Nuveen LLC Makes New $306.51 Million Investment in Newmont Corporation (NYSE:NEM)

Nuveen LLC bought a new stake in shares of Newmont Corporation (NYSE:NEM) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 6,348,534 shares of the basic materials company’s stock, valued at approximately $306,507,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NEM. SOA Wealth Advisors LLC. boosted its position in shares of Newmont by 64.0% during the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 201 shares during the last quarter. Cloud Capital Management LLC purchased a new stake in Newmont in the first quarter worth $26,000. Private Trust Co. NA increased its stake in Newmont by 122.6% in the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 347 shares during the period. Nexus Investment Management ULC purchased a new stake in Newmont in the first quarter worth $31,000. Finally, Alpine Bank Wealth Management purchased a new position in shares of Newmont during the first quarter valued at $32,000. 68.85% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the business’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $132,221.82. Following the transaction, the director 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $54.09, for a total value of $162,270.00. Following the transaction, the executive vice president directly owned 77,526 shares in the company, valued at $4,193,381.34. This trade represents a 3.73% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 22,246 shares of company stock valued at $1,373,251. Insiders own 0.05% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on NEM. Royal Bank Of Canada raised their price target on Newmont from $52.00 to $66.00 and gave the company a “sector perform” rating in a research note on Wednesday, June 4th. The Goldman Sachs Group reissued a “neutral” rating and issued a $60.90 price target on shares of Newmont in a report on Tuesday, July 8th. Raymond James Financial raised their price target on Newmont from $67.00 to $69.00 and gave the stock an “outperform” rating in a report on Monday, July 28th. CIBC set a $74.00 target price on Newmont and gave the stock a “neutral” rating in a report on Tuesday, July 15th. Finally, Wall Street Zen upgraded Newmont from a “hold” rating to a “buy” rating in a research report on Friday, May 30th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, Newmont has an average rating of “Moderate Buy” and a consensus price target of $64.58.

Newmont Stock Down 0.2%

Newmont stock opened at $68.96 on Monday. 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 business has a 50 day simple moving average of $59.58 and a 200-day simple moving average of $52.32. The stock has a market capitalization of $75.75 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 0.81 and a beta of 0.30. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $70.29.

Newmont (NYSE:NEM) last issued 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 firm had revenue of $5.32 billion for the quarter, compared to analyst estimates of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%. The business’s revenue was up 20.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.72 earnings per share. On average, analysts anticipate that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.5%. Newmont’s payout ratio is 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.