Plato Investment Management Ltd Purchases New Position in Newmont Corporation $NEM

Plato Investment Management Ltd acquired a new stake in Newmont Corporation (NYSE:NEM) in the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 25,586 shares of the basic materials company’s stock, valued at approximately $2,376,000.

Other large investors have also recently modified their holdings of the company. Cedar Mountain Advisors LLC purchased a new position in Newmont during the first quarter worth $25,000. Pinnacle Bancorp Inc. purchased a new stake in shares of Newmont in the first quarter valued at $25,000. Swiss RE Ltd. bought a new stake in shares of Newmont in the 4th quarter worth about $26,000. Clearstead Trust LLC purchased a new position in shares of Newmont during the 2nd quarter worth about $25,000. Finally, Cornerstone Planning Group LLC grew its holdings in 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 purchasing an additional 206 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Insiders Place Their Bets

In other Newmont news, CFO Brian Tabolt sold 11,445 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $3,081,659.16. This represents a 28.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction, the executive vice president directly owned 40,315 shares in the company, valued at $3,767,436.75. The trade was a 6.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 32,091 shares of company stock worth $3,292,513 in the last ninety days. 0.06% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on NEM. TD upped their target price on Newmont from $127.00 to $133.00 and gave the company a “buy” rating in a research note on Wednesday, August 12th. Jefferies Financial Group decreased their price target on Newmont from $158.00 to $146.00 and set a “buy” rating for the company in a research note on Monday, July 6th. Canadian Imperial Bank of Commerce set a $170.00 price objective on Newmont in a report on Friday. Bank of America cut their price objective on Newmont from $157.00 to $132.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Finally, Argus set a $110.00 target price on Newmont in a research note on Monday, August 3rd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $132.59.

Newmont Price Performance

Shares of NEM stock opened at $120.35 on Tuesday. 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 company has a market capitalization of $126.81 billion, a P/E ratio of 15.20, a P/E/G ratio of 1.31 and a beta of 0.47. The company’s 50-day simple moving average is $99.36 and its two-hundred day simple moving average is $108.81. Newmont Corporation has a one year low of $67.20 and a one year high of $134.88.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The business had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. During the same period last year, the company posted $1.43 earnings per share. As a group, equities analysts anticipate that Newmont Corporation will post 9 EPS 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 0.9%. The ex-dividend date is Thursday, September 3rd. Newmont’s dividend payout ratio (DPR) is presently 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.