Newmont Corporation $NEM is Ruffer LLP's Largest Position

Key Points

• Ruffer LLP reduced its holdings in Newmont Corporation by 24.2% in the second quarter, maintaining Newmont as its largest position at 12.9% of its portfolio, equating to approximately $291.3 million.
• Recent changes among institutional investors included Bank of New York Mellon Corp increasing its holdings by 8.9%, raising its total to $773.2 million.
• Newmont's stock has received mixed ratings from analysts, with a consensus rating of "Moderate Buy" and a price target of $73.38, while its shares have recently experienced a slight decline of 1.4%.

Ruffer LLP lessened its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 24.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,999,932 shares of the basic materials company's stock after selling 1,597,017 shares during the period. Newmont makes up 12.9% of Ruffer LLP's holdings, making the stock its biggest position. Ruffer LLP owned approximately 0.45% of Newmont worth $291,294,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Bank of New York Mellon Corp raised its holdings in shares of Newmont by 8.9% during the first quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company's stock worth $773,159,000 after purchasing an additional 1,306,783 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Newmont by 1.5% during the first quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company's stock worth $624,458,000 after purchasing an additional 191,940 shares during the last quarter. Amundi raised its holdings in shares of Newmont by 2.8% during the first quarter. Amundi now owns 12,646,114 shares of the basic materials company's stock worth $611,187,000 after purchasing an additional 343,535 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Newmont by 2.2% during the first quarter. Invesco Ltd. now owns 10,748,470 shares of the basic materials company's stock worth $518,936,000 after purchasing an additional 228,116 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Newmont by 15.9% during the first quarter. Dimensional Fund Advisors LP now owns 8,772,477 shares of the basic materials company's stock worth $423,572,000 after purchasing an additional 1,201,237 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on NEM shares. BNP Paribas cut shares of Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. Wall Street Zen raised shares of Newmont from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Zacks Research cut shares of Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. UBS Group lifted their price objective on shares of Newmont from $70.00 to $92.00 and gave the company a "buy" rating in a report on Friday, September 19th. Finally, Royal Bank Of Canada raised shares of Newmont from a "sector perform" rating to an "outperform" rating and lifted their price objective for the company from $66.00 to $95.00 in a report on Wednesday, September 10th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $73.38.

Insider Buying and Selling

In related news, CAO Brian Tabolt sold 7,015 shares of the business's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction 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. The trade was a 17.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total transaction of $154,923.43. Following the transaction, the director owned 38,949 shares in the company, valued at $2,905,205.91. The trade was a 5.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 19,246 shares of company stock worth $1,253,559. 0.05% of the stock is owned by insiders.

Newmont Stock Down 1.4%

NEM stock opened at $83.45 on Thursday. The stock has a market capitalization of $91.66 billion, a P/E ratio of 14.98, a P/E/G ratio of 0.98 and a beta of 0.34. The firm has a 50-day simple moving average of $70.97 and a 200-day simple moving average of $59.15. 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 Corporation has a 52 week low of $36.86 and a 52 week high of $86.62.

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

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be given a dividend of $0.25 per share. The ex-dividend date is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. Newmont's payout ratio is presently 17.95%.

About Newmont

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.

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