Van ECK Associates Corp Makes New Investment in Newmont Corporation $NEM

Van ECK Associates Corp purchased a new position in Newmont Corporation (NYSE:NEM) in the second quarter, Holdings Channel reports. The institutional investor purchased 32,114,698 shares of the basic materials company’s stock, valued at approximately $671,197,000.

Other hedge funds also recently made changes to their positions in the company. Pinnacle Bancorp Inc. purchased a new stake in Newmont during the 1st quarter worth about $25,000. Cedar Mountain Advisors LLC purchased a new position in Newmont during the 1st quarter valued at about $25,000. Clearstead Trust LLC purchased a new position in Newmont during the 2nd quarter valued at about $25,000. Kilter Group LLC bought a new stake in shares of Newmont during the second quarter valued at about $26,000. Finally, Swiss RE Ltd. bought a new stake in shares of Newmont during the fourth quarter valued at about $26,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Newmont

In related news, CEO Natascha Viljoen sold 7,764 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total value of $807,456.00. Following the completion of the sale, the chief executive officer owned 135,235 shares of the company’s stock, valued at $14,064,440. This trade represents a 5.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction 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 sale, the executive vice president owned 40,315 shares in the company, valued at approximately $3,767,436.75. This trade represents a 6.93% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 32,091 shares of company stock worth $3,292,513 over the last quarter. 0.06% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on NEM shares. 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 research report on Thursday, July 9th. Bank of America lowered their target price on shares of Newmont from $157.00 to $132.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Canaccord Genuity Group reduced their price target on shares of Newmont from $160.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, July 23rd. UBS Group dropped their price objective on Newmont from $140.00 to $120.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Finally, National Bank Financial reduced their target price on Newmont from $140.00 to $125.00 and set a “sector perform” rating for the company in a research report on Tuesday, July 14th. Two research 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. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $132.73.

Newmont Stock Down 3.4%

NYSE NEM opened at $127.84 on Friday. Newmont Corporation has a 1 year low of $72.78 and a 1 year high of $135.29. The stock has a market capitalization of $134.70 billion, a PE ratio of 16.14, a PEG ratio of 1.36 and a beta of 0.47. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. The business’s 50-day moving average is $104.23 and its 200 day moving average is $109.57.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The business had revenue of $6.12 billion during the quarter, compared to analyst estimates of $6.35 billion. During the same quarter in the prior year, the company posted $1.43 EPS. Sell-side analysts forecast that Newmont Corporation will post 9.01 earnings per share for the current year.

Newmont Dividend Announcement

The firm 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 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 is Thursday, September 3rd. Newmont’s dividend payout ratio is currently 13.13%.

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.