Flputnam Investment Management Co. Acquires New Shares in Newmont Corporation $NEM

Flputnam Investment Management Co. acquired a new position in shares of Newmont Corporation (NYSE:NEM) in the second quarter, HoldingsChannel.com reports. The firm acquired 6,956 shares of the basic materials company’s stock, valued at approximately $145,000.

Several other large investors have also recently added to or reduced their stakes in NEM. Leonteq Securities AG acquired a new stake in shares of Newmont in the 4th quarter worth about $9,018,000. ARS Investment Partners LLC boosted its stake in Newmont by 3.6% during the 4th quarter. ARS Investment Partners LLC now owns 697,063 shares of the basic materials company’s stock valued at $69,602,000 after purchasing an additional 23,900 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new position in Newmont during the 2nd quarter valued at about $36,180,000. Asset One Wealth Management LLC bought a new position in Newmont in the 2nd quarter worth about $2,866,000. Finally, Private Advisory Group LLC bought a new position in Newmont in the 2nd quarter worth about $10,430,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

NEM has been the topic of a number of recent analyst reports. The Goldman Sachs Group cut their price target on Newmont from $122.50 to $111.40 and set a “buy” rating on the stock in a report on Wednesday, July 1st. Bank of America decreased their price objective on Newmont from $157.00 to $132.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Scotiabank increased their price objective on Newmont from $147.00 to $149.00 and gave the stock an “outperform” rating in a report on Wednesday, August 12th. Zacks Research cut Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 14th. Finally, Citigroup cut their target price on Newmont from $150.00 to $125.00 and set a “buy” rating on the stock in a research note on Monday, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $132.73.

Insider Buying and Selling

In other news, EVP Peter Toth sold 3,000 shares of Newmont 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 transaction, the executive vice president directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 7,764 shares of Newmont stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $104.00, for a total value of $807,456.00. Following the transaction, the chief executive officer owned 135,235 shares in the company, valued at approximately $14,064,440. This trade represents a 5.43% decrease in their ownership of the stock. 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 a total of 25,209 shares of company stock valued at $2,567,701 over the last quarter. Corporate insiders own 0.06% of the company’s stock.

Newmont Stock Down 2.8%

Newmont stock opened at $122.56 on Wednesday. The stock has a market cap of $129.14 billion, a price-to-earnings ratio of 15.47, a PEG ratio of 1.30 and a beta of 0.52. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15. The company’s 50-day moving average price is $105.20 and its two-hundred day moving average price is $109.51. Newmont Corporation has a 52 week low of $73.44 and a 52 week high of $135.29.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates 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 period in the prior year, the business posted $1.43 EPS. On average, analysts expect that Newmont Corporation will post 9.01 EPS for the current fiscal year.

Newmont Announces Dividend

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

Newmont 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.