AlphaGrep UK Ltd Invests $339,000 in Newmont Corporation $NEM

Key Points

• AlphaGrep UK Ltd acquired 16,198 Newmont shares worth approximately $339,000 during the second quarter. Institutional investors collectively own 68.85% of the company, with BlackRock and several major financial institutions also establishing sizable positions.
• Analysts maintain a generally positive view, with Newmont carrying a consensus “Moderate Buy” rating and an average price target of $132.73, despite several recent target-price reductions.
• Newmont reported quarterly EPS of $2.10, exceeding expectations, while revenue came in below estimates at $6.12 billion. The company also declared a quarterly dividend of $0.26 per share, equivalent to a 0.8% annualized yield.

AlphaGrep UK Ltd bought a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 16,198 shares of the basic materials company's stock, valued at approximately $339,000.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new position in Newmont during the 2nd quarter valued at about $11,289,753,000. Van ECK Associates Corp acquired a new stake in shares of Newmont during the 2nd quarter worth approximately $671,197,000. Norges Bank bought a new stake in shares of Newmont during the fourth quarter worth approximately $1,443,128,000. Bank of New York Mellon Corp bought a new stake in shares of Newmont during the second quarter worth approximately $1,219,505,000. Finally, Deutsche Bank AG bought a new stake in shares of Newmont during the second quarter worth approximately $911,180,000. 68.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

NEM has been the topic of several analyst reports. Royal Bank Of Canada cut their target price on Newmont from $140.00 to $135.00 and set an "outperform" rating on the stock in a research note on Thursday, July 9th. BNP Paribas Exane decreased their target price on Newmont from $111.00 to $102.00 and set a "neutral" rating for the company in a research report on Tuesday, July 21st. BMO Capital Markets lowered their price target on Newmont from $145.00 to $135.00 and set an "outperform" rating for the company in a research note on Tuesday, June 23rd. Zacks Research downgraded shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 14th. Finally, Jefferies Financial Group reduced their price objective on shares of Newmont from $158.00 to $146.00 and set a "buy" rating on the stock in a research note on Monday, July 6th. 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 company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $132.73.

Newmont Price Performance

NYSE:NEM opened at $128.09 on Tuesday. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15. The stock's 50 day moving average price is $107.85 and its two-hundred day moving average price is $109.65. The firm has a market capitalization of $134.97 billion, a price-to-earnings ratio of 16.17, a P/E/G ratio of 1.80 and a beta of 0.52. Newmont Corporation has a 12-month low of $75.21 and a 12-month high of $135.29.

Newmont (NYSE:NEM - Get Free Report) last issued its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, topping the consensus estimate of $2.05 by $0.05. The company had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. Newmont had a return on equity of 29.10% and a net margin of 33.36%.During the same period in the previous year, the company posted $1.43 EPS. On average, analysts anticipate that Newmont Corporation will post 9.01 earnings per share for the current year.

Newmont Dividend Announcement

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

Insider Activity

In related news, CFO Brian Tabolt sold 11,445 shares of Newmont stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the completion of the sale, the chief financial officer directly owned 29,324 shares of the company's stock, valued at approximately $3,081,659.16. This trade represents a 28.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $123.00, for a total value of $369,000.00. Following the completion of the transaction, the executive vice president directly owned 37,315 shares in the company, valued at approximately $4,589,745. This represents a 7.44% 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. Over the last quarter, insiders have sold 32,091 shares of company stock valued at $3,414,187. 0.06% of the stock is owned by insiders.

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.

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