Madison Asset Management LLC Invests $6.30 Million in Newmont Corporation $NEM

Madison Asset Management LLC purchased a new stake in Newmont Corporation (NYSE:NEM) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 67,500 shares of the basic materials company’s stock, valued at approximately $6,304,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Brighton Jones LLC lifted its stake in Newmont by 15.7% in the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock worth $506,000 after acquiring an additional 1,847 shares during the last quarter. Woodline Partners LP raised its holdings in shares of Newmont by 40.7% in the 1st quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock valued at $4,644,000 after purchasing an additional 27,813 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Newmont during the 2nd quarter worth $240,000. Cerity Partners LLC grew its stake in shares of Newmont by 108.9% during the second quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company’s stock worth $7,303,000 after purchasing an additional 65,342 shares in the last quarter. Finally, NewEdge Advisors LLC increased its holdings in Newmont by 8.5% in the second quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company’s stock valued at $2,854,000 after buying an additional 3,856 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Price Performance

Shares of NYSE NEM opened at $125.18 on Thursday. The firm has a market capitalization of $131.90 billion, a P/E ratio of 15.81, a PEG ratio of 1.20 and a beta of 0.47. Newmont Corporation has a one year low of $67.69 and a one year high of $134.88. The company’s fifty day moving average is $100.36 and its two-hundred day moving average is $108.69. 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 (NYSE:NEM) last released its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $6.35 billion. During the same period in the previous year, the firm earned $1.43 EPS. Analysts forecast that Newmont Corporation will post 8.99 EPS for the current fiscal year.

Newmont Dividend Announcement

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

Analysts Set New Price Targets

A number of equities analysts recently issued reports on NEM shares. TD Cowen reaffirmed a “buy” rating on shares of Newmont in a report on Monday, April 27th. Barclays dropped their target price on shares of Newmont from $125.00 to $124.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 28th. National Bank Financial reduced their price target on shares of Newmont from $140.00 to $125.00 and set a “sector perform” rating for the company in a research report on Tuesday, July 14th. Jefferies Financial Group dropped their price objective on Newmont from $158.00 to $146.00 and set a “buy” rating on the stock in a report on Monday, July 6th. Finally, Scotiabank boosted their target price on Newmont from $147.00 to $149.00 and gave the company an “outperform” rating in a report on Wednesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $132.59.

Insider Activity

In other Newmont news, CEO Natascha Viljoen sold 7,764 shares of the business’s stock in a transaction dated 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 owned 135,235 shares of the company’s stock, valued at approximately $14,064,440. The trade was a 5.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $93.45, for a total value of $280,350.00. Following the sale, the executive vice president owned 40,315 shares of the company’s stock, valued at $3,767,436.75. The trade was a 6.93% decrease in their position. The SEC filing for this sale provides additional information. 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 in the last ninety days. Company insiders own 0.06% of the company’s stock.

Newmont 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.