Conning Inc. Has $307,000 Holdings in Newmont Corporation $NEM

Conning Inc. reduced its stake in Newmont Corporation (NYSE:NEM) by 4.1% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 5,266 shares of the basic materials company’s stock after selling 227 shares during the quarter. Conning Inc.’s holdings in Newmont were worth $307,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Inspire Investing LLC lifted its holdings in Newmont by 62.6% in the 2nd quarter. Inspire Investing LLC now owns 178,355 shares of the basic materials company’s stock worth $10,391,000 after purchasing an additional 68,639 shares during the last quarter. Drucker Wealth 3.0 LLC acquired a new stake in shares of Newmont in the second quarter worth $253,000. Davis Rea LTD. acquired a new stake in shares of Newmont in the second quarter worth $214,000. Strong Tower Advisory Services lifted its stake in shares of Newmont by 4.1% in the second quarter. Strong Tower Advisory Services now owns 51,601 shares of the basic materials company’s stock worth $3,006,000 after buying an additional 2,021 shares during the last quarter. Finally, PDS Planning Inc acquired a new position in Newmont during the 2nd quarter worth $252,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $63.66, for a total value of $190,980.00. Following the completion of the transaction, the executive vice president owned 58,736 shares of the company’s stock, valued at $3,739,133.76. This represents a 4.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of the stock in a transaction dated 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 transaction, the chief accounting officer directly owned 32,615 shares of the company’s stock, valued at $2,218,472.30. This trade represents a 17.70% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,249 shares of company stock worth $1,132,065. 0.05% of the stock is currently owned by corporate insiders.

Newmont Trading Down 0.2%

Newmont stock opened at $85.07 on Friday. The business has a 50 day moving average price of $76.77 and a two-hundred day moving average price of $62.55. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. The stock has a market cap of $93.45 billion, a price-to-earnings ratio of 15.27, a price-to-earnings-growth ratio of 0.95 and a beta of 0.34. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $89.37.

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

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Thursday, September 4th were paid a $0.25 dividend. The ex-dividend date was Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. Newmont’s dividend payout ratio is currently 17.95%.

Analyst Ratings Changes

NEM has been the subject of a number of research analyst reports. Stifel Nicolaus initiated coverage on shares of Newmont in a research report on Wednesday, July 9th. They set a “buy” rating and a $73.00 target price for the company. Stifel Canada raised Newmont to a “strong-buy” rating in a research report on Tuesday, July 8th. Royal Bank Of Canada raised Newmont from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $66.00 to $95.00 in a research report on Wednesday, September 10th. Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday. Finally, UBS Group upped their price target on Newmont from $70.00 to $92.00 and gave the stock a “buy” rating in a report on Friday, September 19th. Four equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $81.10.

Newmont 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.