Rakuten Investment Management Inc. Purchases 125,364 Shares of Newmont Corporation $NEM

Rakuten Investment Management Inc. increased its position in shares of Newmont Corporation (NYSE:NEM) by 677.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 143,860 shares of the basic materials company’s stock after acquiring an additional 125,364 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Newmont were worth $14,359,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GoalVest Advisory LLC bought a new position in Newmont during the 4th quarter worth approximately $25,000. Swiss RE Ltd. bought a new position in Newmont during the 4th quarter worth approximately $26,000. Cornerstone Planning Group LLC boosted its stake in Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 206 shares during the last quarter. JPL Wealth Management LLC bought a new position in Newmont during the 3rd quarter worth approximately $27,000. Finally, Lodestone Wealth Management LLC bought a new position in Newmont during the 4th quarter worth approximately $28,000. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

Shares of NEM stock opened at $105.77 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. The company has a market capitalization of $112.91 billion, a P/E ratio of 13.72, a price-to-earnings-growth ratio of 1.66 and a beta of 0.42. The company’s 50 day moving average price is $110.78 and its two-hundred day moving average price is $110.28. Newmont Corporation has a 52 week low of $55.37 and a 52 week high of $134.88.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The company had revenue of $7.31 billion for the quarter, compared to the consensus estimate of $6.83 billion. During the same period last year, the company earned $1.25 earnings per share. The firm’s revenue was up 45.8% compared to the same quarter last year. On average, analysts expect that Newmont Corporation will post 9.91 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be issued a $0.26 dividend. The ex-dividend date is Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. Newmont’s dividend payout ratio (DPR) is 13.49%.

Insider Buying and Selling at Newmont

In other news, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $252,812.56. Following the sale, the insider directly owned 23,163 shares in the company, valued at $2,550,477.93. This trade represents a 9.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Natascha Viljoen sold 3,882 shares of Newmont stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $408,852.24. Following the completion of the sale, the chief executive officer owned 142,999 shares in the company, valued at $15,060,654.68. This trade represents a 2.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 31,556 shares of company stock valued at $3,444,276 over the last ninety days. 0.06% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on NEM. Canaccord Genuity Group lifted their price objective on shares of Newmont from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Barclays assumed coverage on shares of Newmont in a report on Thursday, May 21st. They set an “overweight” rating and a $133.00 target price on the stock. BMO Capital Markets raised their target price on shares of Newmont from $140.00 to $145.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. BNP Paribas Exane raised their target price on shares of Newmont from $123.00 to $128.00 and gave the stock a “neutral” rating in a report on Monday, March 2nd. Finally, National Bank Financial raised their target price on shares of Newmont from $130.00 to $140.00 and gave the stock a “sector perform” rating in a report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $141.79.

About Newmont

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.