632,446 Shares in Newmont Corporation $NEM Purchased by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company acquired 632,446 Newmont shares worth approximately $59.1 million in the second quarter, while institutional investors collectively own 68.85% of the company.
• Newmont reported quarterly EPS of $2.10, exceeding analyst expectations of $2.05, although revenue of $6.12 billion fell short of the $6.35 billion consensus estimate.
• Shares rose 2.6% to $135.23, near their 52-week high, and Newmont announced a quarterly dividend of $0.26 per share. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $132.73.

The Manufacturers Life Insurance Company acquired a new position in Newmont Corporation (NYSE:NEM - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 632,446 shares of the basic materials company's stock, valued at approximately $59,070,000. The Manufacturers Life Insurance Company owned approximately 0.06% of Newmont as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of NEM. Pinnacle Bancorp Inc. acquired a new stake in shares of Newmont in the first quarter valued at approximately $25,000. Cedar Mountain Advisors LLC acquired a new stake in Newmont during the first quarter worth approximately $25,000. Clearstead Trust LLC acquired a new stake in Newmont during the second quarter worth approximately $25,000. Kilter Group LLC bought a new position in Newmont during the 2nd quarter worth $26,000. Finally, Swiss RE Ltd. bought a new position in Newmont during the 4th quarter worth $26,000. Institutional investors own 68.85% of the company's stock.

Insider Buying and Selling at Newmont

In other news, CEO Natascha Viljoen sold 7,764 shares of the firm's stock in a transaction that occurred 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 sale, the chief executive officer directly owned 135,235 shares in the company, valued at approximately $14,064,440. This trade represents a 5.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible 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 that occurred on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the sale, the chief financial officer directly owned 29,324 shares in the company, valued at $3,081,659.16. This trade represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 32,091 shares of company stock worth $3,292,513 over the last 90 days. Insiders own 0.06% of the company's stock.

Newmont Trading Up 2.6%

Shares of NEM stock opened at $135.23 on Wednesday. The stock's fifty day moving average price is $102.65 and its two-hundred day moving average price is $109.16. The company has a market cap of $142.49 billion, a PE ratio of 17.07, a P/E/G ratio of 1.36 and a beta of 0.47. Newmont Corporation has a fifty-two week low of $70.91 and a fifty-two week high of $135.29. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly 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 return on equity of 29.10% and a net margin of 33.36%.The company had revenue of $6.12 billion during the quarter, compared to analysts' expectations of $6.35 billion. During the same quarter in the previous year, the firm earned $1.43 EPS. Equities analysts predict that Newmont Corporation will post 9.01 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Thursday, September 3rd. Newmont's payout ratio is currently 13.13%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on NEM. Jefferies Financial Group cut their target price on Newmont from $158.00 to $146.00 and set a "buy" rating for the company in a research report on Monday, July 6th. TD Securities upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 14th. Raymond James Financial reaffirmed an "outperform" rating and issued a $140.00 price target on shares of Newmont in a research note on Monday. Barclays cut their price objective on shares of Newmont from $125.00 to $124.00 and set an "overweight" rating for the company in a research report on Tuesday, July 28th. Finally, Wall Street Zen lowered shares of Newmont from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Two equities research 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 stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $132.73.

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.

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