Mackenzie Financial Corp Has $25.22 Million Stake in Newmont Corporation $NEM

Mackenzie Financial Corp raised its stake in shares of Newmont Corporation (NYSE:NEM) by 300.7% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 432,916 shares of the basic materials company’s stock after acquiring an additional 324,881 shares during the quarter. Mackenzie Financial Corp’s holdings in Newmont were worth $25,222,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Envestnet Asset Management Inc. raised its stake in shares of Newmont by 176.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 447,960 shares of the basic materials company’s stock valued at $26,098,000 after buying an additional 285,897 shares in the last quarter. Knights of Columbus Asset Advisors LLC increased its stake in Newmont by 59.6% in the second quarter. Knights of Columbus Asset Advisors LLC now owns 15,653 shares of the basic materials company’s stock valued at $912,000 after acquiring an additional 5,848 shares during the period. Generate Investment Management Ltd raised its position in Newmont by 25.9% in the second quarter. Generate Investment Management Ltd now owns 378,975 shares of the basic materials company’s stock worth $22,079,000 after purchasing an additional 77,865 shares in the last quarter. Midwest Trust Co bought a new position in Newmont during the second quarter worth about $4,424,000. Finally, Kaizen Financial Strategies acquired a new stake in Newmont during the second quarter valued at approximately $202,000. Institutional investors own 68.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on NEM shares. Citigroup increased their target price on Newmont from $74.00 to $104.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Macquarie lowered Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 2nd. UBS Group boosted their target price on shares of Newmont from $105.50 to $125.00 and gave the company a “buy” rating in a research note on Monday. TD Securities upped their target price on shares of Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a report on Wednesday, October 8th. Finally, The Goldman Sachs Group set a $104.30 price target on shares of Newmont and gave the company a “buy” rating in a report on Sunday, October 12th. Four equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Newmont has a consensus rating of “Buy” and an average price target of $92.59.

Newmont Stock Performance

Newmont stock opened at $91.87 on Tuesday. The stock has a 50-day simple moving average of $86.44 and a 200 day simple moving average of $71.68. The stock has a market capitalization of $100.26 billion, a price-to-earnings ratio of 14.27, a P/E/G ratio of 0.53 and a beta of 0.33. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $98.58.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.44. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The firm had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter last year, the company posted $0.81 EPS. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. On average, research analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Wednesday, November 26th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.1%. The ex-dividend date is Wednesday, November 26th. Newmont’s payout ratio is 15.53%.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 5,000 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the transaction, the chief executive officer directly owned 279,923 shares in the company, valued at approximately $22,768,936.82. This trade represents a 1.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $80.96, for a total value of $168,396.80. Following the completion of the sale, the director directly owned 34,789 shares of the company’s stock, valued at $2,816,517.44. This trade represents a 5.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 9,160 shares of company stock worth $751,876. Company insiders own 0.05% of the company’s stock.

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.