Mitsubishi UFJ Asset Management Co. Ltd. Increases Stock Holdings in Newmont Corporation (NYSE:NEM)

Key Points

• Mitsubishi UFJ Asset Management increased its stake in Newmont Corporation by 12.5%, owning over 2 million shares valued at approximately $98.65 million as of the latest SEC filing.
• Newmont reported quarterly earnings of $1.43 EPS, significantly surpassing analysts' estimates of $0.95, and achieved a revenue of $5.32 billion, exceeding expectations of $4.70 billion.
• The company has declared a quarterly dividend of $0.25, resulting in an annualized dividend yield of 1.5%, set to be paid out at the end of September.

Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 12.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,043,307 shares of the basic materials company's stock after acquiring an additional 226,937 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.18% of Newmont worth $98,651,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of NEM. Brighton Jones LLC boosted its holdings in Newmont by 15.7% during the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock valued at $506,000 after acquiring an additional 1,847 shares during the period. Wellington Management Group LLP raised its position in Newmont by 1.6% in the 4th quarter. Wellington Management Group LLP now owns 181,110 shares of the basic materials company's stock valued at $6,741,000 after purchasing an additional 2,877 shares in the last quarter. Cerity Partners LLC raised its position in Newmont by 20.4% in the 4th quarter. Cerity Partners LLC now owns 70,450 shares of the basic materials company's stock valued at $2,622,000 after purchasing an additional 11,915 shares in the last quarter. Invesco Ltd. raised its position in Newmont by 23.9% in the 4th quarter. Invesco Ltd. now owns 10,520,354 shares of the basic materials company's stock valued at $391,568,000 after purchasing an additional 2,028,150 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in Newmont in the 4th quarter valued at about $76,281,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the transaction, the chief accounting officer directly owned 32,615 shares in the company, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $63.66, for a total value of $132,221.82. Following the completion of the transaction, the director owned 41,026 shares in the company, valued at $2,611,715.16. This trade represents a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 22,246 shares of company stock valued at $1,373,251 over the last quarter. Company insiders own 0.05% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on NEM. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $60.90 price target on shares of Newmont in a research report on Tuesday, July 8th. Argus set a $63.00 price target on Newmont in a research report on Friday, April 25th. Raymond James Financial increased their price target on Newmont from $67.00 to $69.00 and gave the company an "outperform" rating in a research report on Monday, July 28th. Wall Street Zen raised Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Finally, National Bank Financial raised Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 25th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, nine have issued a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, Newmont currently has an average rating of "Moderate Buy" and a consensus target price of $64.58.

Newmont Stock Performance

NEM traded down $0.11 during trading on Friday, hitting $68.96. 9,068,992 shares of the stock were exchanged, compared to its average volume of 12,932,138. The firm has a market capitalization of $75.75 billion, a P/E ratio of 12.38, a PEG ratio of 0.84 and a beta of 0.30. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $70.29. The stock has a fifty day moving average price of $59.58 and a two-hundred day moving average price of $52.25. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23.

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

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 annualized dividend and a yield of 1.5%. Newmont's payout ratio is 17.95%.

Newmont 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.