101,153 Shares in Newmont Corporation $NEM Purchased by AIA Group Ltd

Key Points

• AIA Group purchased 101,153 Newmont shares in the third quarter, valued at approximately $11.7 million; institutional investors own 68.85% of the stock.
• Newmont reported quarterly earnings of $2.20 per share, beating the $1.94 consensus estimate, while revenue rose 15.2% year over year to $6.36 billion.
• Analysts give Newmont a consensus “Moderate Buy” rating with a $137.20 average price target; the company also announced a quarterly dividend of $0.26 per share.

AIA Group Ltd purchased a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 101,153 shares of the basic materials company's stock, valued at approximately $11,667,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NEM. BlackRock Inc. acquired a new position in shares of Newmont in the 2nd quarter valued at approximately $11,289,753,000. State Street Corp raised its holdings in Newmont by 3.1% during the 2nd quarter. State Street Corp now owns 52,396,702 shares of the basic materials company's stock worth $4,893,852,000 after buying an additional 1,565,716 shares during the period. Van ECK Associates Corp bought a new position in Newmont in the second quarter valued at approximately $671,197,000. Bank of New York Mellon Corp bought a new position in Newmont in the second quarter valued at approximately $1,219,505,000. Finally, First Eagle Investment Management LLC acquired a new position in shares of Newmont in the second quarter valued at approximately $241,820,000. 68.85% of the stock is owned by institutional investors.

Newmont Price Performance

Shares of NEM opened at $107.48 on Wednesday. The stock has a market capitalization of $111.70 billion, a P/E ratio of 11.22, a P/E/G ratio of 1.99 and a beta of 0.56. Newmont Corporation has a twelve month low of $78.60 and a twelve month high of $135.29. The company has a 50 day moving average of $119.68 and a 200-day moving average of $112.42. The company has a quick ratio of 2.16, a current ratio of 2.45 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data on Thursday, October 22nd. The basic materials company reported $2.20 EPS for the quarter, topping analysts' consensus estimates of $1.94 by $0.26. Newmont had a net margin of 34.73% and a return on equity of 29.81%. The business had revenue of $6.36 billion for the quarter, compared to analyst estimates of $6.27 billion. During the same quarter in the previous year, the firm posted $1.71 earnings per share. The firm's revenue for the quarter was up 15.2% on a year-over-year basis. As a group, equities research analysts forecast that Newmont Corporation will post 9.11 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 21st. Investors of record on Wednesday, November 25th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, November 25th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. Newmont's payout ratio is presently 12.09%.

Insider Activity

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $108.04, for a total value of $324,120.00. Following the completion of the sale, the executive vice president owned 31,315 shares of the company's stock, valued at $3,383,272.60. The trade was a 8.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $123.00, for a total value of $477,486.00. Following the sale, the chief executive officer directly owned 131,353 shares in the company, valued at $16,156,419. This represents a 2.87% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 20,646 shares of company stock worth $2,380,140 over the last three months. Insiders own 0.06% of the company's stock.

Analyst Upgrades and Downgrades

NEM has been the subject of several research reports. Wall Street Zen downgraded shares of Newmont from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Scotiabank cut their price objective on shares of Newmont from $149.00 to $148.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 27th. Canadian Imperial Bank of Commerce set a $154.00 target price on shares of Newmont in a research note on Friday, October 16th. Bank of America upped their target price on shares of Newmont from $135.00 to $145.00 in a research note on Monday, August 17th. Finally, TD Cowen lowered their target price on Newmont from $133.00 to $131.00 in a report on Tuesday, October 20th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $137.20.

Newmont Profile

Newmont Corporation NYSE: NEM is a global mining company primarily engaged in the exploration, development, and production of gold. The company also produces copper, silver, zinc, and lead as byproducts of its mining operations. Its activities span the full mining life cycle, including resource discovery, project development, mine operations, processing, reclamation, and closure.

Founded in 1921, Newmont has grown into one of the world's largest gold producers. The company operates and develops mines across several regions, including North America, South America, Australia, Africa, and Papua New Guinea.

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