Jupiter Topco LLC Takes Position in Newmont Corporation $NEM

Jupiter Topco LLC purchased a new stake in shares of Newmont Corporation (NYSE:NEM) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 171,927 shares of the basic materials company’s stock, valued at approximately $16,050,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Newmont during the second quarter worth about $11,289,753,000. State Street Corp boosted its holdings in Newmont by 1.0% in the fourth quarter. State Street Corp now owns 49,959,850 shares of the basic materials company’s stock valued at $4,988,491,000 after purchasing an additional 480,223 shares during the last quarter. Van ECK Associates Corp grew its stake 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 valued at $2,973,539,000 after purchasing an additional 5,643,496 shares in the last quarter. Geode Capital Management LLC grew its stake in Newmont by 3.6% during 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 in the last quarter. Finally, Norges Bank purchased a new stake in Newmont during the 4th quarter worth approximately $1,443,128,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insider Buying and Selling at Newmont

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

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Scotiabank upped their price target on shares of Newmont from $147.00 to $149.00 and gave the company an “outperform” rating in a report on Wednesday, August 12th. Raymond James Financial reissued an “outperform” rating and set a $140.00 price objective on shares of Newmont in a report on Monday, August 24th. Citigroup cut their target price on shares of Newmont from $150.00 to $125.00 and set a “buy” rating on the stock in a research note on Monday, July 20th. Canadian Imperial Bank of Commerce set a $170.00 price target on shares of Newmont in a research report on Friday, August 14th. Finally, Zacks Research downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $132.73.

Newmont Stock Down 3.4%

Shares of NYSE:NEM opened at $127.84 on Friday. The company’s fifty day moving average is $104.23 and its two-hundred day moving average is $109.57. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55. Newmont Corporation has a 1-year low of $72.78 and a 1-year high of $135.29. The stock has a market capitalization of $134.70 billion, a price-to-earnings ratio of 16.14, a price-to-earnings-growth ratio of 1.32 and a beta of 0.47.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, beating the consensus estimate of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The business had revenue of $6.12 billion during the quarter, compared to analyst estimates of $6.35 billion. During the same period in the previous year, the business posted $1.43 EPS. Equities analysts anticipate that Newmont Corporation will post 9.01 EPS for the current year.

Newmont Dividend Announcement

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

Newmont 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.