Raymond James Trust N.A. Reduces Holdings in Newmont Co. (NYSE:NEM)

Raymond James Trust N.A. cut its position in Newmont Co. (NYSE:NEM) by 16.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,482 shares of the basic materials company’s stock after selling 1,893 shares during the quarter. Raymond James Trust N.A.’s holdings in Newmont were worth $397,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in NEM. LRI Investments LLC purchased a new stake in Newmont during the 1st quarter worth approximately $25,000. Manchester Capital Management LLC grew its position in shares of Newmont by 171.9% during the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock worth $26,000 after buying an additional 397 shares in the last quarter. Heritage Wealth Advisors increased its stake in shares of Newmont by 1,310.4% in the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after buying an additional 878 shares during the last quarter. Crewe Advisors LLC acquired a new stake in Newmont in the first quarter valued at $35,000. Finally, Rise Advisors LLC boosted its stake in Newmont by 2,373.2% during the 1st quarter. Rise Advisors LLC now owns 1,014 shares of the basic materials company’s stock valued at $36,000 after acquiring an additional 973 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NEM has been the topic of a number of recent analyst reports. CIBC upgraded shares of Newmont from a “neutral” rating to a “sector outperform” rating and upped their target price for the company from $46.00 to $61.00 in a research note on Wednesday, July 10th. National Bank Financial downgraded Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a report on Tuesday, April 30th. UBS Group upgraded Newmont from a “neutral” rating to a “buy” rating and boosted their price target for the company from $40.00 to $50.00 in a report on Monday, June 17th. Sanford C. Bernstein decreased their price objective on shares of Newmont from $46.00 to $45.00 and set a “market perform” rating for the company in a report on Thursday, May 16th. Finally, JPMorgan Chase & Co. lowered shares of Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $50.92.

Insider Buying and Selling

In other Newmont news, CEO Thomas Ronald Palmer sold 13,000 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $42.13, for a total transaction of $547,690.00. Following the completion of the transaction, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.06% of the stock is owned by corporate insiders.

Newmont Stock Performance

Shares of NEM stock opened at $52.70 on Wednesday. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $52.77. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. The firm has a market capitalization of $60.77 billion, a price-to-earnings ratio of -19.74, a price-to-earnings-growth ratio of 0.37 and a beta of 0.47. The business has a 50 day simple moving average of $46.58 and a 200 day simple moving average of $40.90.

Newmont (NYSE:NEM) last released its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.10. The company had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The company’s revenue for the quarter was up 64.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.33 earnings per share. On average, equities research analysts anticipate that Newmont Co. will post 2.76 EPS for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date of this dividend is Thursday, September 5th. Newmont’s dividend payout ratio is currently -37.45%.

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.