Bank of New York Mellon Corp Sells 4,687,366 Shares of Newmont Corporation $NEM

Bank of New York Mellon Corp trimmed its holdings in shares of Newmont Corporation (NYSE:NEM) by 29.3% during the second quarter, HoldingsChannel reports. The firm owned 11,326,700 shares of the basic materials company’s stock after selling 4,687,366 shares during the quarter. Bank of New York Mellon Corp’s holdings in Newmont were worth $659,894,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in NEM. Nuveen LLC bought a new stake in shares of Newmont during the 1st quarter worth $306,507,000. Pacer Advisors Inc. raised its stake in shares of Newmont by 4,203.5% during the 1st quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company’s stock worth $259,580,000 after purchasing an additional 5,251,616 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Newmont by 1,502.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,692,606 shares of the basic materials company’s stock worth $273,391,000 after purchasing an additional 4,399,778 shares during the period. Caisse DE Depot ET Placement DU Quebec raised its stake in shares of Newmont by 1,074.8% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,411,264 shares of the basic materials company’s stock worth $116,416,000 after purchasing an additional 2,206,017 shares during the period. Finally, Robeco Institutional Asset Management B.V. raised its stake in shares of Newmont by 2,003.7% during the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,581,171 shares of the basic materials company’s stock worth $92,119,000 after purchasing an additional 1,506,010 shares during the period. 68.85% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total transaction of $176,779.20. Following the sale, the director directly owned 36,869 shares in the company, valued at $3,133,496.31. This represents a 5.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Brian Tabolt sold 7,015 shares of the company’s stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the sale, the chief accounting officer owned 32,615 shares in the company, valued at approximately $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 11,172 shares of company stock worth $808,863. Company insiders own 0.05% of the company’s stock.

Newmont Trading Up 0.8%

Shares of NEM opened at $81.62 on Tuesday. The business’s 50-day moving average price is $82.46 and its 200-day moving average price is $66.89. Newmont Corporation has a twelve month low of $36.86 and a twelve month high of $98.58. The stock has a market cap of $89.07 billion, a PE ratio of 12.67, a P/E/G ratio of 0.53 and a beta of 0.34. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.44. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The firm had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the prior year, the business posted $0.81 earnings per share. The company’s revenue was up 20.0% on a year-over-year basis. On average, equities analysts forecast that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th will be given a dividend of $0.25 per share. The ex-dividend date is Wednesday, November 26th. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. Newmont’s dividend payout ratio is currently 15.53%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. National Bankshares restated an “outperform” rating on shares of Newmont in a research note on Monday, September 22nd. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the company from $71.50 to $114.00 in a research note on Thursday, October 23rd. Macquarie cut Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 2nd. Stifel Nicolaus assumed coverage on Newmont in a research note on Wednesday, July 9th. They issued a “buy” rating and a $73.00 price objective on the stock. Finally, Wall Street Zen cut Newmont from a “strong-buy” rating to a “buy” rating in a research note on Sunday. Five investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $86.92.

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.