Korea Investment CORP Buys 160,963 Shares of Newmont Corporation $NEM

Key Points

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Korea Investment CORP lifted its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 16.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,160,778 shares of the basic materials company's stock after purchasing an additional 160,963 shares during the period. Korea Investment CORP owned about 0.10% of Newmont worth $56,042,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in NEM. SOA Wealth Advisors LLC. lifted its stake in Newmont by 64.0% in the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock valued at $25,000 after buying an additional 201 shares during the period. Cloud Capital Management LLC purchased a new stake in Newmont in the 1st quarter valued at $26,000. Private Trust Co. NA raised its position in Newmont by 122.6% in the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock valued at $30,000 after buying an additional 347 shares during the last quarter. Nexus Investment Management ULC bought a new position in Newmont in the 1st quarter valued at $31,000. Finally, Alpine Bank Wealth Management bought a new position in Newmont in the 1st quarter valued at $32,000. 68.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $63.66, for a total value of $190,980.00. Following the completion of the transaction, the executive vice president owned 58,736 shares of the company's stock, valued at $3,739,133.76. This represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of the 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 transaction, the director directly owned 41,026 shares of the company's stock, valued at approximately $2,611,715.16. The trade was a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 22,246 shares of company stock worth $1,373,251 over the last quarter. 0.05% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on NEM shares. Royal Bank Of Canada increased their price target on Newmont from $52.00 to $66.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Cfra Research upgraded Newmont to a "strong-buy" rating in a research note on Friday, April 25th. Argus set a $63.00 price target on Newmont in a report on Friday, April 25th. UBS Group raised their price objective on Newmont from $60.00 to $68.00 and gave the company a "buy" rating in a report on Thursday, July 3rd. Finally, Scotiabank raised their price objective on Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a report on Monday, July 28th. Four research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Newmont has an average rating of "Moderate Buy" and an average price target of $64.58.

Newmont Stock Up 0.8%

Shares of NEM traded up $0.5710 during trading hours on Friday, hitting $70.6610. The company had a trading volume of 6,575,987 shares, compared to its average volume of 11,801,996. The firm has a fifty day moving average price of $62.21 and a 200-day moving average price of $53.83. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The stock has a market capitalization of $77.62 billion, a price-to-earnings ratio of 12.69, a P/E/G ratio of 0.82 and a beta of 0.30. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $71.10.

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

Newmont Dividend Announcement

The business 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 $0.25 dividend. The ex-dividend date is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.4%. Newmont's dividend payout ratio is presently 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.