The Manufacturers Life Insurance Company Acquires New Shares in Newmont Corporation $NEM

The Manufacturers Life Insurance Company acquired a new position in shares of Newmont Corporation (NYSE:NEM) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 632,446 shares of the basic materials company’s stock, valued at approximately $59,070,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Pinnacle Bancorp Inc. bought a new position in Newmont in the first quarter valued at about $25,000. Cedar Mountain Advisors LLC bought a new stake in shares of Newmont during the first quarter worth about $25,000. Clearstead Trust LLC acquired a new position in shares of Newmont in the second quarter valued at approximately $25,000. Kilter Group LLC acquired a new position in shares of Newmont in the second quarter valued at approximately $26,000. Finally, Swiss RE Ltd. bought a new position in Newmont in the 4th quarter valued at approximately $26,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on NEM. Barclays cut 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. Royal Bank Of Canada dropped their price target on shares of Newmont from $140.00 to $135.00 and set an “outperform” rating for the company in a research note on Thursday, July 9th. Argus set a $110.00 price target on shares of Newmont in a report on Monday, August 3rd. National Bank Financial reduced their price objective on shares of Newmont from $140.00 to $125.00 and set a “sector perform” rating on the stock in a research note on Tuesday, July 14th. Finally, Raymond James Financial restated an “outperform” rating and issued a $140.00 price objective on shares of Newmont in a report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $132.73.

Insider Buying and Selling at Newmont

In other Newmont news, CFO Brian Tabolt sold 11,445 shares of the company’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the sale, the chief financial officer owned 29,324 shares of the company’s stock, valued at approximately $3,081,659.16. This represents a 28.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the 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 approximately $3,767,436.75. The trade was a 6.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 32,091 shares of company stock valued at $3,292,513. 0.06% of the stock is currently owned by insiders.

Newmont Price Performance

Newmont stock opened at $135.23 on Wednesday. The stock’s 50 day moving average is $102.65 and its 200 day moving average is $109.16. Newmont Corporation has a one year low of $70.91 and a one year high of $135.29. The firm has a market cap of $142.49 billion, a P/E ratio of 17.07, a P/E/G ratio of 1.36 and a beta of 0.47. 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 (NYSE:NEM) last posted its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The company had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. During the same period in the prior year, the firm posted $1.43 EPS. As a group, research analysts expect that Newmont Corporation will post 9.01 EPS for the current year.

Newmont Announces Dividend

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 is Thursday, September 3rd. This represents a $1.04 annualized dividend and a yield of 0.8%. Newmont’s payout ratio is presently 13.13%.

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.