Envestnet Portfolio Solutions Inc. raised its stake in Newmont Corporation (NYSE:NEM - Free Report) by 162.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 22,972 shares of the basic materials company's stock after buying an additional 14,218 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Newmont were worth $1,338,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in NEM. Nuveen LLC bought a new stake in shares of Newmont in the 1st quarter valued at about $306,507,000. Pacer Advisors Inc. grew its position in shares of Newmont by 4,203.5% in the 1st quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company's stock valued at $259,580,000 after buying an additional 5,251,616 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Newmont by 1,502.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,692,606 shares of the basic materials company's stock valued at $273,391,000 after buying an additional 4,399,778 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its position in shares of Newmont by 1,074.8% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,411,264 shares of the basic materials company's stock valued at $116,416,000 after buying an additional 2,206,017 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its stake in shares of Newmont by 2,003.7% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,581,171 shares of the basic materials company's stock valued at $92,119,000 after purchasing an additional 1,506,010 shares during the period. Institutional investors own 68.85% of the company's stock.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on NEM. BNP Paribas downgraded Newmont from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 4th. Stifel Canada raised Newmont to a "strong-buy" rating in a research note on Tuesday, July 8th. Citigroup boosted their price objective on Newmont from $74.00 to $104.00 and gave the company a "buy" rating in a research note on Wednesday. Raymond James Financial set a $96.00 price objective on Newmont in a research note on Friday, October 10th. Finally, National Bankshares reissued an "outperform" rating on shares of Newmont in a research note on Monday, September 22nd. Four equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $87.59.
Get Our Latest Stock Report on Newmont
Insider Buying and Selling
In related news, Director Bruce R. Brook sold 2,080 shares of the company's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total transaction of $176,779.20. Following the transaction, the director directly owned 36,869 shares of the company's stock, valued at approximately $3,133,496.31. This represents a 5.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of the stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the sale, the chief accounting officer directly owned 32,615 shares of the company's stock, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 16,249 shares of company stock valued at $1,132,065. 0.05% of the stock is owned by company insiders.
Newmont Stock Down 7.6%
NEM stock opened at $90.76 on Friday. The stock's 50 day simple moving average is $79.24 and its 200 day simple moving average is $64.08. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $98.58. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The company has a market cap of $99.69 billion, a P/E ratio of 16.29, a price-to-earnings-growth ratio of 0.99 and a beta of 0.34.
Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.95 by $0.48. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same period in the prior year, the business earned $0.72 EPS. The firm's revenue for the quarter was up 20.8% on a year-over-year basis. On average, research analysts expect that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.
Newmont Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Thursday, September 4th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Thursday, September 4th. Newmont's dividend payout ratio is 17.95%.
Newmont Profile
(
Free Report)
Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.
See Also
Want to see what other hedge funds are holding NEM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Newmont Corporation (NYSE:NEM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Newmont, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Newmont wasn't on the list.
While Newmont currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Discover the next wave of investment opportunities with our report, 7 Stocks That Will Be Magnificent in 2025. Explore companies poised to replicate the growth, innovation, and value creation of the tech giants dominating today's markets.
Get This Free Report