Profund Advisors LLC Decreases Stake in Newmont Corporation $NEM

Profund Advisors LLC trimmed its holdings in shares of Newmont Corporation (NYSE:NEM) by 7.4% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 111,058 shares of the basic materials company’s stock after selling 8,840 shares during the quarter. Profund Advisors LLC’s holdings in Newmont were worth $6,470,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of NEM. Concord Wealth Partners increased its position in shares of Newmont by 534.7% during the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 385 shares during the period. Evermay Wealth Management LLC boosted its stake in Newmont by 408.2% in the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 400 shares in 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 valued at $27,000 after buying an additional 429 shares during the last quarter. Financial Management Professionals Inc. increased its holdings in Newmont by 274.1% in the 2nd quarter. Financial Management Professionals Inc. now owns 606 shares of the basic materials company’s stock worth $35,000 after buying an additional 444 shares during the period. Finally, ST Germain D J Co. Inc. lifted its position in Newmont by 92.3% during 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 during the period. Institutional investors own 68.85% of the company’s stock.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 5,000 shares of the business’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 transaction, the chief executive officer owned 279,923 shares of the company’s stock, valued at approximately $22,768,936.82. The trade was a 1.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction that occurred 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 transaction, the director owned 34,789 shares in the company, valued at $2,816,517.44. This represents a 5.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 11,237 shares of company stock worth $906,799. 0.05% of the stock is owned by company insiders.

Newmont Stock Up 1.0%

Shares of NYSE NEM opened at $83.39 on Monday. The firm’s 50-day moving average is $83.14 and its two-hundred day moving average is $67.65. The company has a market capitalization of $91.00 billion, a PE ratio of 12.95, a price-to-earnings-growth ratio of 0.53 and a beta of 0.33. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $98.58.

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

Newmont Announces Dividend

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

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Citigroup increased their target price on shares of Newmont from $74.00 to $104.00 and gave the stock a “buy” rating in a research note on Wednesday, October 15th. UBS Group boosted their target price on Newmont from $92.00 to $105.50 and gave the stock a “buy” rating in a report on Thursday, October 16th. Weiss Ratings raised shares of Newmont from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Saturday, October 25th. The Goldman Sachs Group set a $104.30 price objective on Newmont and gave the stock a “buy” rating in a research report on Sunday, October 12th. Finally, BNP Paribas Exane lifted their price objective on shares of Newmont from $66.00 to $92.00 and gave the company an “outperform” rating in a report on Monday, September 15th. Five investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $86.92.

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.