189,412 Shares of Newmont Corporation $NEM Acquired by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. acquired a new stake in Newmont Corporation (NYSE:NEM) in the 3rd quarter, Holdings Channel reports. The institutional investor acquired 189,412 shares of the basic materials company’s stock, valued at approximately $22,178,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Cedar Mountain Advisors LLC purchased a new position in shares of Newmont in the first quarter valued at about $25,000. GoalVest Advisory LLC bought a new position in shares of Newmont during the third quarter valued at about $28,000. Financial Management Professionals Inc. purchased a new stake in shares of Newmont during the third quarter worth about $30,000. Clearstead Trust LLC purchased a new stake in shares of Newmont during the second quarter worth about $25,000. Finally, Signature Equity Partners LLC purchased a new stake in shares of Newmont during the third quarter worth about $32,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. National Bank Financial reduced their price target on Newmont from $140.00 to $135.00 and set a “sector perform” rating on the stock in a report on Tuesday, October 20th. Canaccord Genuity Group dropped their price objective on Newmont from $160.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, July 23rd. Citigroup lifted their price objective on Newmont from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Tuesday, October 20th. Wall Street Zen cut Newmont from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Finally, Weiss Ratings raised Newmont from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 16th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $137.20.

Newmont Stock Performance

Shares of NEM stock opened at $107.48 on Wednesday. The company has a market capitalization of $111.70 billion, a price-to-earnings ratio of 12.50, a price-to-earnings-growth ratio of 1.99 and a beta of 0.56. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.16 and a current ratio of 2.45. Newmont Corporation has a one year low of $78.60 and a one year high of $135.29. The company’s 50-day moving average is $119.68 and its 200 day moving average is $112.42.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, October 22nd. The basic materials company reported $2.20 EPS for the quarter, beating the consensus estimate of $1.94 by $0.26. Newmont had a return on equity of 29.81% and a net margin of 34.73%. The business had revenue of $6.36 billion for the quarter, compared to the consensus estimate of $6.27 billion. During the same period last year, the business posted $1.71 EPS. The company’s revenue was up 15.2% compared to the same quarter last year. Sell-side analysts expect that Newmont Corporation will post 9.11 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Investors of record on Wednesday, November 25th will be issued a $0.26 dividend. The ex-dividend date of this dividend is Wednesday, November 25th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. Newmont’s dividend payout ratio (DPR) is presently 12.09%.

Insider Buying and Selling

In related news, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $123.00, for a total value of $477,486.00. Following the completion of the sale, the chief executive officer directly owned 131,353 shares of the company’s stock, valued at approximately $16,156,419. This represents a 2.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $108.04, for a total transaction of $324,120.00. Following the sale, the executive vice president owned 31,315 shares in the company, valued at $3,383,272.60. The trade was a 8.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 20,646 shares of company stock worth $2,380,140. 0.06% of the stock is currently owned by insiders.

About Newmont

Newmont Corporation (NYSE:NEM) is a global mining company primarily engaged in the exploration, development, and production of gold. The company also produces copper, silver, zinc, and lead as byproducts of its mining operations. Its activities span the full mining life cycle, including resource discovery, project development, mine operations, processing, reclamation, and closure.

Founded in 1921, Newmont has grown into one of the world’s largest gold producers. The company operates and develops mines across several regions, including North America, South America, Australia, Africa, and Papua New Guinea.