E Fund Management Co. Ltd. Takes $3.44 Million Position in Newmont Corporation $NEM

Key Points

• E Fund Management purchased 36,798 Newmont shares worth approximately $3.44 million during the second quarter. Institutional investors collectively own 68.85% of the company.
• Newmont reported quarterly EPS of $2.10, exceeding analyst expectations of $2.05, while revenue reached $6.12 billion. Shares recently traded at $125.18, up 7.9%.
• The company declared a quarterly dividend of $0.26 per share, equivalent to $1.04 annually and a 0.8% yield. Analysts maintain a consensus “Moderate Buy” rating with a $132.59 target price, despite recent insider selling.

E Fund Management Co. Ltd. purchased a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 36,798 shares of the basic materials company's stock, valued at approximately $3,437,000.

A number of other institutional investors also recently bought and sold shares of the stock. Pinnacle Bancorp Inc. purchased a new position in Newmont during the 1st quarter valued at $25,000. Cedar Mountain Advisors LLC bought a new stake in shares of Newmont during the first quarter worth $25,000. Clearstead Trust LLC bought a new stake in shares of Newmont during the second quarter worth $25,000. Swiss RE Ltd. purchased a new stake in shares of Newmont during the fourth quarter valued at $26,000. Finally, Cornerstone Planning Group LLC boosted its stake in shares of Newmont by 312.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock valued at $27,000 after purchasing an additional 206 shares during the period. 68.85% of the stock is currently owned by institutional investors.

Newmont Trading Up 7.9%

Shares of NYSE NEM opened at $125.18 on Thursday. Newmont Corporation has a 1-year low of $67.69 and a 1-year high of $134.88. The business has a fifty day moving average price of $100.36 and a 200 day moving average price of $108.69. The stock has a market capitalization of $131.90 billion, a P/E ratio of 15.81, a price-to-earnings-growth ratio of 1.20 and a beta of 0.47. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The business had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. During the same period in the previous year, the company earned $1.43 earnings per share. Equities research analysts expect that Newmont Corporation will post 8.99 EPS for the current fiscal year.

Newmont Dividend Announcement

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

Insider Transactions at Newmont

In other news, CEO Natascha Viljoen sold 7,764 shares of the company's 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 sale, the chief executive officer directly owned 135,235 shares of the company's stock, valued at $14,064,440. This represents a 5.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the company's stock in a transaction 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 completion of the sale, the chief financial officer directly owned 29,324 shares in the company, valued at approximately $3,081,659.16. The trade was a 28.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 32,091 shares of company stock worth $3,292,513 over the last three months. 0.06% of the stock is currently owned by insiders.

Analyst Ratings Changes

NEM has been the topic of a number of research reports. National Bank Financial reduced their target price on shares of Newmont from $140.00 to $125.00 and set a "sector perform" rating on the stock in a research report on Tuesday, July 14th. Canaccord Genuity Group dropped their price objective on Newmont from $160.00 to $130.00 and set a "buy" rating on the stock in a research note on Thursday, July 23rd. TD lifted their target price on Newmont from $127.00 to $133.00 and gave the company a "buy" rating in a research report on Wednesday, August 12th. Raymond James Financial lowered their target price on Newmont from $139.00 to $137.00 and set an "outperform" rating for the company in a report on Tuesday, June 30th. Finally, Wall Street Zen downgraded Newmont from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, Newmont has an average rating of "Moderate Buy" and a consensus target price of $132.59.

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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