Nan Shan Life Insurance Co. Ltd. Invests $9.09 Million in Newmont Corporation $NEM

Key Points

• Nan Shan Life Insurance purchased 434,914 Newmont shares worth approximately $9.09 million in the second quarter. Institutional investors collectively own 68.85% of Newmont’s outstanding stock.
• Newmont reported quarterly earnings of $2.10 per share, exceeding analyst expectations of $2.05, while revenue of $6.12 billion fell short of the $6.35 billion consensus estimate.
• The company declared a quarterly dividend of $0.26 per share, equivalent to $1.04 annually and a 0.8% yield. Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $132.73.

Nan Shan Life Insurance Co. Ltd. purchased a new stake in Newmont Corporation (NYSE:NEM - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 434,914 shares of the basic materials company's stock, valued at approximately $9,090,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. BlackRock Inc. acquired a new position in Newmont in the 2nd quarter valued at $11,289,753,000. State Street Corp grew its holdings in shares of Newmont by 1.0% during the 4th quarter. State Street Corp now owns 49,959,850 shares of the basic materials company's stock worth $4,988,491,000 after purchasing an additional 480,223 shares in the last quarter. Van ECK Associates Corp bought a new position in shares of Newmont in the second quarter worth $671,197,000. Geode Capital Management LLC lifted its position in Newmont by 3.6% during the fourth quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company's stock worth $2,738,756,000 after purchasing an additional 946,824 shares during the period. Finally, Norges Bank acquired a new stake in Newmont during the fourth quarter worth about $1,443,128,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Newmont news, CEO Natascha Viljoen sold 7,764 shares of the company's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total value of $807,456.00. Following the sale, the chief executive officer owned 135,235 shares in the company, valued at approximately $14,064,440. The trade was a 5.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the firm's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total value of $1,202,755.05. Following the transaction, the chief financial officer owned 29,324 shares of the company's stock, valued at $3,081,659.16. This trade represents a 28.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 25,209 shares of company stock valued at $2,567,701 over the last 90 days. 0.06% of the stock is owned by insiders.

Newmont Trading Down 2.8%

Shares of NEM stock opened at $122.56 on Wednesday. Newmont Corporation has a twelve month low of $73.44 and a twelve month high of $135.29. The stock's fifty day simple moving average is $105.20 and its 200 day simple moving average is $109.51. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $129.14 billion, a P/E ratio of 15.47, a P/E/G ratio of 1.30 and a beta of 0.52.

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 for the quarter, topping the consensus estimate of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The company had revenue of $6.12 billion for the quarter, compared to analysts' expectations of $6.35 billion. During the same period in the previous year, the business posted $1.43 earnings per share. As a group, sell-side analysts predict that Newmont Corporation will post 9.01 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $1.04 annualized dividend and a dividend yield of 0.8%. Newmont's dividend payout ratio (DPR) is presently 13.13%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. TD upped their price target on shares of Newmont from $127.00 to $133.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Canaccord Genuity Group decreased their price target on Newmont from $160.00 to $130.00 and set a "buy" rating on the stock in a research note on Thursday, July 23rd. Zacks Research cut Newmont from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 14th. Scotiabank upped their price objective on Newmont from $147.00 to $149.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 12th. Finally, Bank of America decreased their target price on Newmont from $157.00 to $132.00 and set a "buy" rating on the stock in a research report on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Newmont has an average rating of "Moderate Buy" and a consensus price target of $132.73.

Newmont Profile

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.

Want to see what other hedge funds are holding NEM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Newmont Corporation (NYSE:NEM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source