Rakuten Investment Management Inc. Grows Holdings in Newmont Corporation $NEM

Rakuten Investment Management Inc. lifted its stake in Newmont Corporation (NYSE:NEM) by 8.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 175,322 shares of the basic materials company’s stock after acquiring an additional 13,367 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Newmont were worth $16,570,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Cedar Mountain Advisors LLC purchased a new stake in Newmont in the first quarter valued at approximately $25,000. Pinnacle Bancorp Inc. purchased a new position in shares of Newmont during the first quarter worth $25,000. Swiss RE Ltd. acquired a new stake in shares of Newmont in the fourth quarter valued at $26,000. Clearstead Trust LLC purchased a new stake in shares of Newmont in the 2nd quarter valued at $25,000. Finally, Cornerstone Planning Group LLC raised its holdings in shares of Newmont by 312.1% in 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 period. Institutional investors and hedge funds own 68.85% of the company’s stock.

Analyst Upgrades and Downgrades

NEM has been the subject of several research reports. Canadian Imperial Bank of Commerce set a $170.00 target price on Newmont in a research report on Friday, August 14th. Barclays reduced their price target 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. BMO Capital Markets lowered their price objective on shares of Newmont from $145.00 to $135.00 and set an “outperform” rating for the company in a research note on Tuesday, June 23rd. The Goldman Sachs Group dropped their price objective on shares of Newmont from $122.50 to $111.40 and set a “buy” rating for the company in a report on Wednesday, July 1st. Finally, Weiss Ratings downgraded shares of Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, June 17th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $132.73.

Newmont Price Performance

Shares of NYSE NEM opened at $127.84 on Friday. The stock’s 50-day moving average is $104.23 and its two-hundred day moving average is $109.57. 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 Corporation has a 1-year low of $72.78 and a 1-year high of $135.29. The company has a market cap of $134.70 billion, a price-to-earnings ratio of 16.14, a price-to-earnings-growth ratio of 1.36 and a beta of 0.47.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.05. The company had revenue of $6.12 billion for 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 last year, the company earned $1.43 EPS. Analysts forecast that Newmont Corporation will post 9.01 EPS for the current fiscal year.

Newmont Dividend Announcement

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

Insider Activity at Newmont

In related 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 transaction, the executive vice president owned 40,315 shares in the company, valued at $3,767,436.75. The trade was a 6.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 the business’s 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 transaction, the chief executive officer owned 135,235 shares of the company’s stock, valued at $14,064,440. This trade represents a 5.43% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 32,091 shares of company stock valued at $3,292,513 over the last 90 days. 0.06% of the stock is owned by corporate insiders.

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.