Meeder Asset Management Inc. Raises Holdings in Newmont Corporation (NYSE:NEM)

Key Points

• Meeder Asset Management Inc. increased its stake in Newmont Corporation by 131.4%, acquiring an additional 46,069 shares during the first quarter, bringing its total holdings to 81,142 shares valued at approximately $3.92 million.
• Research analysts have issued a range of ratings for Newmont, with one sell rating, seven hold ratings, nine buy ratings, and three strong buy ratings, resulting in an average rating of "Moderate Buy" and a target price of $64.58.
• Newmont recently declared a quarterly dividend of $0.25 per share, payable on September 29th, which represents an annualized dividend of $1.00 and a yield of 1.57%.

Meeder Asset Management Inc. grew its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 131.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 81,142 shares of the basic materials company's stock after buying an additional 46,069 shares during the quarter. Meeder Asset Management Inc.'s holdings in Newmont were worth $3,918,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in NEM. SOA Wealth Advisors LLC. increased its stake in shares of Newmont by 64.0% during the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after purchasing an additional 201 shares in the last quarter. Cloud Capital Management LLC purchased a new stake in Newmont during the 1st quarter worth approximately $26,000. Private Trust Co. NA increased its stake in Newmont by 122.6% during the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock worth $30,000 after buying an additional 347 shares in the last quarter. Nexus Investment Management ULC purchased a new stake in shares of Newmont during the first quarter worth approximately $31,000. Finally, Alpine Bank Wealth Management purchased a new stake in shares of Newmont during the first quarter worth approximately $32,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Bruce R. Brook sold 2,077 shares of the company's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $58.75, for a total value of $122,023.75. Following the completion of the sale, the director owned 43,103 shares in the company, valued at $2,532,301.25. This represents a 4.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $58.75, for a total transaction of $176,250.00. Following the completion of the sale, the executive vice president directly owned 74,526 shares of the company's stock, valued at $4,378,402.50. The trade was a 3.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,231 shares of company stock valued at $679,813. 0.05% of the stock is owned by company insiders.

Newmont Stock Down 2.6%

NEM stock traded down $1.68 during trading on Wednesday, hitting $62.31. 10,312,844 shares of the company's stock were exchanged, compared to its average volume of 12,211,195. The stock has a market capitalization of $68.44 billion, a price-to-earnings ratio of 11.19, a PEG ratio of 0.91 and a beta of 0.33. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $66.57. The business has a 50-day moving average price of $57.54 and a two-hundred day moving average price of $50.89.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The business had revenue of $5.32 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter in the previous year, the firm earned $0.72 EPS. The company's revenue was up 20.8% compared to the same quarter last year. As a group, equities research analysts expect that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.60%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's payout ratio is currently 17.95%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Raymond James Financial upped their target price on shares of Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a report on Monday. Argus set a $63.00 price objective on shares of Newmont in a report on Friday, April 25th. The Goldman Sachs Group reissued a "neutral" rating and issued a $60.90 price target on shares of Newmont in a research note on Tuesday, July 8th. Scotiabank increased their price target on shares of Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a research note on Monday. Finally, Royal Bank Of Canada increased their price objective on Newmont from $52.00 to $66.00 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have assigned a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, Newmont currently has an average rating of "Moderate Buy" and an average price target of $64.58.

Newmont Company Profile

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.