Northwestern Mutual Wealth Management Co. Purchases New Shares in Newmont Corporation $NEM

Key Points

• Northwestern Mutual Wealth Management acquired 387,365 Newmont shares worth approximately $8.1 million during the second quarter. Institutional investors collectively own 68.85% of Newmont’s outstanding stock.
• Newmont reported quarterly EPS of $2.10, beating analyst expectations of $2.05, while revenue of $6.12 billion fell short of the $6.35 billion estimate. The company also declared a quarterly dividend of $0.26 per share, equivalent to a 0.8% annual yield.
• Analysts maintain a generally positive view, with Newmont carrying a “Moderate Buy” consensus rating and an average price target of $132.73, versus a reported share price of $125.13. Two executives sold shares recently, while insider ownership remains minimal at 0.06%.

Northwestern Mutual Wealth Management Co. acquired a new position in Newmont Corporation (NYSE:NEM - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 387,365 shares of the basic materials company's stock, valued at approximately $8,096,000.

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

Newmont Stock Up 2.0%

Shares of NYSE:NEM opened at $125.13 on Thursday. The company's fifty day moving average is $105.83 and its two-hundred day moving average is $109.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55. Newmont Corporation has a 1-year low of $73.44 and a 1-year high of $135.29. The stock has a market capitalization of $131.84 billion, a price-to-earnings ratio of 15.80, a price-to-earnings-growth ratio of 1.73 and a beta of 0.52.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, beating the consensus estimate of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The business had revenue of $6.12 billion during the quarter, compared to analyst estimates of $6.35 billion. During the same period in the previous year, the business posted $1.43 EPS. Equities analysts anticipate that Newmont Corporation will post 9.01 EPS for the current year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date is Thursday, September 3rd. Newmont's payout ratio is presently 13.13%.

Insider Activity

In related news, CFO Brian Tabolt sold 11,445 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the completion of the transaction, the chief financial officer owned 29,324 shares in the company, valued at $3,081,659.16. The trade was a 28.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $93.45, for a total value of $280,350.00. Following the completion of the sale, the executive vice president directly owned 40,315 shares in the company, valued at $3,767,436.75. This represents a 6.93% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 25,209 shares of company stock valued at $2,567,701. 0.06% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on NEM shares. TD raised their price objective on shares of Newmont from $127.00 to $133.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Royal Bank Of Canada cut their target price on shares of Newmont from $140.00 to $135.00 and set an "outperform" rating on the stock in a research note on Thursday, July 9th. Weiss Ratings downgraded Newmont from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, June 17th. UBS Group lowered their price objective on Newmont from $140.00 to $120.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Finally, TD Securities upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 14th. Two 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, Newmont presently has an average rating of "Moderate Buy" and a consensus target price of $132.73.

Newmont Company 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