Acadian Asset Management LLC Acquires 35,643 Shares of Newmont Corporation $NEM

Acadian Asset Management LLC increased its holdings in shares of Newmont Corporation (NYSE:NEM) by 177.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 55,742 shares of the basic materials company’s stock after purchasing an additional 35,643 shares during the period. Acadian Asset Management LLC’s holdings in Newmont were worth $2,690,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. SOA Wealth Advisors LLC. increased its holdings in shares of Newmont by 64.0% in 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 period. Cloud Capital Management LLC purchased a new stake in shares of Newmont during the 1st quarter worth $26,000. Colonial Trust Advisors boosted its position in Newmont by 315.4% during the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 429 shares in the last quarter. Private Trust Co. NA grew 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 valued at $30,000 after purchasing an additional 347 shares during the last quarter. Finally, Nexus Investment Management ULC bought a new position in Newmont in the first quarter worth about $31,000. Institutional investors own 68.85% of the company’s stock.

Newmont Trading Up 0.2%

Shares of NEM stock opened at $79.40 on Tuesday. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $80.07. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The stock’s fifty day moving average is $67.84 and its two-hundred day moving average is $57.51. The firm has a market capitalization of $87.22 billion, a P/E ratio of 14.25, a PEG ratio of 0.95 and a beta of 0.33.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.48. The firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The company’s revenue for the quarter was up 20.8% on a year-over-year basis. During the same period last year, the firm posted $0.72 earnings per share. Research analysts expect that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be given a $0.25 dividend. The ex-dividend date is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.3%. Newmont’s dividend payout ratio is 17.95%.

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total transaction of $154,923.43. Following the transaction, the director owned 38,949 shares in the company, valued at approximately $2,905,205.91. This trade represents a 5.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Brian Tabolt sold 7,015 shares of the firm’s stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the sale, the chief accounting officer directly owned 32,615 shares of the company’s stock, valued at $2,218,472.30. This trade represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,246 shares of company stock valued at $1,253,559. 0.05% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on NEM. CIBC set a $74.00 price target on shares of Newmont and gave the company a “neutral” rating in a report on Tuesday, July 15th. Stifel Nicolaus began coverage on shares of Newmont in a report on Wednesday, July 9th. They issued a “buy” rating and a $73.00 price target on the stock. Royal Bank Of Canada raised Newmont from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $66.00 to $95.00 in a research report on Wednesday, September 10th. Raymond James Financial raised their price objective on Newmont from $67.00 to $69.00 and gave the stock an “outperform” rating in a research report on Monday, July 28th. Finally, The Goldman Sachs Group reaffirmed a “neutral” rating and set a $60.90 target price on shares of Newmont in a research report on Tuesday, July 8th. Four equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $67.38.

About Newmont

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.