Capital Research Global Investors Purchases 300,000 Shares of Newmont Co. (NYSE:NEM)

by · The Cerbat Gem

Capital Research Global Investors increased its position in shares of Newmont Co. (NYSE:NEM – Free Report) by 10.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,300,000 shares of the basic materials company’s stock after acquiring an additional 300,000 shares during the quarter. Capital Research Global Investors owned about 0.29% of Newmont worth $118,272,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. State of Alaska Department of Revenue raised its stake in shares of Newmont by 27.5% during the 4th quarter. State of Alaska Department of Revenue now owns 170,138 shares of the basic materials company’s stock worth $7,041,000 after acquiring an additional 36,645 shares in the last quarter. American International Group Inc. raised its stake in shares of Newmont by 24.8% during the 4th quarter. American International Group Inc. now owns 292,735 shares of the basic materials company’s stock worth $12,116,000 after acquiring an additional 58,217 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Newmont by 34.1% during the 4th quarter. Principal Financial Group Inc. now owns 1,280,730 shares of the basic materials company’s stock worth $53,009,000 after acquiring an additional 325,320 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Newmont by 13.5% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 795,517 shares of the basic materials company’s stock worth $32,926,000 after acquiring an additional 94,692 shares in the last quarter. Finally, Premier Fund Managers Ltd bought a new position in shares of Newmont during the 4th quarter worth approximately $1,276,000. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

NYSE NEM traded up $1.03 during mid-day trading on Friday, reaching $46.73. 8,371,515 shares of the stock were exchanged, compared to its average volume of 7,299,322. The business’s 50 day moving average is $43.39 and its 200-day moving average is $38.78. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $48.97. The company has a market capitalization of $53.89 billion, a P/E ratio of -17.50, a P/E/G ratio of 0.36 and a beta of 0.47. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.90 and a current ratio of 2.11.

Newmont (NYSE:NEM – Get Free Report) last announced its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.13 billion. During the same period in the prior year, the firm posted $0.33 earnings per share. The firm’s quarterly revenue was up 64.1% compared to the same quarter last year. On average, equities research analysts forecast that Newmont Co. will post 2.64 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.14%. The ex-dividend date of this dividend is Thursday, September 5th. Newmont’s dividend payout ratio (DPR) is presently -37.45%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on NEM shares. Sanford C. Bernstein dropped their target price on shares of Newmont from $46.00 to $45.00 and set a “market perform” rating on the stock in a research report on Thursday, May 16th. StockNews.com raised shares of Newmont from a “sell” rating to a “hold” rating in a research report on Friday, April 26th. TD Securities boosted their target price on shares of Newmont from $43.00 to $48.00 and gave the stock a “hold” rating in a research report on Friday, April 26th. CIBC raised shares of Newmont from a “neutral” rating to a “sector outperform” rating and boosted their target price for the stock from $46.00 to $61.00 in a research report on Wednesday, July 10th. Finally, UBS Group raised shares of Newmont from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $40.00 to $50.00 in a research report on Monday, June 17th. Seven investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.00.

Read Our Latest Stock Analysis on Newmont

Insider Buying and Selling

In other Newmont news, CEO Thomas Ronald Palmer sold 13,000 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the completion of the transaction, the chief executive officer now directly owns 331,469 shares in the company, valued at $13,964,788.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.06% of the stock is currently owned by insiders.

About Newmont

(Free Report)

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.

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