Meiji Yasuda Asset Management Co Ltd. Buys New Stake in Newmont Corporation $NEM

Meiji Yasuda Asset Management Co Ltd. purchased a new position in Newmont Corporation (NYSE:NEM) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 42,102 shares of the basic materials company’s stock, valued at approximately $3,932,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in NEM. Te Ahumairangi Investment Management Ltd acquired a new stake in Newmont during the second quarter valued at approximately $6,286,000. Pinnacle Holdings LLC bought a new stake in shares of Newmont in the 2nd quarter valued at approximately $37,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of Newmont in the 2nd quarter worth approximately $214,024,000. Haverford Trust Co acquired a new position in shares of Newmont in the 2nd quarter worth approximately $292,000. Finally, Clear Harbor Asset Management LLC bought a new position in shares of Newmont during the 2nd quarter worth approximately $1,560,000. Institutional investors own 68.85% of the company’s stock.

Insider Activity

In other news, CEO Natascha Viljoen sold 7,764 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total value of $807,456.00. Following the completion of the sale, the chief executive officer directly owned 135,235 shares in the company, valued at approximately $14,064,440. This trade represents a 5.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of Newmont stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the transaction, the chief financial officer directly owned 29,324 shares of the company’s stock, valued at $3,081,659.16. This represents a 28.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 32,091 shares of company stock worth $3,292,513. 0.06% of the stock is owned by corporate insiders.

Newmont Stock Up 0.2%

Shares of NEM opened at $131.84 on Tuesday. The company has a market capitalization of $138.92 billion, a P/E ratio of 16.65, a PEG ratio of 1.36 and a beta of 0.47. Newmont Corporation has a one year low of $70.88 and a one year high of $134.88. The business’s 50 day simple moving average is $102.12 and its 200-day simple moving average is $109.03. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26.

Newmont (NYSE:NEM) last released 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 return on equity of 29.10% and a net margin of 33.36%.The firm had revenue of $6.12 billion during the quarter, compared to analysts’ expectations of $6.35 billion. During the same period last year, the firm posted $1.43 EPS. As a group, sell-side analysts predict that Newmont Corporation will post 9.01 EPS for the current fiscal year.

Newmont Dividend Announcement

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

Wall Street Analysts Forecast Growth

NEM has been the topic of several recent analyst reports. BNP Paribas Exane decreased their price target on Newmont from $111.00 to $102.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 21st. Macquarie Infrastructure dropped their price objective on Newmont from $133.00 to $123.00 and set an “outperform” rating for the company in a research note on Monday, June 15th. Argus set a $110.00 price objective on Newmont in a report on Monday, August 3rd. Zacks Research downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 14th. Finally, TD Securities raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Newmont currently has an average rating of “Moderate Buy” and an average target price of $132.73.

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.