Newmont Co. (NYSE:NEM)

Principal Financial Group Inc. decreased its stake in Newmont Co. (NYSE:NEM) by 5.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,354,841 shares of the basic materials company’s stock after selling 74,378 shares during the quarter. Principal Financial Group Inc. owned 0.12% of Newmont worth $72,416,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of NEM. Empowered Funds LLC boosted its position in shares of Newmont by 102.9% in the 1st quarter. Empowered Funds LLC now owns 25,453 shares of the basic materials company’s stock valued at $912,000 after purchasing an additional 12,908 shares during the period. Forsta AP Fonden boosted its position in shares of Newmont by 9.6% in the 1st quarter. Forsta AP Fonden now owns 252,100 shares of the basic materials company’s stock valued at $9,035,000 after purchasing an additional 22,100 shares during the period. Atomi Financial Group Inc. acquired a new position in shares of Newmont in the 1st quarter valued at $316,000. Sei Investments Co. boosted its position in shares of Newmont by 67.5% in the 1st quarter. Sei Investments Co. now owns 203,859 shares of the basic materials company’s stock valued at $7,307,000 after purchasing an additional 82,165 shares during the period. Finally, Meeder Advisory Services Inc. lifted its stake in Newmont by 3.8% in the 1st quarter. Meeder Advisory Services Inc. now owns 7,560 shares of the basic materials company’s stock worth $271,000 after acquiring an additional 278 shares in the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insider Buying and Selling at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the sale, the chief executive officer now owns 271,469 shares of the company’s stock, valued at approximately $14,607,746.89. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $161,430.00. Following the sale, the executive vice president now owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $1,076,200.00. Following the sale, the chief executive officer now directly owns 271,469 shares in the company, valued at $14,607,746.89. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 46,000 shares of company stock valued at $2,444,440 in the last 90 days. 0.06% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on NEM. Royal Bank of Canada reduced their price objective on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research note on Thursday, October 24th. Raymond James increased their price objective on Newmont from $65.00 to $66.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Cibc World Mkts downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. CIBC downgraded Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. Finally, Veritas raised Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Nine 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $53.85.

Newmont Stock Performance

NEM opened at $45.04 on Friday. The firm has a market capitalization of $51.28 billion, a P/E ratio of -29.63, a price-to-earnings-growth ratio of 0.37 and a beta of 0.51. The stock’s 50 day moving average price is $52.17 and its two-hundred day moving average price is $47.34. 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 12-month low of $29.42 and a 12-month high of $58.72.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The business had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The business’s quarterly revenue was up 84.7% compared to the same quarter last year. During the same period last year, the business earned $0.36 EPS. On average, equities analysts forecast that Newmont Co. will post 3.15 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.22%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s dividend payout ratio (DPR) is currently -65.79%.

About Newmont

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.