Greenleaf Trust Makes New $552,000 Investment in Newmont Corporation $NEM

Greenleaf Trust purchased a new stake in Newmont Corporation (NYSE:NEM) in the 2nd quarter, HoldingsChannel reports. The fund purchased 26,406 shares of the basic materials company’s stock, valued at approximately $552,000.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Newmont in the 2nd quarter valued at about $11,289,753,000. State Street Corp raised its stake in Newmont by 1.0% during the 4th quarter. State Street Corp now owns 49,959,850 shares of the basic materials company’s stock worth $4,988,491,000 after buying an additional 480,223 shares during the period. Van ECK Associates Corp acquired a new position in Newmont during the 2nd quarter worth approximately $671,197,000. Geode Capital Management LLC boosted its holdings in Newmont by 3.6% in the fourth quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company’s stock worth $2,738,756,000 after acquiring an additional 946,824 shares in the last quarter. Finally, Norges Bank bought a new position in Newmont in the fourth quarter worth approximately $1,443,128,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $93.45, for a total value of $280,350.00. Following the completion of the sale, the executive vice president directly owned 40,315 shares of the company’s stock, valued at approximately $3,767,436.75. This represents a 6.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 7,764 shares of the firm’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $104.00, for a total value of $807,456.00. Following the transaction, the chief executive officer owned 135,235 shares in the company, valued at approximately $14,064,440. This trade represents a 5.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 25,209 shares of company stock valued at $2,567,701. 0.06% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have commented on NEM. Citigroup reduced their price objective on Newmont from $150.00 to $125.00 and set a “buy” rating for the company in a research note on Monday, July 20th. Wall Street Zen cut Newmont from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Royal Bank Of Canada reduced their price target 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. Raymond James Financial restated an “outperform” rating and set a $140.00 price target on shares of Newmont in a research note on Monday, August 24th. Finally, Macquarie Infrastructure lowered their price objective on shares of Newmont from $133.00 to $123.00 and set an “outperform” rating on the stock in a report on Monday, June 15th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $132.73.

Newmont Price Performance

NEM stock opened at $122.56 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55. The business has a 50-day simple moving average of $105.20 and a two-hundred day simple moving average of $109.51. The company has a market capitalization of $129.14 billion, a P/E ratio of 15.47, a price-to-earnings-growth ratio of 1.30 and a beta of 0.52. Newmont Corporation has a 52-week low of $73.44 and a 52-week high of $135.29.

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

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be issued a dividend of $0.26 per share. The ex-dividend date is Thursday, September 3rd. This represents a $1.04 annualized dividend and a yield of 0.8%. Newmont’s dividend payout ratio 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.