Cox Capital Mgt LLC Reduces Position in Newmont Corporation $NEM

Cox Capital Mgt LLC decreased its position in Newmont Corporation (NYSE:NEM) by 2.2% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 61,602 shares of the basic materials company’s stock after selling 1,377 shares during the period. Newmont comprises approximately 2.4% of Cox Capital Mgt LLC’s portfolio, making the stock its 16th biggest holding. Cox Capital Mgt LLC’s holdings in Newmont were worth $3,589,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. SOA Wealth Advisors LLC. grew its holdings in 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 acquiring an additional 201 shares during the last quarter. Cloud Capital Management LLC bought a new stake in shares of Newmont in the first quarter worth about $26,000. Colonial Trust Advisors increased its holdings in Newmont by 315.4% during the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 429 shares during the period. Financial Management Professionals Inc. raised its position in Newmont by 274.1% during the 2nd quarter. Financial Management Professionals Inc. now owns 606 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 444 shares during the last quarter. Finally, Private Trust Co. NA lifted its holdings in 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 buying an additional 347 shares during the period. 68.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on NEM. UBS Group upped their target price on Newmont from $70.00 to $92.00 and gave the company a “buy” rating in a report on Friday, September 19th. Wall Street Zen raised shares of Newmont from a “hold” rating to a “buy” rating in a research report on Friday, May 30th. BNP Paribas Exane boosted their price target on shares of Newmont from $66.00 to $92.00 and gave the company an “outperform” rating in a research report on Monday, September 15th. Zacks Research lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 4th. Finally, Royal Bank Of Canada raised Newmont from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $66.00 to $95.00 in a research report on Wednesday, September 10th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $73.38.

Insider Activity at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $63.66, for a total value of $190,980.00. Following the transaction, the executive vice president owned 58,736 shares in the company, valued at approximately $3,739,133.76. This represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Bruce R. Brook sold 2,077 shares of the firm’s stock in a transaction that occurred 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 sale, the director directly owned 38,949 shares of the company’s stock, valued at $2,905,205.91. This trade represents a 5.06% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,246 shares of company stock valued at $1,253,559. 0.05% of the stock is owned by insiders.

Newmont Price Performance

Shares of NYSE NEM opened at $83.60 on Friday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The company has a 50 day simple moving average of $71.48 and a two-hundred day simple moving average of $59.44. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $86.62. The company has a market capitalization of $91.83 billion, a price-to-earnings ratio of 15.01, a P/E/G ratio of 0.97 and a beta of 0.34.

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

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be paid a $0.25 dividend. The ex-dividend date is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. Newmont’s payout ratio 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.