Manning & Napier Advisors LLC Takes Position in Newmont Corporation $NEM

Manning & Napier Advisors LLC bought a new stake in Newmont Corporation (NYSE:NEM) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 7,764 shares of the basic materials company’s stock, valued at approximately $734,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Cedar Mountain Advisors LLC acquired a new stake in Newmont in the first quarter valued at approximately $25,000. Pinnacle Bancorp Inc. acquired a new position in shares of Newmont during the first quarter worth approximately $25,000. Swiss RE Ltd. acquired a new stake in Newmont in the 4th quarter valued at $26,000. Clearstead Trust LLC bought a new stake in Newmont during the 2nd quarter valued at $25,000. Finally, Cornerstone Planning Group LLC increased its stake in Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 206 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Trading Up 2.6%

NYSE NEM opened at $135.23 on Wednesday. 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 business has a fifty day simple moving average of $102.65 and a 200 day simple moving average of $109.16. Newmont Corporation has a 12 month low of $70.91 and a 12 month high of $135.29. The firm has a market capitalization of $142.49 billion, a P/E ratio of 17.07, a PEG ratio of 1.36 and a beta of 0.47.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The firm had revenue of $6.12 billion for the quarter, compared to the consensus estimate of $6.35 billion. During the same period in the previous year, the firm earned $1.43 EPS. On average, analysts predict that Newmont Corporation will post 9.01 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Thursday, September 3rd. Newmont’s dividend payout ratio (DPR) is presently 13.13%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Barclays lowered their price objective on shares of Newmont from $125.00 to $124.00 and set an “overweight” rating on the stock in a report on Tuesday, July 28th. The Goldman Sachs Group decreased their target price on shares of Newmont from $122.50 to $111.40 and set a “buy” rating for the company in a research report on Wednesday, July 1st. Canadian Imperial Bank of Commerce set a $170.00 target price on shares of Newmont in a report on Friday, August 14th. BNP Paribas Exane dropped their price target on shares of Newmont from $111.00 to $102.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 21st. Finally, Bank of America dropped their price target on shares of Newmont from $157.00 to $132.00 and set a “buy” rating on the stock in a research 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 assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $132.73.

Insider Activity at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $93.45, for a total value of $280,350.00. Following the completion of the sale, the executive vice president owned 40,315 shares in the company, valued at approximately $3,767,436.75. This trade represents a 6.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 7,764 shares of Newmont stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total transaction of $807,456.00. Following the transaction, the chief executive officer directly owned 135,235 shares in the company, valued at approximately $14,064,440. This represents 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. Insiders have sold 32,091 shares of company stock valued at $3,292,513 over the last ninety days. Corporate 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.