Freestone Grove Partners LP bought a new position in Newmont Corporation (NYSE:NEM – Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 19,608 shares of the basic materials company’s stock, valued at approximately $1,831,000.
Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Newmont in the second quarter worth $11,289,753,000. Norges Bank bought a new stake in shares of Newmont during the 4th quarter worth $1,443,128,000. Bank of New York Mellon Corp acquired a new position in Newmont in the 2nd quarter valued at $1,219,505,000. Deutsche Bank AG bought a new position in Newmont in the 2nd quarter worth $911,180,000. Finally, Legal & General Group Plc bought a new position in Newmont in the 2nd quarter worth $778,894,000. Institutional investors own 68.85% of the company’s stock.
Analyst Ratings Changes
A number of research analysts have weighed in on the stock. Royal Bank Of Canada cut their target price on shares of Newmont from $140.00 to $135.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. TD lifted their price objective on Newmont from $127.00 to $133.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. National Bank Financial dropped their price objective on Newmont from $140.00 to $125.00 and set a “sector perform” rating on the stock in a research note on Tuesday, July 14th. Barclays cut their price objective on Newmont from $125.00 to $124.00 and set an “overweight” rating for the company in a research report on Tuesday, July 28th. Finally, The Goldman Sachs Group decreased their target price on Newmont from $122.50 to $111.40 and set a “buy” rating for the company in a research note on Wednesday, July 1st. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $132.73.
Newmont Trading Down 3.4%
Newmont stock opened at $127.84 on Friday. The business has a 50 day moving average price of $104.23 and a two-hundred day moving average price of $109.57. 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 Corporation has a 12 month low of $72.78 and a 12 month high of $135.29. The stock has a market cap of $134.70 billion, a price-to-earnings ratio of 16.14, a price-to-earnings-growth ratio of 1.36 and a beta of 0.47.
Newmont (NYSE:NEM – Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.05. The company 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 quarter last year, the firm earned $1.43 EPS. As a group, equities analysts forecast that Newmont Corporation will post 9.01 EPS for the current year.
Newmont Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd will be paid a dividend of $0.26 per share. 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 payout ratio is currently 13.13%.
Insiders Place Their Bets
In other news, CFO Brian Tabolt sold 11,445 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total transaction 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 approximately $3,081,659.16. This trade represents a 28.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $807,456.00. Following the transaction, the chief executive officer directly owned 135,235 shares of the company’s stock, valued at $14,064,440. The trade was a 5.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 32,091 shares of company stock worth $3,292,513 over the last 90 days. Corporate 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.
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