Van ECK Associates Corp Boosts Stock Position in Newmont Corporation $NEM

Van ECK Associates Corp lifted its holdings in Newmont Corporation (NYSE:NEM) by 23.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 29,780,063 shares of the basic materials company’s stock after purchasing an additional 5,643,496 shares during the period. Newmont accounts for approximately 2.5% of Van ECK Associates Corp’s portfolio, making the stock its 4th biggest holding. Van ECK Associates Corp’s holdings in Newmont were worth $2,973,539,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in NEM. GoalVest Advisory LLC bought a new position in shares of Newmont in the fourth quarter worth about $25,000. Swiss RE Ltd. bought a new position in shares of Newmont in the fourth quarter worth about $26,000. JPL Wealth Management LLC bought a new position in shares of Newmont in the third quarter worth about $27,000. Cornerstone Planning Group LLC grew its position in Newmont by 312.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after buying an additional 206 shares in the last quarter. Finally, Lodestone Wealth Management LLC acquired a new stake in Newmont during the fourth quarter worth about $28,000. 68.85% of the stock is currently owned by institutional investors.

Insider Transactions at Newmont

In related news, insider David John Thornton sold 2,296 shares of the company’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $252,812.56. Following the completion of the transaction, the insider directly owned 23,163 shares of the company’s stock, valued at approximately $2,550,477.93. This represents a 9.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Peter Wexler sold 13,378 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the completion of the transaction, the executive vice president directly owned 67,865 shares of the company’s stock, valued at approximately $7,472,615.15. The trade was a 16.47% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 49,950 shares of company stock worth $5,494,288. Company insiders own 0.06% of the company’s stock.

Newmont Price Performance

Shares of NEM stock opened at $100.10 on Friday. Newmont Corporation has a 12-month low of $55.37 and a 12-month high of $134.88. The firm has a market capitalization of $106.86 billion, a price-to-earnings ratio of 12.98, a price-to-earnings-growth ratio of 1.62 and a beta of 0.42. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. The firm has a fifty day moving average of $110.94 and a 200-day moving average of $109.98.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.07 by $0.83. The company had revenue of $7.31 billion during the quarter, compared to analyst estimates of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The firm’s revenue was up 45.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.25 EPS. On average, equities research analysts forecast that Newmont Corporation will post 9.91 earnings per share for the current year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Wednesday, May 27th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a yield of 1.0%. Newmont’s dividend payout ratio is presently 13.49%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. UBS Group decreased their target price on Newmont from $150.00 to $140.00 and set a “buy” rating on the stock in a research report on Friday, March 27th. Barclays assumed coverage on Newmont in a research report on Thursday, May 21st. They set an “overweight” rating and a $133.00 target price on the stock. BNP Paribas Exane lifted their target price on Newmont from $123.00 to $128.00 and gave the stock a “neutral” rating in a research report on Monday, March 2nd. The Goldman Sachs Group decreased their target price on Newmont from $125.10 to $122.50 and set a “buy” rating on the stock in a research report on Thursday, June 4th. Finally, Canadian Imperial Bank of Commerce set a $175.00 target price on shares of Newmont and gave the company an “outperform” rating in a research note on Monday, June 1st. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $142.26.

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.