PNC Financial Services Group Cuts Holdings in Newmont Co.

PNC Financial Services Group Inc. has decreased its investment in Newmont Co. (NYSE:NEM - Free Report) by 16.9% during the fourth quarter, according to a recent filing with the SEC. Following the adjustment, PNC now owns 126,402 shares of the basic materials company, after selling 25,716 shares within that period. The total value of PNC's holdings in Newmont is estimated at $4,705,000 at the end of the latest reporting phase.

Institutional Changes in Stake

In addition to PNC's changes, various other institutional investors have also been active in buying and selling shares of Newmont. Atria Investments Inc increased its stake in Newmont by 33.8% during the third quarter, bringing their total ownership to 8,352 shares valued at $446,000 after acquiring an additional 2,108 shares. Meanwhile, Baker Avenue Asset Management LP invested $214,000 in a new stake in Newmont during the same quarter. Ashton Thomas Securities LLC also made a new purchase in shares valued at $52,000. Apollon Wealth Management LLC expanded its stake by 43.9%, now holding 8,660 shares valued at approximately $463,000 after acquiring 2,640 additional shares. Additionally, OVERSEA CHINESE BANKING Corp Ltd bought a new position in Newmont worth $720,000. It is noteworthy that 68.85% of Newmont’s stock is owned by hedge funds and other institutional investors.

Recent Insider Trades

In other developments regarding Newmont, Director Bruce R. Brook sold 2,077 shares of the company on March 3rd, with the shares being sold at an average price of $43.71, totaling $90,785.67. After this transaction, Brook's remaining shares stand at 47,916, valued at roughly $2,094,408.36, marking a 4.15% decrease in his position. The details of this transaction were disclosed in an SEC filing. Furthermore, COO Natascha Viljoen sold 9,000 shares on January 10th for an average price of $40.00, amounting to a total transaction of $360,000. Following this sale, Viljoen owns 145,967 shares of the company, valued at about $5,838,680, representing a decrease of 5.81% in her position. Over the past 90 days, insiders have sold a total of 33,231 shares worth $1,388,758, while insider ownership stands at only 0.06% of the company's stock.

Newmont's Stock Performance Overview

On the trading front, shares of Newmont (NYSE:NEM) opened at $43.72 on Thursday. The company has a quick ratio of 1.73 and a current ratio of 1.96, reflecting reasonable financial health. Newmont's debt-to-equity ratio is 0.30, showing a cautious borrowing approach. Its share price has fluctuated between a fifty-two week low of $33.29 and a high of $58.72. Moving averages indicate a 50-day average of $42.89 and a 200-day average of $45.85. The company holds a market capitalization of $49.26 billion, with a PE ratio of 14.92 and a P/E/G ratio of 0.41, alongside a beta of 0.54.

Dividend Information

On the dividend front, Newmont has recently announced a quarterly dividend that will be disbursed on March 27th, with shareholders on record as of March 4th set to receive $0.25 per share. This translates into an annualized dividend of $1.00, yielding 2.29%. The ex-dividend date falls on March 4th, and Newmont's dividend payout ratio (DPR) stands at 34.13%.

Analyst Opinions

Various analysts have given their opinions about Newmont's stock, with Royal Bank of Canada raising its target price from $47.00 to $52.00 while offering a "sector perform" rating. Scotiabank, on the other hand, reduced its target price from $52.00 to $50.00, maintaining a "sector perform" rating. Additionally, JPMorgan Chase & Co. upgraded Newmont's rating from "neutral" to "overweight." Currently, one analyst rates the stock as a sell, while seven have given it a hold rating, nine a buy rating, and two a strong buy rating. Overall, the consensus rating for the company sits at a "Moderate Buy," with an average target price set at $53.16.

Newmont's Business Overview

Newmont Corporation focuses on the production and exploration of gold, though it also explores for other minerals such as copper, silver, zinc, and lead. The company operates and holds assets across several countries, including the United States, Canada, Mexico, Peru, and Australia, among others.

Conclusion

Recent adjustments in stock holdings by PNC Financial Services Group Inc. signify market movements within the mining sector, showcasing a broader trend with institutional investors adjusting their positions in Newmont. Investors closely watch these changes, along with the company’s performance metrics, dividends, and analyst ratings as they reflect the ongoing dynamics in the market.

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