Newmont Corporation $NEM Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. grew its stake in shares of Newmont Corporation (NYSE:NEM) by 176.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 447,960 shares of the basic materials company’s stock after purchasing an additional 285,897 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Newmont were worth $26,098,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Nuveen LLC purchased a new position in Newmont in the 1st quarter worth approximately $306,507,000. Pacer Advisors Inc. boosted its holdings in Newmont by 4,203.5% in the 1st quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company’s stock worth $259,580,000 after acquiring an additional 5,251,616 shares during the period. Assenagon Asset Management S.A. boosted its holdings in Newmont by 1,502.5% in the 2nd quarter. Assenagon Asset Management S.A. now owns 4,692,606 shares of the basic materials company’s stock worth $273,391,000 after acquiring an additional 4,399,778 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its holdings in Newmont by 1,074.8% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,411,264 shares of the basic materials company’s stock worth $116,416,000 after acquiring an additional 2,206,017 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in Newmont by 2,003.7% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,581,171 shares of the basic materials company’s stock worth $92,119,000 after acquiring an additional 1,506,010 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Trading Up 0.8%

Shares of NYSE NEM opened at $81.62 on Tuesday. The stock’s 50 day moving average price is $82.46 and its two-hundred day moving average price is $66.89. Newmont Corporation has a 52-week low of $36.86 and a 52-week high of $98.58. The stock has a market capitalization of $89.07 billion, a P/E ratio of 12.67, a PEG ratio of 0.53 and a beta of 0.34. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.44. The firm had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Newmont had a return on equity of 20.35% and a net margin of 33.42%.Newmont’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.81 earnings per share. On average, analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Wednesday, November 26th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, November 26th. Newmont’s dividend payout ratio is currently 15.53%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on NEM. Weiss Ratings upgraded Newmont from a “hold (c+)” rating to a “buy (b-)” rating in a report on Saturday, October 25th. BNP Paribas Exane boosted their price target on Newmont from $66.00 to $92.00 and gave the stock an “outperform” rating in a research note on Monday, September 15th. Bank of America boosted their price target on Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. TD Securities boosted their price target on Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a research note on Wednesday, October 8th. Finally, BNP Paribas cut Newmont from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 4th. Five research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Newmont presently has an average rating of “Buy” and an average target price of $86.92.

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total transaction of $176,779.20. Following the sale, the director directly owned 36,869 shares of the company’s stock, valued at approximately $3,133,496.31. This represents a 5.34% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of the company’s stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at approximately $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 11,172 shares of company stock worth $808,863. Corporate insiders own 0.05% of the company’s stock.

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.