Vanguard Group Inc. Trims Position in Newmont Corporation $NEM

Vanguard Group Inc. reduced its position in Newmont Corporation (NYSE:NEM) by 0.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 134,965,091 shares of the basic materials company’s stock after selling 122,330 shares during the quarter. Vanguard Group Inc. owned about 12.29% of Newmont worth $7,863,066,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Concord Wealth Partners raised its position in shares of Newmont by 534.7% in the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock worth $27,000 after buying an additional 385 shares in the last quarter. Evermay Wealth Management LLC boosted its position in shares of Newmont by 408.2% during the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 400 shares during the last quarter. Colonial Trust Advisors grew its holdings in shares of Newmont by 315.4% during the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 429 shares in the last quarter. Financial Management Professionals Inc. raised its stake in Newmont by 274.1% in the second 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 in the last quarter. Finally, ST Germain D J Co. Inc. raised its stake in Newmont by 92.3% in the second quarter. ST Germain D J Co. Inc. now owns 625 shares of the basic materials company’s stock valued at $36,000 after purchasing an additional 300 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on NEM. The Goldman Sachs Group set a $104.30 price target on shares of Newmont and gave the stock a “buy” rating in a research note on Sunday, October 12th. Weiss Ratings upgraded shares of Newmont from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, November 13th. Macquarie cut Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 2nd. Raymond James Financial set a $99.00 price target on Newmont and gave the stock an “outperform” rating in a research note on Friday, October 24th. Finally, Citigroup upped their price objective on Newmont from $74.00 to $104.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $88.99.

Insider Activity at Newmont

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of the company’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction of $406,700.00. Following the completion of the sale, the chief executive officer directly owned 279,923 shares in the company, valued at $22,768,936.82. This represents a 1.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $80.96, for a total transaction of $168,396.80. Following the sale, the director directly owned 34,789 shares of the company’s stock, valued at $2,816,517.44. The trade was a 5.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 11,237 shares of company stock valued at $906,799 in the last quarter. Corporate insiders own 0.05% of the company’s stock.

Newmont Price Performance

NEM stock opened at $86.67 on Wednesday. The firm has a market cap of $94.58 billion, a P/E ratio of 13.46, a P/E/G ratio of 0.53 and a beta of 0.33. The firm’s fifty day moving average is $85.02 and its 200 day moving average is $69.42. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $98.58. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04.

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

Newmont Announces Dividend

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

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.