Brendel Financial Advisors LLC Reduces Stock Position in Newmont Corporation $NEM

Brendel Financial Advisors LLC trimmed its stake in Newmont Corporation (NYSE:NEM) by 80.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,733 shares of the basic materials company’s stock after selling 36,969 shares during the period. Brendel Financial Advisors LLC’s holdings in Newmont were worth $509,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of NEM. SOA Wealth Advisors LLC. lifted its position in shares of Newmont by 64.0% in the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 201 shares during the period. Cloud Capital Management LLC purchased a new stake in shares of Newmont in the 1st quarter worth about $26,000. Colonial Trust Advisors lifted its position in shares of Newmont by 315.4% in the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 429 shares during the period. Private Trust Co. NA lifted its position in shares of Newmont by 122.6% in the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 347 shares during the period. Finally, Nexus Investment Management ULC purchased a new stake in shares of Newmont in the 1st quarter worth about $31,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Newmont

In other news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $74.59, for a total value of $154,923.43. Following the completion of the sale, the director directly owned 38,949 shares in the company, valued at $2,905,205.91. The trade was a 5.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total transaction of $477,160.30. Following the completion of the sale, the chief accounting officer owned 32,615 shares of the company’s stock, valued at $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,246 shares of company stock worth $1,253,559. 0.05% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on NEM shares. Scotiabank raised their target price on shares of Newmont from $69.00 to $72.00 and gave the stock a “sector perform” rating in a research report on Monday, July 28th. BNP Paribas cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 4th. The Goldman Sachs Group lifted their price target on shares of Newmont from $63.10 to $77.30 and gave the company a “neutral” rating in a research report on Thursday, September 11th. Raymond James Financial lifted their price target on shares of Newmont from $67.00 to $69.00 and gave the company an “outperform” rating in a research report on Monday, July 28th. Finally, National Bankshares raised shares of Newmont from a “sector perform” rating to an “outperform” rating in a research report on Friday, July 25th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $72.31.

Newmont Stock Up 4.3%

NYSE:NEM opened at $81.68 on Friday. The firm has a market cap of $89.72 billion, a P/E ratio of 14.66, a P/E/G ratio of 0.92 and a beta of 0.34. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $82.05. The firm has a 50-day simple moving average of $69.47 and a two-hundred day simple moving average of $58.32.

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

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Thursday, September 4th. Newmont’s dividend payout ratio (DPR) is currently 17.95%.

Newmont Company Profile

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.