Exchange Traded Concepts LLC Boosts Holdings in Newmont Corporation $NEM

Key Points

• Exchange Traded Concepts LLC increased its stake in Newmont Corporation by 109.4%, acquiring an additional 72,765 shares for a total value of $8.1 million.
• Several analysts have boosted their price targets for Newmont, with BNP Paribas Exane raising its target from $66.00 to $92.00 and a consensus average price target of $70.59.
• Newmont announced a quarterly dividend of $0.25 per share, with a dividend yield of 1.3%, to be paid to stockholders on September 29th.

Exchange Traded Concepts LLC raised its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 109.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 139,284 shares of the basic materials company's stock after purchasing an additional 72,765 shares during the period. Exchange Traded Concepts LLC's holdings in Newmont were worth $8,115,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its position in 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 valued at $773,159,000 after purchasing an additional 1,306,783 shares in the last quarter. Northern Trust Corp raised its position in Newmont by 1.5% during the first quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company's stock valued at $624,458,000 after purchasing an additional 191,940 shares in the last quarter. Amundi grew its holdings in shares of Newmont by 2.8% during the 1st quarter. Amundi now owns 12,646,114 shares of the basic materials company's stock valued at $611,187,000 after purchasing an additional 343,535 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Newmont by 2.2% during the 1st quarter. Invesco Ltd. now owns 10,748,470 shares of the basic materials company's stock valued at $518,936,000 after purchasing an additional 228,116 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Newmont by 16.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,407,995 shares of the basic materials company's stock valued at $350,166,000 after purchasing an additional 1,331,278 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

Insiders Place Their Bets

In other news, CAO Brian Tabolt sold 7,015 shares of the firm's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the sale, the chief accounting officer directly owned 32,615 shares of the company's stock, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the firm'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 completion of the sale, the director directly owned 38,949 shares of the company's stock, valued at approximately $2,905,205.91. This represents a 5.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,246 shares of company stock valued at $1,253,559 in the last quarter. Insiders own 0.05% of the company's stock.

Newmont Trading Up 2.5%

Newmont stock traded up $2.02 during trading hours on Monday, reaching $83.74. The stock had a trading volume of 14,015,439 shares, compared to its average volume of 11,060,405. The stock has a market cap of $91.98 billion, a PE ratio of 15.03, a PEG ratio of 0.96 and a beta of 0.33. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $83.89. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The company has a fifty day simple moving average of $69.93 and a 200-day simple moving average of $58.80.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.48. The business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The company's revenue was up 20.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.72 EPS. Analysts forecast that Newmont Corporation will post 3.45 EPS for the current fiscal 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 issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's dividend payout ratio (DPR) is 17.95%.

Wall Street Analyst Weigh In

Several research firms recently commented on NEM. BNP Paribas lowered shares of Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. Zacks Research lowered shares of Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. National Bank Financial raised shares of Newmont from a "hold" rating to a "strong-buy" rating in a report on Friday, July 25th. Royal Bank Of Canada raised shares of Newmont from a "sector perform" rating to an "outperform" rating and increased their target price for the company from $66.00 to $95.00 in a report on Wednesday, September 10th. Finally, The Goldman Sachs Group increased their target price on shares of Newmont from $63.10 to $77.30 and gave the company a "neutral" rating in a report on Thursday, September 11th. Four investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Newmont presently has an average rating of "Moderate Buy" and an average price target of $72.31.

Newmont Company 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.