Legal & General Group Plc Invests $778.89 Million in Newmont Corporation $NEM

Legal & General Group Plc acquired a new stake in shares of Newmont Corporation (NYSE:NEM) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 8,339,341 shares of the basic materials company’s stock, valued at approximately $778,894,000. Legal & General Group Plc owned about 0.79% of Newmont at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Cedar Mountain Advisors LLC purchased a new stake in Newmont during the 1st quarter valued at about $25,000. Pinnacle Bancorp Inc. purchased a new position in shares of Newmont in the first quarter worth about $25,000. Swiss RE Ltd. acquired a new stake in shares of Newmont during the fourth quarter worth about $26,000. Clearstead Trust LLC acquired a new stake in shares of Newmont during the second quarter worth about $25,000. Finally, Cornerstone Planning Group LLC boosted its position 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 buying an additional 206 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Newmont

In other news, CEO Natascha Viljoen sold 7,764 shares of the 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 owned 135,235 shares in the company, valued at $14,064,440. This trade represents a 5.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of Newmont stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the completion of the sale, the chief financial officer directly owned 29,324 shares in the company, valued at $3,081,659.16. This represents a 28.07% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 32,091 shares of company stock valued at $3,292,513. Company insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on NEM shares. Canaccord Genuity Group reduced their price target on shares of Newmont from $160.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, July 23rd. Scotiabank upped their price objective on shares of Newmont from $147.00 to $149.00 and gave the company an “outperform” rating in a report on Wednesday, August 12th. Bank of America cut their price objective on shares of Newmont from $157.00 to $132.00 and set a “buy” rating on the stock in a research note on Thursday, July 9th. Zacks Research cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 14th. Finally, 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. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and a consensus target price of $132.73.

Newmont Stock Performance

Shares of NYSE NEM opened at $131.84 on Tuesday. The company has a market capitalization of $138.92 billion, a PE ratio of 16.65, a price-to-earnings-growth ratio of 1.36 and a beta of 0.47. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55. The company’s fifty day moving average price is $102.12 and its 200 day moving average price is $109.03. Newmont Corporation has a 1 year low of $70.88 and a 1 year high of $134.88.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share 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 business had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. During the same quarter in the prior year, the firm posted $1.43 earnings per share. On average, research analysts predict that Newmont Corporation will post 9.01 earnings per share for the current 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 dividend of $0.26 per share. The ex-dividend date is Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 0.8%. Newmont’s dividend payout ratio is currently 13.13%.

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.