Moloney Securities Asset Management LLC Cuts Holdings in Newmont Co. (NYSE:NEM)

Moloney Securities Asset Management LLC reduced its position in Newmont Co. (NYSE:NEM) by 50.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,049 shares of the basic materials company’s stock after selling 9,269 shares during the period. Moloney Securities Asset Management LLC’s holdings in Newmont were worth $379,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. American International Group Inc. grew its holdings in shares of Newmont by 24.8% in the fourth quarter. American International Group Inc. now owns 292,735 shares of the basic materials company’s stock valued at $12,116,000 after purchasing an additional 58,217 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Newmont by 34.1% during the 4th quarter. Principal Financial Group Inc. now owns 1,280,730 shares of the basic materials company’s stock valued at $53,009,000 after buying an additional 325,320 shares in the last quarter. Premier Fund Managers Ltd purchased a new position in Newmont in the fourth quarter worth about $1,276,000. Nations Financial Group Inc. IA ADV bought a new stake in Newmont during the fourth quarter worth approximately $1,167,000. Finally, Virtu Financial LLC purchased a new stake in Newmont during the fourth quarter valued at approximately $3,313,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on NEM. BNP Paribas raised Newmont to a “strong-buy” rating in a research report on Friday, June 21st. Jefferies Financial Group boosted their price objective on shares of Newmont from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. BMO Capital Markets lifted their price target on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, CIBC raised shares of Newmont from a “neutral” rating to a “sector outperform” rating and raised their price objective for the stock from $46.00 to $61.00 in a research note on Wednesday, July 10th. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $51.46.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the sale, the chief executive officer now owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.06% of the stock is currently owned by corporate insiders.

Newmont Trading Up 0.4 %

NEM opened at $53.39 on Friday. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $53.88. The company has a market capitalization of $61.26 billion, a P/E ratio of -20.00, a PEG ratio of 0.39 and a beta of 0.47. The stock’s fifty day moving average is $47.43 and its two-hundred day moving average is $41.34. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31.

Newmont (NYSE:NEM) last released its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.10. The firm had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The firm’s quarterly revenue was up 64.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.33 earnings per share. Analysts forecast that Newmont Co. will post 2.82 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.87%. Newmont’s dividend payout ratio is presently -37.45%.

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.