Meiji Yasuda Asset Management Co Ltd. Invests $3.93 Million in Newmont Corporation $NEM

Key Points

• Meiji Yasuda Asset Management acquired 42,102 Newmont shares worth approximately $3.93 million in the second quarter. Institutional investors and hedge funds collectively own 68.85% of Newmont.
• Newmont insiders sold 32,091 shares worth about $3.29 million during the past quarter, including sales by the CFO and an executive vice president.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and a $132.73 price target. Newmont reported quarterly EPS of $2.10, above estimates, and announced a quarterly dividend of $0.26 per share.

Meiji Yasuda Asset Management Co Ltd. acquired a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 42,102 shares of the basic materials company's stock, valued at approximately $3,932,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Te Ahumairangi Investment Management Ltd bought a new position in Newmont in the 2nd quarter worth $6,286,000. Pinnacle Holdings LLC bought a new stake in Newmont during the second quarter valued at about $37,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Newmont during the second quarter valued at about $214,024,000. Haverford Trust Co acquired a new stake in shares of Newmont in the second quarter valued at about $292,000. Finally, Clear Harbor Asset Management LLC acquired a new stake in shares of Newmont in the second quarter valued at about $1,560,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Brian Tabolt sold 11,445 shares of the business's stock in a transaction that occurred 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 in the company, valued at approximately $3,081,659.16. The trade was a 28.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $93.45, for a total value of $280,350.00. Following the completion of the transaction, the executive vice president owned 40,315 shares of the company's stock, valued at $3,767,436.75. The trade was a 6.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 32,091 shares of company stock worth $3,292,513. 0.06% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on NEM. Citigroup cut their price objective on Newmont from $150.00 to $125.00 and set a "buy" rating for the company in a research report on Monday, July 20th. UBS Group lowered their target price on Newmont from $140.00 to $120.00 and set a "buy" rating on the stock in a report on Tuesday, June 30th. Zacks Research downgraded Newmont from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 14th. Canadian Imperial Bank of Commerce set a $170.00 price target on Newmont in a report on Friday, August 14th. Finally, Raymond James Financial reissued an "outperform" rating and issued a $140.00 price objective on shares of Newmont in a research report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Newmont has an average rating of "Moderate Buy" and a consensus price target of $132.73.

Newmont Stock Up 0.2%

Shares of NEM opened at $131.84 on Tuesday. The company has a 50-day simple moving average of $102.12 and a 200-day simple moving average of $109.03. The firm has a market capitalization of $138.92 billion, a P/E ratio of 16.65, a P/E/G ratio of 1.36 and a beta of 0.47. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55. Newmont Corporation has a 52 week low of $70.88 and a 52 week high of $134.88.

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

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd will be given a $0.26 dividend. The ex-dividend date is Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.8%. Newmont's dividend payout ratio (DPR) is currently 13.13%.

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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