Jupiter Topco LLC Purchases Shares of 171,927 Newmont Corporation $NEM

Key Points

• Jupiter Topco LLC purchased 171,927 Newmont shares worth approximately $16.05 million during the second quarter. Several other institutional investors also initiated positions, and institutions collectively own 68.85% of the company.
• Analysts maintain a generally positive outlook, with Newmont receiving a “Moderate Buy” consensus rating and an average price target of $132.73, despite several recent target-price reductions.
• Newmont reported quarterly EPS of $2.10, beating estimates of $2.05, while revenue of $6.12 billion fell short of expectations. The company also announced a quarterly dividend of $0.26 per share, or $1.04 annualized.

Jupiter Topco LLC purchased a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 171,927 shares of the basic materials company's stock, valued at approximately $16,050,000.

Other hedge funds have also made changes to their positions in the company. EFG International AG acquired a new position in Newmont in the second quarter valued at $282,000. Ancora Advisors LLC acquired a new stake in Newmont in the 2nd quarter worth about $1,062,000. Canada Pension Plan Investment Board acquired a new stake in Newmont in the 2nd quarter worth about $170,594,000. Legal & General Group Plc purchased a new stake in Newmont in the 2nd quarter valued at about $778,894,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Newmont in the 2nd quarter valued at about $59,070,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Analyst Ratings Changes

NEM has been the topic of several recent analyst reports. National Bank Financial cut their price objective on shares of Newmont from $140.00 to $125.00 and set a "sector perform" rating on the stock in a report on Tuesday, July 14th. UBS Group lowered their target price on shares of Newmont from $140.00 to $120.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Royal Bank Of Canada dropped their price target on shares of Newmont from $140.00 to $135.00 and set an "outperform" rating for the company in a research report on Thursday, July 9th. Canaccord Genuity Group cut their price target on shares of Newmont from $160.00 to $130.00 and set a "buy" rating on the stock in a research note on Thursday, July 23rd. Finally, Barclays decreased their price target on shares of Newmont from $125.00 to $124.00 and set an "overweight" rating on the stock in a report on Tuesday, July 28th. 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 data from MarketBeat, Newmont has an average rating of "Moderate Buy" and an average price target of $132.73.

Newmont Stock Performance

NYSE NEM opened at $127.84 on Friday. 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 Corporation has a 1-year low of $72.78 and a 1-year high of $135.29. The firm has a market capitalization of $134.70 billion, a P/E ratio of 16.14, a P/E/G ratio of 1.32 and a beta of 0.47. The business's 50-day simple moving average is $104.23 and its 200-day simple moving average is $109.57.

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

Newmont Dividend Announcement

The firm also recently disclosed 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, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on 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 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 stock was 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 of the company's stock, valued at approximately $3,081,659.16. This trade represents a 28.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 32,091 shares of company stock valued at $3,292,513. Company insiders own 0.06% of the company's stock.

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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