Meeder Advisory Services Inc. Makes New Investment in Newmont Corporation $NEM

Meeder Advisory Services Inc. purchased a new stake in shares of Newmont Corporation (NYSE:NEM) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 25,323 shares of the basic materials company’s stock, valued at approximately $2,365,000.

Several other institutional investors and hedge funds also recently made changes to their positions in NEM. Meeder Asset Management Inc. bought a new position in Newmont during the second quarter worth about $9,387,000. Citizens Financial Group Inc. RI bought a new stake in Newmont during the 2nd quarter valued at $13,372,000. K.J. Harrison & Partners Inc bought a new stake in Newmont during the 2nd quarter valued at $4,744,000. NINE MASTS CAPITAL Ltd purchased a new stake in shares of Newmont during the second quarter worth $413,000. Finally, Auxano Advisors LLC bought a new position in shares of Newmont in the second quarter worth $3,864,000. Institutional investors own 68.85% of the company’s stock.

Insider Activity

In other Newmont news, CFO Brian Tabolt sold 11,445 shares of the firm’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 sale, the chief financial officer owned 29,324 shares of the company’s stock, valued at $3,081,659.16. This trade represents a 28.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Natascha Viljoen sold 7,764 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $104.00, for a total transaction of $807,456.00. Following the completion of the transaction, the chief executive officer owned 135,235 shares in the company, valued at $14,064,440. The trade was a 5.43% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 32,091 shares of company stock valued at $3,292,513. 0.06% of the stock is currently owned by company insiders.

Newmont Price Performance

Shares of Newmont stock opened at $115.99 on Wednesday. The firm has a market capitalization of $122.22 billion, a PE ratio of 14.65, a price-to-earnings-growth ratio of 1.31 and a beta of 0.47. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15. Newmont Corporation has a 12 month low of $67.20 and a 12 month high of $134.88. The business’s 50-day moving average price is $99.71 and its 200-day moving average price is $108.70.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.05. The business had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same period in the previous year, the firm posted $1.43 earnings per share. Sell-side analysts forecast that Newmont Corporation will post 9 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Shareholders 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 annualized dividend and a yield of 0.9%. Newmont’s payout ratio is presently 13.13%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on NEM. Zacks Research cut Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 14th. TD Securities upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. Jefferies Financial Group cut their target price on Newmont from $158.00 to $146.00 and set a “buy” rating for the company in a research note on Monday, July 6th. Raymond James Financial decreased their price target on Newmont from $139.00 to $137.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 30th. Finally, Royal Bank Of Canada cut their price objective on shares of Newmont from $140.00 to $135.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. 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 company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $132.59.

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.