NFJ Investment Group LLC Takes Position in Newmont Corporation $NEM

NFJ Investment Group LLC purchased a new stake in Newmont Corporation (NYSE:NEM) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 99,497 shares of the basic materials company’s stock, valued at approximately $9,293,000.

Several other institutional investors have also recently modified their holdings of NEM. Vanguard Group Inc. increased its position in Newmont by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company’s stock worth $13,390,613,000 after buying an additional 637,996 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of Newmont during the second quarter valued at $11,289,753,000. State Street Corp increased its position in Newmont by 1.0% during the 4th quarter. State Street Corp now owns 49,959,850 shares of the basic materials company’s stock worth $4,988,491,000 after purchasing an additional 480,223 shares in the last quarter. Van ECK Associates Corp increased its position in Newmont by 23.4% during the 4th quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock worth $2,973,539,000 after purchasing an additional 5,643,496 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Newmont by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company’s stock valued at $2,738,756,000 after purchasing an additional 946,824 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Canaccord Genuity Group decreased their price target on shares of Newmont from $160.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, July 23rd. Scotiabank boosted their price objective on shares of Newmont from $147.00 to $149.00 and gave the company an “outperform” rating in a research report on Wednesday, August 12th. Zacks Research downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 14th. Royal Bank Of Canada decreased their target price on shares of Newmont from $140.00 to $135.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. Finally, Jefferies Financial Group lowered their target price on shares of Newmont from $158.00 to $146.00 and set a “buy” rating for the company in a research note on Monday, July 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Newmont has a consensus rating of “Moderate Buy” and an average price target of $132.59.

Newmont Stock Performance

Shares of NEM stock opened at $127.86 on Friday. Newmont Corporation has a one year low of $68.90 and a one year high of $134.88. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55. The company has a 50 day moving average price of $100.96 and a 200 day moving average price of $108.80. The firm has a market capitalization of $134.72 billion, a price-to-earnings ratio of 16.14, a price-to-earnings-growth ratio of 1.29 and a beta of 0.47.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The company had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. During the same quarter last year, the business earned $1.43 EPS. Sell-side analysts anticipate that Newmont Corporation will post 8.99 EPS for the current year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be issued a $0.26 dividend. The ex-dividend date is Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 0.8%. Newmont’s dividend payout ratio (DPR) is presently 13.13%.

Insider Buying and Selling at Newmont

In other news, CEO Natascha Viljoen sold 7,764 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total value of $807,456.00. Following the transaction, the chief executive officer directly owned 135,235 shares in the company, valued at $14,064,440. This trade represents a 5.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $93.45, for a total value of $280,350.00. Following the completion of the transaction, the executive vice president directly owned 40,315 shares in the company, valued at $3,767,436.75. This represents a 6.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 32,091 shares of company stock valued at $3,292,513. Company insiders own 0.06% of the company’s stock.

Newmont Company Profile

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.