Wealthfront Advisers LLC Makes New Investment in Newmont Corporation $NEM

Wealthfront Advisers LLC purchased a new stake in shares of Newmont Corporation (NYSE:NEM) in the second quarter, HoldingsChannel reports. The institutional investor purchased 161,601 shares of the basic materials company’s stock, valued at approximately $15,094,000.

Several other institutional investors have also recently made changes to their positions in NEM. Cedar Mountain Advisors LLC purchased a new position in shares of Newmont in the first quarter worth approximately $25,000. Pinnacle Bancorp Inc. purchased a new stake in Newmont during the first quarter valued at approximately $25,000. Swiss RE Ltd. bought a new position in Newmont in the fourth quarter worth approximately $26,000. Clearstead Trust LLC bought a new position in Newmont in the second quarter worth approximately $25,000. Finally, Cornerstone Planning Group LLC grew its position in shares of Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 206 shares during the period. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

Shares of NYSE NEM opened at $115.99 on Wednesday. The firm has a fifty day moving average price of $99.71 and a 200-day moving average price of $108.70. 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 stock has a market cap of $122.22 billion, a PE ratio of 14.65, a price-to-earnings-growth ratio of 1.31 and a beta of 0.47. Newmont Corporation has a 1 year low of $67.20 and a 1 year high of $134.88.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, beating the consensus estimate of $2.05 by $0.05. The firm had revenue of $6.12 billion for the quarter, compared to the consensus estimate of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same period last year, the firm earned $1.43 EPS. Equities analysts anticipate that Newmont Corporation will post 9 earnings per share for the current fiscal year.

Newmont Announces Dividend

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 issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. Newmont’s dividend payout ratio (DPR) is currently 13.13%.

Insider Buying and Selling at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Monday, August 3rd. The stock was 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of Newmont stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total value of $1,202,755.05. Following the sale, the chief financial officer directly owned 29,324 shares in the company, valued at $3,081,659.16. This trade represents a 28.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 32,091 shares of company stock valued at $3,292,513 over the last ninety days. 0.06% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on NEM shares. Canadian Imperial Bank of Commerce set a $170.00 price objective on Newmont in a research note on Friday. Weiss Ratings downgraded Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, June 17th. Wall Street Zen lowered Newmont from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Citigroup reduced their price target on Newmont from $150.00 to $125.00 and set a “buy” rating for the company in a research report on Monday, July 20th. Finally, Jefferies Financial Group decreased their price objective on Newmont from $158.00 to $146.00 and set a “buy” rating on the stock in a research note on Monday, July 6th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $132.59.

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.