Rakuten Investment Management Inc. Buys Shares of 18,496 Newmont Corporation $NEM

Rakuten Investment Management Inc. purchased a new stake in Newmont Corporation (NYSE:NEM) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 18,496 shares of the basic materials company’s stock, valued at approximately $1,559,000.

Other institutional investors have also recently made changes to their positions in the company. Harbor Capital Advisors Inc. grew its position in Newmont by 53.5% in the third quarter. Harbor Capital Advisors Inc. now owns 399 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 139 shares during the period. Concord Wealth Partners lifted its stake in shares of Newmont by 534.7% in the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 385 shares during the last quarter. Evermay Wealth Management LLC lifted its stake in shares of Newmont by 408.2% in the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 400 shares during the last quarter. Salomon & Ludwin LLC purchased a new position in shares of Newmont during the 3rd quarter worth $44,000. Finally, Capital A Wealth Management LLC increased its position in shares of Newmont by 1,648.3% during the 2nd quarter. Capital A Wealth Management LLC now owns 507 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 478 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Buying and Selling at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the transaction, the director directly owned 32,709 shares of the company’s stock, valued at approximately $3,021,003.24. The trade was a 5.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction of $406,700.00. Following the completion of the sale, the chief executive officer directly owned 279,923 shares in the company, valued at approximately $22,768,936.82. This trade represents a 1.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 9,160 shares of company stock valued at $767,206 over the last three months. 0.05% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

NEM has been the subject of several research analyst reports. Zacks Research lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 18th. Scotiabank raised shares of Newmont from a “sector perform” rating to a “sector outperform” rating and increased their price objective for the stock from $71.50 to $114.00 in a research report on Thursday, October 23rd. Citigroup reiterated a “buy” rating on shares of Newmont in a report on Monday, January 12th. Wall Street Zen cut Newmont from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 2nd. Finally, CIBC set a $112.00 price objective on Newmont and gave the company an “outperformer” rating in a research note on Friday, October 10th. Six investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $99.49.

Newmont Price Performance

Newmont stock opened at $124.34 on Friday. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. Newmont Corporation has a 52-week low of $40.85 and a 52-week high of $124.64. The firm has a market cap of $135.69 billion, a PE ratio of 19.31, a price-to-earnings-growth ratio of 0.92 and a beta of 0.41. The company’s 50 day moving average is $100.57 and its two-hundred day moving average is $84.59.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.44. The business had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.14 billion. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The company’s revenue was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.81 earnings per share. On average, research analysts expect that Newmont Corporation will post 3.45 EPS for the current fiscal year.

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.