Northwestern Mutual Wealth Management Co. Purchases Shares of 387,365 Newmont Corporation $NEM

Northwestern Mutual Wealth Management Co. 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 (SEC). The fund purchased 387,365 shares of the basic materials company’s stock, valued at approximately $8,096,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Cedar Mountain Advisors LLC acquired a new stake in Newmont in the 1st quarter valued at approximately $25,000. Pinnacle Bancorp Inc. bought a new position in shares of Newmont in the first quarter worth $25,000. Swiss RE Ltd. bought a new position in shares of Newmont in the fourth quarter worth $26,000. Clearstead Trust LLC acquired a new position in shares of Newmont during the second quarter valued at $25,000. Finally, Kilter Group LLC bought a new stake in shares of Newmont during the second quarter valued at about $26,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Newmont Price Performance

Shares of Newmont stock opened at $125.13 on Thursday. Newmont Corporation has a 52 week low of $73.44 and a 52 week high of $135.29. 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 stock has a market cap of $131.84 billion, a PE ratio of 15.80, a price-to-earnings-growth ratio of 1.73 and a beta of 0.52. The company’s 50-day moving average price is $105.83 and its two-hundred day moving average price is $109.56.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $6.35 billion. During the same quarter in the previous year, the company posted $1.43 EPS. As a group, sell-side analysts anticipate that Newmont Corporation will post 9.01 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently declared 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 0.8%. Newmont’s payout ratio is 13.13%.

Analyst Upgrades and Downgrades

NEM has been the subject of a number of recent analyst reports. TD increased their target price on shares of Newmont from $127.00 to $133.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Macquarie Infrastructure dropped their price target on shares of Newmont from $133.00 to $123.00 and set an “outperform” rating on the stock in a research report on Monday, June 15th. Weiss Ratings cut shares of Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, June 17th. Argus set a $110.00 price objective on shares of Newmont in a research note on Monday, August 3rd. Finally, Canadian Imperial Bank of Commerce set a $170.00 target price on Newmont in a report on Friday, August 14th. Two equities 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, Newmont presently has a consensus rating of “Moderate Buy” and a consensus price target of $132.73.

Insiders Place Their Bets

In other Newmont news, CEO Natascha Viljoen sold 7,764 shares of the company’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total value of $807,456.00. Following the transaction, the chief executive officer owned 135,235 shares of the company’s stock, valued at approximately $14,064,440. This represents a 5.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the 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 disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 25,209 shares of company stock worth $2,567,701. 0.06% of the stock is owned by insiders.

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.