Chevy Chase Trust Holdings LLC Has $27.39 Million Stake in Newmont Co. (NYSE:NEM)

Chevy Chase Trust Holdings LLC grew its stake in shares of Newmont Co. (NYSE:NEM) by 3.9% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 764,314 shares of the basic materials company’s stock after acquiring an additional 28,407 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.07% of Newmont worth $27,393,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. State of Alaska Department of Revenue raised its position in Newmont by 27.5% in the fourth quarter. State of Alaska Department of Revenue now owns 170,138 shares of the basic materials company’s stock valued at $7,041,000 after purchasing an additional 36,645 shares during the last quarter. American International Group Inc. lifted its holdings in shares of Newmont by 24.8% in the fourth quarter. American International Group Inc. now owns 292,735 shares of the basic materials company’s stock valued at $12,116,000 after purchasing an additional 58,217 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Newmont by 34.1% in the 4th quarter. Principal Financial Group Inc. now owns 1,280,730 shares of the basic materials company’s stock worth $53,009,000 after buying an additional 325,320 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Newmont by 13.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 795,517 shares of the basic materials company’s stock worth $32,926,000 after acquiring an additional 94,692 shares during the period. Finally, Premier Fund Managers Ltd purchased a new stake in shares of Newmont during the 4th quarter valued at approximately $1,276,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Thomas Ronald Palmer sold 13,000 shares of Newmont stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the completion of the transaction, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.06% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on NEM. BMO Capital Markets decreased their price target on shares of Newmont from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Tuesday, May 21st. JPMorgan Chase & Co. cut Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday. CIBC upgraded Newmont from a “neutral” rating to a “sector outperform” rating and upped their price target for the stock from $46.00 to $61.00 in a research note on Wednesday. National Bank Financial downgraded shares of Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research report on Tuesday, April 30th. Finally, UBS Group raised shares of Newmont from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $40.00 to $50.00 in a report on Monday, June 17th. Seven research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $49.07.

Newmont Price Performance

Shares of NEM traded up $1.66 during trading hours on Wednesday, reaching $45.55. 4,771,459 shares of the stock traded hands, compared to its average volume of 11,582,517. The company’s 50-day moving average price is $42.07 and its two-hundred day moving average price is $38.19. The company has a market cap of $52.53 billion, a P/E ratio of -17.16, a price-to-earnings-growth ratio of 0.37 and a beta of 0.47. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $45.92. The company has a current ratio of 2.15, a quick ratio of 1.90 and a debt-to-equity ratio of 0.32.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.20. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The firm had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.66 billion. During the same quarter last year, the firm earned $0.40 EPS. The firm’s revenue for the quarter was up 50.2% compared to the same quarter last year. On average, analysts anticipate that Newmont Co. will post 2.48 earnings per share for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Tuesday, June 4th were given a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, June 4th. This represents a $1.00 dividend on an annualized basis and a yield of 2.20%. Newmont’s dividend payout ratio is presently -37.45%.

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.