Ridgewood Investments LLC Sells 750 Shares of Newmont Corporation (NYSE:NEM)

Ridgewood Investments LLC reduced its holdings in shares of Newmont Corporation (NYSE:NEM) by 51.7% in the first quarter, Holdings Channel.com reports. The fund owned 700 shares of the basic materials company’s stock after selling 750 shares during the quarter. Ridgewood Investments LLC’s holdings in Newmont were worth $34,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. TCW Group Inc. lifted its stake in shares of Newmont by 5.6% during the 1st quarter. TCW Group Inc. now owns 16,871 shares of the basic materials company’s stock worth $815,000 after acquiring an additional 902 shares during the last quarter. Waddell & Associates LLC lifted its stake in shares of Newmont by 7.1% during the 1st quarter. Waddell & Associates LLC now owns 9,427 shares of the basic materials company’s stock worth $455,000 after acquiring an additional 623 shares during the last quarter. one8zero8 LLC bought a new stake in shares of Newmont during the 1st quarter worth approximately $367,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Newmont by 15.3% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,105,730 shares of the basic materials company’s stock worth $53,385,000 after acquiring an additional 146,692 shares during the last quarter. Finally, Empirical Finance LLC lifted its stake in shares of Newmont by 2.9% during the 1st quarter. Empirical Finance LLC now owns 30,399 shares of the basic materials company’s stock worth $1,468,000 after acquiring an additional 853 shares during the last quarter. 68.85% of the stock is owned by institutional investors.

Insider Buying and Selling at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $54.09, for a total transaction of $162,270.00. Following the transaction, the executive vice president directly owned 77,526 shares in the company, valued at $4,193,381.34. The trade was a 3.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Bruce R. Brook sold 2,077 shares of the business’s stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total value of $122,023.75. Following the transaction, the director owned 43,103 shares in the company, valued at approximately $2,532,301.25. This trade represents a 4.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 12,231 shares of company stock worth $679,813. 0.05% of the stock is owned by company insiders.

Newmont Trading Up 6.9%

Shares of NYSE:NEM opened at $65.75 on Monday. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $66.57. The business’s fifty day simple moving average is $57.05 and its 200-day simple moving average is $50.62. The company has a market capitalization of $73.18 billion, a PE ratio of 11.80, a P/E/G ratio of 0.96 and a beta of 0.33. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.48. Newmont had a return on equity of 17.86% and a net margin of 30.50%. The business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same period last year, the business posted $0.72 EPS. The business’s revenue was up 20.8% compared to the same quarter last year. As a group, equities research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be paid a dividend of $0.25 per share. The ex-dividend date is Thursday, September 4th. This represents a $1.00 annualized dividend and a yield of 1.52%. Newmont’s dividend payout ratio (DPR) is 17.95%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on NEM. Royal Bank Of Canada raised their price target on Newmont from $52.00 to $66.00 and gave the stock a “sector perform” rating in a research note on Wednesday, June 4th. Scotiabank restated a “sector perform” rating on shares of Newmont in a report on Monday, April 14th. Wall Street Zen upgraded Newmont from a “hold” rating to a “buy” rating in a report on Friday, May 30th. Raymond James Financial restated an “outperform” rating and set a $66.00 price objective on shares of Newmont in a report on Friday, April 25th. Finally, National Bankshares restated a “sector perform” rating on shares of Newmont in a report on Tuesday, June 24th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Newmont has an average rating of “Moderate Buy” and an average price target of $62.49.

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.