L2 Asset Management LLC Acquires Shares of 28,487 Newmont Corporation $NEM

L2 Asset Management LLC bought a new position in shares of Newmont Corporation (NYSE:NEM) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 28,487 shares of the basic materials company’s stock, valued at approximately $2,661,000.

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

Newmont Trading Up 0.2%

NEM opened at $131.84 on Tuesday. Newmont Corporation has a twelve month low of $70.88 and a twelve month high of $134.88. The company has a 50-day simple moving average of $102.12 and a 200 day simple moving average of $109.03. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $138.92 billion, a price-to-earnings ratio of 16.65, a P/E/G ratio of 1.36 and a beta of 0.47.

Newmont (NYSE:NEM) last announced its quarterly earnings data 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. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The firm had revenue of $6.12 billion for the quarter, compared to the consensus estimate of $6.35 billion. During the same period in the prior year, the company posted $1.43 earnings per share. Analysts predict that Newmont Corporation will post 9.01 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Thursday, September 3rd. Newmont’s dividend payout ratio is 13.13%.

Insider Buying and Selling

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $93.45, for a total transaction of $280,350.00. Following the completion of the transaction, the executive vice president directly owned 40,315 shares in the company, 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 company’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total value of $1,202,755.05. Following the sale, the chief financial officer owned 29,324 shares of the company’s stock, valued at $3,081,659.16. The trade was a 28.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 32,091 shares of company stock worth $3,292,513. Corporate insiders own 0.06% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on NEM. Royal Bank Of Canada cut their price objective on shares of Newmont from $140.00 to $135.00 and set an “outperform” rating for the company in a report on Thursday, July 9th. TD Securities raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Canadian Imperial Bank of Commerce set a $170.00 price target on shares of Newmont in a research report on Friday, August 14th. Macquarie Infrastructure cut their price target on Newmont from $133.00 to $123.00 and set an “outperform” rating for the company in a research note on Monday, June 15th. Finally, Argus set a $110.00 price target on Newmont in a research report on Monday, August 3rd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Newmont has a consensus rating of “Moderate Buy” and an average price target of $132.73.

Newmont Company 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.