Abacus FCF Advisors LLC Makes New Investment in Newmont Corporation $NEM

Abacus FCF Advisors LLC purchased a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 48,015 shares of the basic materials company's stock, valued at approximately $4,485,000.

A number of other large investors have also recently made changes to their positions in NEM. Vanguard Group Inc. lifted its stake in Newmont by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company's stock valued at $13,390,613,000 after acquiring an additional 637,996 shares during the period. BlackRock Inc. purchased a new position in shares of Newmont during the second quarter worth $11,289,753,000. State Street Corp lifted its position in Newmont by 1.0% during the fourth quarter. State Street Corp now owns 49,959,850 shares of the basic materials company's stock valued at $4,988,491,000 after purchasing an additional 480,223 shares during the period. Van ECK Associates Corp lifted its position in Newmont by 23.4% during the fourth quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company's stock valued at $2,973,539,000 after purchasing an additional 5,643,496 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Newmont by 3.6% during the 4th quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company's stock valued at $2,738,756,000 after buying an additional 946,824 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Trading Up 7.9%

Shares of NEM stock opened at $125.18 on Thursday. The stock's fifty day moving average is $100.36 and its two-hundred day moving average is $108.69. The firm has a market capitalization of $131.90 billion, a P/E ratio of 15.81, a PEG ratio of 1.20 and a beta of 0.47. 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 Corporation has a fifty-two week low of $67.69 and a fifty-two week high of $134.88.

Newmont (NYSE:NEM - Get Free Report) last posted 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 firm had revenue of $6.12 billion for 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 previous year, the business posted $1.43 earnings per share. Research analysts expect that Newmont Corporation will post 8.99 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Stockholders 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 dividend yield of 0.8%. The ex-dividend date is Thursday, September 3rd. Newmont's payout ratio is currently 13.13%.

Insiders Place Their Bets

In other news, CEO Natascha Viljoen sold 7,764 shares of Newmont stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total transaction of $807,456.00. Following the transaction, the chief executive officer owned 135,235 shares in the company, valued at $14,064,440. The trade was a 5.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Monday, August 3rd. The shares were 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. The trade was a 6.93% 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 32,091 shares of company stock valued at $3,292,513 in the last three months. 0.06% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

NEM has been the topic of several analyst reports. TD raised their target price on Newmont from $127.00 to $133.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. TD Cowen reissued a "buy" rating on shares of Newmont in a report on Monday, April 27th. BNP Paribas Exane lowered their price objective on Newmont from $111.00 to $102.00 and set a "neutral" rating on the stock in a research report on Tuesday, July 21st. Royal Bank Of Canada lowered their price target on shares of Newmont from $140.00 to $135.00 and set an "outperform" rating on the stock in a report on Thursday, July 9th. Finally, BMO Capital Markets dropped their price target on shares of Newmont from $145.00 to $135.00 and set an "outperform" rating on the stock in a research report on Tuesday, June 23rd. Two 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 company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $132.59.

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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