ING Groep NV Acquires New Shares in Newmont Corporation $NEM

ING Groep NV acquired a new stake in Newmont Corporation (NYSE:NEM) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 213,149 shares of the basic materials company’s stock, valued at approximately $21,283,000.

A number of other large investors have also recently added to or reduced their stakes in NEM. GoalVest Advisory LLC acquired a new position in Newmont in the fourth quarter valued at approximately $25,000. Cornerstone Planning Group LLC lifted its holdings in Newmont by 312.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 206 shares during the last quarter. JPL Wealth Management LLC acquired a new position in Newmont in the third quarter valued at approximately $27,000. Lodestone Wealth Management LLC acquired a new position in Newmont in the fourth quarter valued at approximately $28,000. Finally, Laurel Wealth Advisors LLC acquired a new position in Newmont in the fourth quarter valued at approximately $30,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NEM has been the topic of a number of recent analyst reports. TD Cowen reiterated a “buy” rating on shares of Newmont in a report on Monday, April 27th. Citigroup upped their price objective on Newmont from $118.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, March 3rd. Jefferies Financial Group cut their target price on Newmont from $165.00 to $154.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. Weiss Ratings lowered Newmont from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 27th. Finally, Canadian Imperial Bank of Commerce set a $175.00 target price on Newmont and gave the company an “outperform” rating in a research report on Monday, June 1st. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, Newmont presently has a consensus rating of “Moderate Buy” and an average target price of $142.07.

Key Stories Impacting Newmont

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Analysts and commentators continue to highlight Newmont’s strong fundamentals, including robust free cash flow, higher gold prices, a large buyback program, and improving operational efficiency as the company divests lower-yield assets. Newmont Corporation: Consider Hedging Against Global Economic Uncertainty With This Stock
• Positive Sentiment: RBC Capital kept an outperform view on Newmont even after trimming its price target, suggesting Wall Street still sees upside from current levels. Newmont (NEM) Is Among Gold Equities Trading At A Premium Valuation Relative To Peers, Says RBC Capital

Newmont Stock Up 0.1%

Newmont stock opened at $99.77 on Monday. Newmont Corporation has a twelve month low of $52.08 and a twelve month high of $134.88. The stock’s fifty day simple moving average is $111.70 and its 200-day simple moving average is $109.71. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $106.51 billion, a P/E ratio of 12.94, a P/E/G ratio of 1.65 and a beta of 0.42.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, topping analysts’ consensus estimates of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The business had revenue of $7.31 billion for the quarter, compared to analyst estimates of $6.83 billion. During the same quarter in the prior year, the company earned $1.25 earnings per share. The company’s revenue was up 45.8% on a year-over-year basis. As a group, equities analysts expect that Newmont Corporation will post 9.91 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. Newmont’s dividend payout ratio is currently 13.49%.

Insider Buying and Selling at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $105.32, for a total transaction of $315,960.00. Following the sale, the executive vice president owned 46,315 shares of the company’s stock, valued at approximately $4,877,895.80. This represents a 6.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Wexler sold 13,378 shares of the company’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $1,473,051.58. Following the sale, the executive vice president directly owned 67,865 shares in the company, valued at $7,472,615.15. This represents a 16.47% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 49,950 shares of company stock valued at $5,494,288. Insiders own 0.06% of the company’s stock.

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.