Maj Invest Holding A S Buys 437,559 Shares of Newmont Corporation $NEM

Key Points

• Maj Invest Holding A S acquired 437,559 Newmont shares valued at approximately $50.5 million, making the gold miner its 19th-largest portfolio holding. Institutional investors and hedge funds collectively own 68.85% of Newmont.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $137.20, despite some recent downgrades.
• Newmont exceeded quarterly expectations with adjusted earnings of $2.20 per share and revenue of $6.36 billion, while announcing a quarterly dividend of $0.26 per share.

Maj Invest Holding A S purchased a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 437,559 shares of the basic materials company's stock, valued at approximately $50,468,000. Newmont comprises about 2.2% of Maj Invest Holding A S's portfolio, making the stock its 19th biggest holding.

A number of other large investors have also recently bought and sold shares of NEM. BlackRock Inc. acquired a new position in shares of Newmont in the 2nd quarter valued at about $11,289,753,000. Van ECK Associates Corp acquired a new stake in Newmont during the second quarter worth approximately $671,197,000. Bank of New York Mellon Corp acquired a new stake in Newmont during the second quarter worth approximately $1,219,505,000. First Eagle Investment Management LLC acquired a new stake in Newmont during the second quarter worth approximately $241,820,000. Finally, Amundi bought a new stake in Newmont in the second quarter worth approximately $209,411,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on NEM shares. Freedom Broker downgraded shares of Newmont from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $130.00 to $116.00 in a research report on Thursday, October 22nd. Argus set a $110.00 price objective on shares of Newmont and gave the company a "buy" rating in a research note on Monday, August 3rd. Zacks Research downgraded shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 14th. Citigroup boosted their target price on shares of Newmont from $125.00 to $140.00 and gave the company a "buy" rating in a research report on Tuesday, October 20th. Finally, Bank of America increased their target price on shares of Newmont from $135.00 to $145.00 in a research note on Monday, August 17th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $137.20.

Insider Buying and Selling

In related news, CFO Brian Tabolt sold 11,445 shares of Newmont stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the sale, the chief financial officer 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 can be accessed through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total transaction of $344,430.00. Following the sale, the executive vice president owned 34,315 shares of the company's stock, valued at $3,939,705.15. This trade represents a 8.04% 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 have sold a total of 35,973 shares of company stock worth $3,927,169 in the last ninety days. Corporate insiders own 0.06% of the company's stock.

Newmont Stock Up 1.1%

NEM stock opened at $113.89 on Thursday. The stock's 50 day simple moving average is $121.31 and its 200 day simple moving average is $112.50. The company has a market cap of $118.36 billion, a P/E ratio of 13.24, a price-to-earnings-growth ratio of 2.01 and a beta of 0.51. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.16 and a current ratio of 2.45. Newmont Corporation has a fifty-two week low of $78.60 and a fifty-two week high of $135.29.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data on Thursday, October 22nd. The basic materials company reported $2.20 EPS for the quarter, beating analysts' consensus estimates of $1.94 by $0.26. The firm had revenue of $6.36 billion during the quarter, compared to analysts' expectations of $6.27 billion. Newmont had a return on equity of 29.81% and a net margin of 34.73%. The company's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.71 earnings per share. On average, research analysts expect that Newmont Corporation will post 9.11 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 21st. Investors of record on Wednesday, November 25th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date is Wednesday, November 25th. Newmont's dividend payout ratio (DPR) is currently 12.09%.

Newmont Profile

Newmont Corporation NYSE: NEM is a global mining company primarily engaged in the exploration, development, and production of gold. The company also produces copper, silver, zinc, and lead as byproducts of its mining operations. Its activities span the full mining life cycle, including resource discovery, project development, mine operations, processing, reclamation, and closure.

Founded in 1921, Newmont has grown into one of the world's largest gold producers. The company operates and develops mines across several regions, including North America, South America, Australia, Africa, and Papua New Guinea.

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