Tocqueville Asset Management L.P. Makes New $65.75 Million Investment in Newmont Corporation $NEM

Tocqueville Asset Management L.P. bought a new position in shares of Newmont Corporation (NYSE:NEM) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 703,903 shares of the basic materials company’s stock, valued at approximately $65,745,000. Newmont accounts for about 0.9% of Tocqueville Asset Management L.P.’s holdings, making the stock its 27th largest holding. Tocqueville Asset Management L.P. owned 0.07% of Newmont as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the company. Cedar Mountain Advisors LLC acquired a new position in Newmont in the first quarter valued at about $25,000. Pinnacle Bancorp Inc. acquired a new position in shares of Newmont in the 1st quarter valued at approximately $25,000. Swiss RE Ltd. bought a new stake in shares of Newmont during the 4th quarter worth approximately $26,000. Clearstead Trust LLC bought a new position in Newmont in the second quarter valued at approximately $25,000. Finally, Cornerstone Planning Group LLC raised its position in Newmont by 312.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 206 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Insider Transactions 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, CEO Natascha Viljoen sold 7,764 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total value of $807,456.00. Following the sale, the chief executive officer owned 135,235 shares of the company’s stock, valued at approximately $14,064,440. The trade was a 5.43% 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. Insiders sold a total of 32,091 shares of company stock worth $3,292,513 over the last three months. 0.06% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on NEM. Macquarie Infrastructure lowered their price target on Newmont from $133.00 to $123.00 and set an “outperform” rating for the company in a report on Monday, June 15th. Raymond James Financial lowered their target price on Newmont from $139.00 to $137.00 and set an “outperform” rating for the company in a research note on Tuesday, June 30th. Citigroup reduced their price target on shares of Newmont from $150.00 to $125.00 and set a “buy” rating on the stock in a research note on Monday, July 20th. TD Securities upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. Finally, National Bank Financial cut their target price on shares of Newmont from $140.00 to $125.00 and set a “sector perform” rating on the stock in a research report on Tuesday, July 14th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Newmont currently has an average rating of “Moderate Buy” and a consensus target price of $132.59.

Newmont Stock Performance

NYSE NEM opened at $125.18 on Thursday. The company has a market capitalization of $131.90 billion, a price-to-earnings ratio of 15.81, a PEG ratio of 1.20 and a beta of 0.47. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15. Newmont Corporation has a twelve month low of $67.69 and a twelve month high of $134.88. The stock has a fifty day simple moving average of $100.36 and a 200 day simple moving average of $108.69.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.05. The company had revenue of $6.12 billion during the quarter, compared to analysts’ expectations of $6.35 billion. Newmont had a return on equity of 29.10% and a net margin of 33.36%.During the same quarter in the prior year, the firm posted $1.43 earnings per share. Sell-side analysts expect that Newmont Corporation will post 8.99 EPS for the current year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd will be given a $0.26 dividend. The ex-dividend date is Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.8%. Newmont’s payout ratio is 13.13%.

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.