Meeder Asset Management Inc. Takes Position in Newmont Corporation $NEM

Key Points

• Meeder Asset Management acquired 100,504 Newmont shares in the second quarter, valued at approximately $9.4 million. Institutional investors collectively own 68.85% of the company, with several major firms also establishing or expanding positions.
• Newmont reported quarterly EPS of $2.10, slightly above the $2.05 analyst consensus, while revenue of $6.12 billion fell short of expectations. The company declared a quarterly dividend of $0.26 per share, representing a 0.9% yield.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $132.59, versus the stock’s reported price of $120.35. Several firms recently lowered their targets, while company insiders sold shares through pre-arranged trading plans.

Meeder Asset Management Inc. acquired a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 100,504 shares of the basic materials company's stock, valued at approximately $9,387,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in shares of Newmont during the second quarter worth about $11,289,753,000. Norges Bank acquired a new stake in Newmont in the 4th quarter worth approximately $1,443,128,000. Bank of New York Mellon Corp acquired a new stake in Newmont in the 2nd quarter worth approximately $1,219,505,000. Deutsche Bank AG purchased a new stake in Newmont during the 2nd quarter worth approximately $911,180,000. Finally, Van ECK Associates Corp grew its position in Newmont by 23.4% during the 4th quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company's stock worth $2,973,539,000 after purchasing an additional 5,643,496 shares during the last quarter. Institutional investors own 68.85% of the company's stock.

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Newmont Stock Performance

Shares of NEM stock opened at $120.35 on Tuesday. Newmont Corporation has a 12-month low of $67.20 and a 12-month high of $134.88. The company has a market capitalization of $126.81 billion, a P/E ratio of 15.20, a P/E/G ratio of 1.31 and a beta of 0.47. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15. The business's 50 day moving average is $99.36 and its two-hundred day moving average is $108.81.

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, beating 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 for the quarter, compared to analysts' expectations of $6.35 billion. During the same quarter last year, the company earned $1.43 EPS. Analysts expect that Newmont Corporation will post 9 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Thursday, September 3rd. Newmont's payout ratio is presently 13.13%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on NEM. Royal Bank Of Canada dropped their price objective on shares of Newmont from $140.00 to $135.00 and set an "outperform" rating on the stock in a report on Thursday, July 9th. Zacks Research downgraded Newmont from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, July 14th. BMO Capital Markets cut their price objective on Newmont from $145.00 to $135.00 and set an "outperform" rating on the stock in a report on Tuesday, June 23rd. The Goldman Sachs Group reduced their price objective on Newmont from $122.50 to $111.40 and set a "buy" rating for the company in a research note on Wednesday, July 1st. Finally, Canadian Imperial Bank of Commerce set a $170.00 target price on Newmont in a report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Newmont currently has a consensus rating of "Moderate Buy" and an average price target of $132.59.

Insider Transactions at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $93.45, for a total value of $280,350.00. Following the completion of the sale, the executive vice president owned 40,315 shares of the company's stock, valued at approximately $3,767,436.75. This trade represents a 6.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 7,764 shares of the firm's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total value of $807,456.00. Following the completion of the sale, the chief executive officer directly owned 135,235 shares of the company's stock, valued at $14,064,440. This trade represents a 5.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 32,091 shares of company stock valued at $3,292,513 over the last 90 days. 0.06% of the stock is currently owned by corporate insiders.

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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