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

Meeder Advisory Services Inc. bought a new position in Newmont Corporation (NYSE:NEM) in the 2nd quarter, according to its most recent disclosure with the SEC. The firm bought 25,323 shares of the basic materials company’s stock, valued at approximately $2,365,000.

Several other hedge funds and other institutional investors also recently modified their holdings of NEM. BlackRock Inc. bought a new position in shares of Newmont during the second quarter valued at approximately $11,289,753,000. Norges Bank bought a new position in Newmont during the 4th quarter valued at approximately $1,443,128,000. Bank of New York Mellon Corp purchased a new position in Newmont during the second quarter valued at $1,219,505,000. Deutsche Bank AG purchased a new stake in shares of Newmont in the second quarter worth $911,180,000. Finally, Van ECK Associates Corp increased its holdings in shares of Newmont by 23.4% during the fourth quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock valued at $2,973,539,000 after acquiring an additional 5,643,496 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Natascha Viljoen sold 7,764 shares of Newmont stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total value of $807,456.00. Following the sale, the chief executive officer directly owned 135,235 shares of the company’s stock, valued at approximately $14,064,440. The trade was a 5.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed 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 company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total value of $1,202,755.05. Following the sale, the chief financial officer directly owned 29,324 shares in the company, valued at $3,081,659.16. This trade represents a 28.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 32,091 shares of company stock worth $3,292,513 in the last 90 days. 0.06% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

NEM has been the subject of several recent analyst reports. Jefferies Financial Group decreased their target price on shares of Newmont from $158.00 to $146.00 and set a “buy” rating for the company in a report on Monday, July 6th. Argus set a $110.00 price objective on shares of Newmont in a report on Monday, August 3rd. Zacks Research cut Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 14th. Canaccord Genuity Group reduced their target price on Newmont from $160.00 to $130.00 and set a “buy” rating for the company in a report on Thursday, July 23rd. Finally, Weiss Ratings cut Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, June 17th. Two investment 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’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $132.59.

Newmont Stock Down 3.6%

NEM opened at $115.99 on Wednesday. The firm’s 50 day simple moving average is $99.71 and its two-hundred day simple moving average is $108.70. The company has a market capitalization of $122.22 billion, a PE ratio of 14.65, a PEG ratio of 1.31 and a beta of 0.47. Newmont Corporation has a 1-year low of $67.20 and a 1-year high of $134.88. 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 (NYSE:NEM) last released its earnings results 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. The company had revenue of $6.12 billion during the quarter, compared to analyst estimates 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 prior year, the firm posted $1.43 EPS. As a group, equities analysts forecast that Newmont Corporation will post 9 EPS for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Thursday, September 3rd will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Thursday, September 3rd. Newmont’s payout ratio is currently 13.13%.

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.