BlackRock Inc. boosted its stake in shares of Newmont Goldcorp Corp (NYSE:NEM) by 27.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 109,649,438 shares of the basic materials company’s stock after purchasing an additional 23,820,369 shares during the period. BlackRock Inc. owned 13.37% of Newmont Goldcorp worth $4,218,213,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Van ECK Associates Corp boosted its position in Newmont Goldcorp by 33.0% during the second quarter. Van ECK Associates Corp now owns 37,040,057 shares of the basic materials company’s stock valued at $1,424,931,000 after purchasing an additional 9,198,168 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Newmont Goldcorp by 32.7% during the second quarter. Bank of New York Mellon Corp now owns 13,512,764 shares of the basic materials company’s stock valued at $519,836,000 after purchasing an additional 3,328,151 shares during the last quarter. First Eagle Investment Management LLC boosted its position in Newmont Goldcorp by 2.6% during the first quarter. First Eagle Investment Management LLC now owns 12,020,757 shares of the basic materials company’s stock valued at $429,982,000 after purchasing an additional 299,684 shares during the last quarter. Northern Trust Corp boosted its position in Newmont Goldcorp by 36.6% during the second quarter. Northern Trust Corp now owns 11,725,037 shares of the basic materials company’s stock valued at $451,062,000 after purchasing an additional 3,143,279 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in Newmont Goldcorp by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 8,229,613 shares of the basic materials company’s stock valued at $284,738,000 after purchasing an additional 60,289 shares during the last quarter. 80.40% of the stock is owned by hedge funds and other institutional investors.
NEM has been the subject of several recent research reports. Macquarie initiated coverage on Newmont Goldcorp in a research report on Thursday. They set a “neutral” rating for the company. Royal Bank of Canada raised Newmont Goldcorp from an “underperform” rating to a “sector perform” rating and set a $45.00 price target for the company in a research report on Monday, September 9th. BMO Capital Markets raised Newmont Goldcorp from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $45.00 to $50.00 in a research report on Wednesday. Barclays reaffirmed a “buy” rating and issued a $44.00 price objective on shares of Newmont Goldcorp in a research report on Sunday, August 4th. Finally, Citigroup raised their price objective on Newmont Goldcorp from $44.00 to $46.00 and gave the company a “buy” rating in a research report on Wednesday. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Newmont Goldcorp presently has an average rating of “Buy” and an average price target of $43.56.
NEM opened at $38.62 on Friday. Newmont Goldcorp Corp has a 12-month low of $29.06 and a 12-month high of $41.23. The stock has a market cap of $31.66 billion, a price-to-earnings ratio of 28.61 and a beta of -0.03. The business has a 50 day moving average of $38.67 and a 200-day moving average of $35.74. The company has a quick ratio of 1.38, a current ratio of 1.83 and a debt-to-equity ratio of 0.30.
Newmont Goldcorp (NYSE:NEM) last released its quarterly earnings data on Thursday, July 25th. The basic materials company reported $0.12 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.11). Newmont Goldcorp had a negative net margin of 1.03% and a positive return on equity of 4.79%. The business had revenue of $2.26 billion during the quarter, compared to analyst estimates of $2.29 billion. During the same period in the previous year, the business earned $0.26 earnings per share. The business’s quarterly revenue was up 35.8% on a year-over-year basis. As a group, analysts expect that Newmont Goldcorp Corp will post 1.47 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 26th. Stockholders of record on Thursday, September 12th will be given a $0.14 dividend. The ex-dividend date of this dividend is Wednesday, September 11th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.45%. Newmont Goldcorp’s payout ratio is 41.48%.
In related news, EVP William N. Macgowan sold 3,000 shares of Newmont Goldcorp stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $37.63, for a total transaction of $112,890.00. Following the completion of the sale, the executive vice president now directly owns 206,351 shares of the company’s stock, valued at approximately $7,764,988.13. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, President Thomas Ronald Palmer sold 16,000 shares of Newmont Goldcorp stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $35.89, for a total value of $574,240.00. Following the sale, the president now directly owns 256,823 shares of the company’s stock, valued at $9,217,377.47. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 92,415 shares of company stock valued at $3,548,425. Insiders own 0.44% of the company’s stock.
Newmont Goldcorp Company Profile
Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of December 31, 2018, the company had proven and probable gold reserves of 65.4 million ounces and an aggregate land position of approximately 24,000 square miles.
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