Legal & General Group Plc Makes New Investment in Newmont Corporation $NEM

Legal & General Group Plc bought a new stake in shares of Newmont Corporation (NYSE:NEM) in the second quarter, Holdings Channel reports. The fund bought 8,339,341 shares of the basic materials company’s stock, valued at approximately $778,894,000.

Other institutional investors have also recently made changes to their positions in the company. The Manufacturers Life Insurance Company purchased a new position in Newmont in the 2nd quarter valued at $59,070,000. Fiduciary Financial Advisors purchased a new stake in shares of Newmont during the second quarter worth $35,000. Manning & Napier Advisors LLC purchased a new stake in shares of Newmont during the second quarter worth $734,000. Tandem Financial LLC acquired a new stake in shares of Newmont in the second quarter valued at about $948,000. Finally, L2 Asset Management LLC acquired a new stake in shares of Newmont in the second quarter valued at about $2,661,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on 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 in the company, valued at $3,767,436.75. The trade was a 6.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 value of $1,202,755.05. Following the completion of the transaction, the chief financial officer directly owned 29,324 shares in the company, valued at approximately $3,081,659.16. This trade represents a 28.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 32,091 shares of company stock worth $3,292,513. Insiders own 0.06% of the company’s stock.

Newmont Price Performance

Newmont stock opened at $131.84 on Tuesday. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average price of $102.12 and a 200 day moving average price of $109.03. Newmont Corporation has a 12-month low of $70.88 and a 12-month high of $134.88. The stock has a market cap of $138.92 billion, a P/E ratio of 16.65, a PEG ratio of 1.36 and a beta of 0.47.

Newmont (NYSE:NEM) last posted its 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. 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 previous year, the business posted $1.43 EPS. Sell-side analysts anticipate that Newmont Corporation will post 9.01 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 0.8%. Newmont’s dividend payout ratio is currently 13.13%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group lowered their price target on shares of Newmont from $158.00 to $146.00 and set a “buy” rating on the stock in a research report on Monday, July 6th. Zacks Research lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 14th. Weiss Ratings cut Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. Raymond James Financial restated an “outperform” rating and issued a $140.00 price target on shares of Newmont in a research report on Monday. Finally, Bank of America cut their price target on Newmont from $157.00 to $132.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $132.73.

About Newmont

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.