Rakuten Investment Management Inc. Has $16.57 Million Stock Position in Newmont Corporation $NEM

Rakuten Investment Management Inc. increased its holdings in shares of Newmont Corporation (NYSE:NEM) by 8.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 175,322 shares of the basic materials company’s stock after buying an additional 13,367 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Newmont were worth $16,570,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Leonteq Securities AG purchased a new stake in Newmont during the fourth quarter valued at $9,018,000. ARS Investment Partners LLC lifted its stake in Newmont by 3.6% in the fourth quarter. ARS Investment Partners LLC now owns 697,063 shares of the basic materials company’s stock worth $69,602,000 after purchasing an additional 23,900 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in Newmont during the 2nd quarter valued at $36,180,000. Asset One Wealth Management LLC purchased a new stake in shares of Newmont during the second quarter valued at $2,866,000. Finally, Private Advisory Group LLC bought a new position in Newmont in the 2nd quarter worth about $10,430,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Royal Bank Of Canada dropped their target price on shares of Newmont from $140.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, July 9th. Barclays cut their price target on shares of Newmont from $125.00 to $124.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 28th. TD Securities raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Weiss Ratings cut shares of Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. Finally, National Bank Financial reduced their price target on Newmont from $140.00 to $125.00 and set a “sector perform” rating for the company in a research 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 assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $132.73.

Insider Buying and Selling

In other Newmont news, CFO Brian Tabolt sold 11,445 shares of the business’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the transaction, the chief financial officer owned 29,324 shares of the company’s stock, valued at approximately $3,081,659.16. The trade was a 28.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Natascha Viljoen sold 7,764 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $104.00, for a total transaction of $807,456.00. Following the transaction, the chief executive officer directly owned 135,235 shares in the company, valued at approximately $14,064,440. The trade was 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. Over the last 90 days, insiders have sold 32,091 shares of company stock worth $3,292,513. 0.06% of the stock is owned by corporate insiders.

Newmont Stock Down 3.4%

NEM opened at $127.84 on Friday. The company has a 50-day moving average price of $104.23 and a 200 day moving average price of $109.57. Newmont Corporation has a twelve month low of $72.78 and a twelve month high of $135.29. The company has a market cap of $134.70 billion, a PE ratio of 16.14, a price-to-earnings-growth ratio of 1.36 and a beta of 0.47. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. The firm had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. Newmont had a return on equity of 29.10% and a net margin of 33.36%.During the same period in the previous year, the company posted $1.43 earnings per share. Sell-side analysts expect that Newmont Corporation will post 9.01 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm 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 of this dividend is Thursday, September 3rd. Newmont’s dividend payout ratio (DPR) is 13.13%.

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.