Marvin & Palmer Associates Inc. Makes New $587,000 Investment in Newmont Corporation $NEM

Marvin & Palmer Associates Inc. purchased a new position in Newmont Corporation (NYSE:NEM) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 28,090 shares of the basic materials company’s stock, valued at approximately $587,000. Newmont comprises about 0.4% of Marvin & Palmer Associates Inc.’s holdings, making the stock its 24th biggest position.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in Newmont in the second quarter valued at approximately $11,289,753,000. Van ECK Associates Corp acquired a new stake in shares of Newmont during the 2nd quarter worth approximately $671,197,000. Norges Bank bought a new stake in shares of Newmont in the 4th quarter worth approximately $1,443,128,000. Bank of New York Mellon Corp bought a new stake in shares of Newmont in the 2nd quarter worth approximately $1,219,505,000. Finally, Deutsche Bank AG bought a new position in Newmont during the 2nd quarter worth $911,180,000. Institutional investors own 68.85% of the company’s stock.

Newmont Trading Down 3.4%

Shares of NEM stock opened at $127.84 on Friday. The stock has a 50-day simple moving average of $104.23 and a 200 day simple moving average of $109.57. Newmont Corporation has a fifty-two week low of $72.78 and a fifty-two week high of $135.29. The stock has a market capitalization of $134.70 billion, a P/E ratio of 16.14, a P/E/G ratio of 1.32 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 EPS for the quarter, topping the consensus estimate of $2.05 by $0.05. The firm had revenue of $6.12 billion for the quarter, compared to analysts’ expectations of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same period in the previous year, the business earned $1.43 earnings per share. On average, sell-side analysts expect that Newmont Corporation will post 9.01 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business 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. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Thursday, September 3rd. Newmont’s payout ratio is presently 13.13%.

Wall Street Analysts Forecast Growth

NEM has been the topic of a number of recent research reports. Zacks Research cut Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 14th. Canaccord Genuity Group cut their price objective on shares of Newmont from $160.00 to $130.00 and set a “buy” rating on the stock in a research report on Thursday, July 23rd. Macquarie Infrastructure cut their price objective on shares of Newmont from $133.00 to $123.00 and set an “outperform” rating on the stock in a research report on Monday, June 15th. National Bank Financial reduced their target price on shares of Newmont from $140.00 to $125.00 and set a “sector perform” rating for the company in a research note on Tuesday, July 14th. Finally, UBS Group decreased their target price on shares of Newmont from $140.00 to $120.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $132.73.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $93.45, for a total transaction of $280,350.00. Following the sale, the executive vice president directly owned 40,315 shares of the company’s stock, valued at $3,767,436.75. The trade was a 6.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the stock in a transaction on 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 owned 29,324 shares of the company’s stock, valued at $3,081,659.16. This trade represents a 28.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 32,091 shares of company stock valued at $3,292,513 over the last three months. Company insiders own 0.06% of the company’s stock.

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.