Panagora Asset Management Inc. Sells 32,453 Shares of Newmont Co. (NYSE:NEM)

Panagora Asset Management Inc. cut its holdings in Newmont Co. (NYSE:NEM) by 51.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,403 shares of the basic materials company’s stock after selling 32,453 shares during the quarter. Panagora Asset Management Inc.’s holdings in Newmont were worth $1,273,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its position in Newmont by 43.8% in the 4th quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock worth $4,915,059,000 after purchasing an additional 36,170,995 shares during the period. Norges Bank purchased a new stake in Newmont during the fourth quarter valued at $604,516,000. Charles Schwab Investment Management Inc. lifted its holdings in Newmont by 44.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock valued at $1,019,813,000 after acquiring an additional 7,635,657 shares during the period. Bank of New York Mellon Corp boosted its position in Newmont by 39.8% in the first quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock worth $832,354,000 after purchasing an additional 6,617,145 shares during the last quarter. Finally, First Eagle Investment Management LLC increased its position in shares of Newmont by 29.9% during the 4th quarter. First Eagle Investment Management LLC now owns 23,756,158 shares of the basic materials company’s stock valued at $983,267,000 after purchasing an additional 5,475,155 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Jefferies Financial Group raised their price objective on shares of Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, July 12th. JPMorgan Chase & Co. downgraded shares of Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a report on Thursday. Sanford C. Bernstein cut their price target on Newmont from $46.00 to $45.00 and set a “market perform” rating for the company in a report on Thursday, May 16th. Finally, Bank of America raised their price objective on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.46.

Newmont Stock Up 0.4 %

Shares of NEM stock opened at $53.39 on Monday. The stock has a market cap of $61.26 billion, a P/E ratio of -20.00, a PEG ratio of 0.39 and a beta of 0.47. The company’s fifty day simple moving average is $47.43 and its two-hundred day simple moving average is $41.47. 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 Co. has a 52 week low of $29.42 and a 52 week high of $53.88.

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

Newmont Dividend Announcement

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

Insider Activity at Newmont

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

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.