Van ECK Associates Corp Takes $671.20 Million Position in Newmont Corporation $NEM

Van ECK Associates Corp bought a new stake in shares of Newmont Corporation (NYSE:NEM) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 32,114,698 shares of the basic materials company’s stock, valued at approximately $671,197,000. Van ECK Associates Corp owned about 3.05% of Newmont as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. BlackRock Inc. bought a new position in Newmont during the 2nd quarter valued at $11,289,753,000. Norges Bank bought a new stake in shares of Newmont in the 4th quarter worth $1,443,128,000. Bank of New York Mellon Corp bought a new stake in shares of Newmont in the 2nd quarter worth $1,219,505,000. Deutsche Bank AG purchased a new stake in shares of Newmont in the second quarter valued at about $911,180,000. Finally, Legal & General Group Plc purchased a new stake in shares of Newmont in the second quarter valued at about $778,894,000. Institutional investors own 68.85% of the company’s stock.

Analyst Upgrades and Downgrades

NEM has been the topic of several analyst reports. Royal Bank Of Canada cut their price target on shares of Newmont from $140.00 to $135.00 and set an “outperform” rating on the stock in a report on Thursday, July 9th. Citigroup decreased their price objective on shares of Newmont from $150.00 to $125.00 and set a “buy” rating for the company in a research note on Monday, July 20th. Jefferies Financial Group dropped their target price on shares of Newmont from $158.00 to $146.00 and set a “buy” rating on the stock in a research report on Monday, July 6th. BMO Capital Markets cut their target price on Newmont from $145.00 to $135.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 23rd. Finally, UBS Group reduced their target price on Newmont from $140.00 to $120.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Newmont presently has an average rating of “Moderate Buy” and a consensus target price of $132.73.

Newmont Stock Performance

Shares of NEM stock opened at $127.84 on Friday. 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 firm has a market cap of $134.70 billion, a price-to-earnings ratio of 16.14, a P/E/G ratio of 1.36 and a beta of 0.47. Newmont Corporation has a 52 week low of $72.78 and a 52 week high of $135.29. The firm’s 50-day simple moving average is $104.23 and its two-hundred day simple moving average is $109.57.

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

Newmont Announces Dividend

The company also recently disclosed 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. This represents a $1.04 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Thursday, September 3rd. Newmont’s dividend payout ratio is 13.13%.

Insiders Place Their Bets

In other 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 transaction of $280,350.00. Following the completion of the transaction, the executive vice president owned 40,315 shares in the company, valued at approximately $3,767,436.75. This represents a 6.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 dated 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 completion of the sale, the chief financial officer directly owned 29,324 shares of the company’s stock, valued at approximately $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 sold 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 insiders.

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.