Wealthfront Advisers LLC Takes Position in Newmont Corporation $NEM

Key Points

• Wealthfront Advisers initiated a 161,601-share position in Newmont worth approximately $15.1 million during the second quarter. Institutional investors now own 68.85% of the company.
• Newmont reported quarterly EPS of $2.10, exceeding estimates of $2.05, while revenue of $6.12 billion fell short of the $6.35 billion consensus. The company also declared a quarterly dividend of $0.26, equivalent to a 0.9% annual yield.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $132.59, although several firms recently lowered their targets. Newmont shares opened at $115.99, down 3.6% in the reported session.

Wealthfront Advisers LLC bought a new stake in Newmont Corporation (NYSE:NEM - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 161,601 shares of the basic materials company's stock, valued at approximately $15,094,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Pinnacle Bancorp Inc. purchased a new stake in shares of Newmont during the first quarter valued at approximately $25,000. Cedar Mountain Advisors LLC bought a new position in shares of Newmont in the first quarter worth approximately $25,000. Clearstead Trust LLC purchased a new position in shares of Newmont in the second quarter worth $25,000. Swiss RE Ltd. bought a new stake in Newmont during the 4th quarter valued at $26,000. Finally, Cornerstone Planning Group LLC raised its holdings in Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock valued at $27,000 after buying an additional 206 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

Newmont Trading Down 3.6%

Newmont stock opened at $115.99 on Wednesday. Newmont Corporation has a one year low of $67.20 and a one year high of $134.88. The business's fifty day moving average is $99.71 and its 200 day moving average is $108.70. The stock has a market capitalization of $122.22 billion, a PE ratio of 14.65, a price-to-earnings-growth ratio of 1.31 and a beta of 0.47. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26.

Newmont (NYSE:NEM - Get Free Report) last issued its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, topping analysts' consensus estimates of $2.05 by $0.05. The business had revenue of $6.12 billion during the quarter, compared to analyst estimates of $6.35 billion. Newmont had a return on equity of 29.10% and a net margin of 33.36%.During the same quarter in the previous year, the firm earned $1.43 EPS. On average, sell-side analysts predict that Newmont Corporation will post 9 EPS for the current year.

Newmont Dividend Announcement

The business 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 $0.26 dividend. The ex-dividend date is Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.9%. Newmont's payout ratio is currently 13.13%.

Insider Activity

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Monday, August 3rd. The shares were 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 owned 40,315 shares of the company's stock, valued at approximately $3,767,436.75. The trade was a 6.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 7,764 shares of Newmont stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total transaction of $807,456.00. Following the completion of the sale, the chief executive officer directly owned 135,235 shares of the company's stock, valued at approximately $14,064,440. This trade represents a 5.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 32,091 shares of company stock valued at $3,292,513 over the last three months. Insiders own 0.06% of the company's stock.

Analysts Set New Price Targets

NEM has been the subject of a number of analyst reports. Zacks Research lowered shares of Newmont from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 14th. TD Cowen restated a "buy" rating on shares of Newmont in a report on Monday, April 27th. Jefferies Financial Group dropped their price target on shares of Newmont from $158.00 to $146.00 and set a "buy" rating on the stock in a research note on Monday, July 6th. Scotiabank upped their target price on shares of Newmont from $147.00 to $149.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 12th. Finally, BMO Capital Markets cut their price target on shares of Newmont from $145.00 to $135.00 and set an "outperform" rating on the stock in a report on Tuesday, June 23rd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $132.59.

About Newmont

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.

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