Clear Harbor Asset Management LLC Reduces Stock Holdings in Newmont Corporation $NEM

Clear Harbor Asset Management LLC lowered its position in Newmont Corporation (NYSE:NEM) by 5.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,622 shares of the basic materials company’s stock after selling 1,065 shares during the quarter. Clear Harbor Asset Management LLC’s holdings in Newmont were worth $1,143,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Thurston Springer Miller Herd & Titak Inc. grew its holdings in shares of Newmont by 11.9% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,737 shares of the basic materials company’s stock valued at $101,000 after purchasing an additional 185 shares during the period. Aaron Wealth Advisors LLC boosted its stake in Newmont by 4.4% during the second quarter. Aaron Wealth Advisors LLC now owns 4,460 shares of the basic materials company’s stock worth $260,000 after buying an additional 190 shares during the period. Hemington Wealth Management boosted its stake in Newmont by 25.2% during the first quarter. Hemington Wealth Management now owns 965 shares of the basic materials company’s stock worth $46,000 after buying an additional 194 shares during the period. Ipswich Investment Management Co. Inc. boosted its stake in Newmont by 1.4% during the first quarter. Ipswich Investment Management Co. Inc. now owns 14,269 shares of the basic materials company’s stock worth $689,000 after buying an additional 200 shares during the period. Finally, SOA Wealth Advisors LLC. boosted its stake in Newmont by 64.0% during the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company’s stock worth $25,000 after buying an additional 201 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Analyst Upgrades and Downgrades

NEM has been the subject of several research analyst reports. Stifel Nicolaus initiated coverage on shares of Newmont in a research note on Wednesday, July 9th. They set a “buy” rating and a $73.00 target price for the company. Scotiabank increased their target price on shares of Newmont from $69.00 to $72.00 and gave the stock a “sector perform” rating in a research note on Monday, July 28th. Stifel Canada raised shares of Newmont to a “strong-buy” rating in a research note on Tuesday, July 8th. UBS Group increased their target price on shares of Newmont from $70.00 to $92.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Wall Street Zen raised shares of Newmont from a “hold” rating to a “buy” rating in a research note on Friday, May 30th. Four research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $72.31.

Insider Activity

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

Newmont Stock Up 2.5%

NEM stock opened at $83.74 on Tuesday. 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 Corporation has a twelve month low of $36.86 and a twelve month high of $83.89. The company’s 50 day moving average is $69.93 and its two-hundred day moving average is $58.80. The stock has a market cap of $91.98 billion, a P/E ratio of 15.03, a PEG ratio of 0.96 and a beta of 0.33.

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, topping analysts’ consensus estimates of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The company had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $4.70 billion. During the same quarter last year, the company earned $0.72 earnings per share. The firm’s revenue for the quarter was up 20.8% on a year-over-year basis. Research analysts expect that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

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