Legal & General Group Plc Buys 109,084 Shares of Newmont Co. (NYSE:NEM)

Legal & General Group Plc raised its position in shares of Newmont Co. (NYSE:NEM) by 1.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,071,845 shares of the basic materials company’s stock after acquiring an additional 109,084 shares during the quarter. Legal & General Group Plc owned approximately 0.70% of Newmont worth $337,909,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in NEM. Lighthouse Investment Partners LLC bought a new stake in shares of Newmont during the second quarter valued at approximately $6,188,000. Mackenzie Financial Corp lifted its position in Newmont by 9.1% during the second quarter. Mackenzie Financial Corp now owns 189,912 shares of the basic materials company’s stock valued at $7,952,000 after buying an additional 15,860 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Newmont by 1.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 861,416 shares of the basic materials company’s stock valued at $36,067,000 after buying an additional 14,455 shares in the last quarter. Marathon Capital Management purchased a new stake in shares of Newmont in the 2nd quarter worth about $213,000. Finally, MBB Public Markets I LLC bought a new position in shares of Newmont in the 2nd quarter worth about $2,819,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Jefferies Financial Group upped their price objective on shares of Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, July 12th. CIBC upgraded Newmont from a “neutral” rating to a “sector outperform” rating and upped their price target for the stock from $46.00 to $61.00 in a research note on Wednesday, July 10th. Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and raised their price objective for the company from $48.00 to $59.00 in a research report on Monday, August 19th. JPMorgan Chase & Co. downgraded Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Finally, BNP Paribas upgraded Newmont to a “strong-buy” rating in a report on Friday, June 21st. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Newmont presently has a consensus rating of “Moderate Buy” and an average price target of $52.62.

Insider Buying and Selling at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the transaction, the chief executive officer now owns 311,469 shares in the company, valued at approximately $15,420,830.19. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the sale, the chief executive officer now directly owns 311,469 shares in the company, valued at approximately $15,420,830.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the transaction, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. The disclosure for this sale can be found here. Insiders sold a total of 56,000 shares of company stock worth $2,744,700 in the last three months. 0.06% of the stock is currently owned by company insiders.

Newmont Stock Down 2.9 %

NEM opened at $53.90 on Friday. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $56.30. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. The firm has a 50 day moving average price of $50.84 and a 200-day moving average price of $44.27. The stock has a market capitalization of $62.15 billion, a price-to-earnings ratio of -20.19, a PEG ratio of 0.47 and a beta of 0.49.

Newmont (NYSE:NEM) last announced its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company’s quarterly revenue was up 64.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.33 EPS. Equities research analysts forecast that Newmont Co. will post 2.88 earnings per share for the current year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 5th will be given a $0.25 dividend. The ex-dividend date is Thursday, September 5th. This represents a $1.00 annualized dividend and a yield of 1.86%. Newmont’s payout ratio is -37.45%.

About Newmont

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.