First Eagle Investment Management LLC Sells 380,613 Shares of Newmont Co. (NYSE:NEM)

First Eagle Investment Management LLC cut its position in shares of Newmont Co. (NYSE:NEM) by 2.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,108,828 shares of the basic materials company’s stock after selling 380,613 shares during the period. Newmont comprises about 1.6% of First Eagle Investment Management LLC’s investment portfolio, making the stock its 24th largest position. First Eagle Investment Management LLC owned about 1.48% of Newmont worth $716,347,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. American International Group Inc. raised its stake in shares of Newmont by 24.8% in the 4th quarter. American International Group Inc. now owns 292,735 shares of the basic materials company’s stock valued at $12,116,000 after buying an additional 58,217 shares in the last quarter. Premier Fund Managers Ltd bought a new position in Newmont during the fourth quarter worth about $1,276,000. Nations Financial Group Inc. IA ADV acquired a new stake in Newmont during the fourth quarter valued at approximately $1,167,000. Virtu Financial LLC bought a new stake in shares of Newmont in the 4th quarter valued at approximately $3,313,000. Finally, Oppenheimer & Co. Inc. raised its holdings in shares of Newmont by 26.8% in the 4th quarter. Oppenheimer & Co. Inc. now owns 184,604 shares of the basic materials company’s stock worth $7,641,000 after buying an additional 39,053 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

NEM has been the topic of several recent analyst reports. UBS Group boosted their price target on Newmont from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research note on Thursday, August 29th. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Scotiabank raised shares of Newmont from a “sector perform” rating to a “sector outperform” rating and upped their price objective for the stock from $48.00 to $59.00 in a research note on Monday, August 19th. Finally, Jefferies Financial Group upped their price objective on shares of Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Newmont currently has an average rating of “Moderate Buy” and a consensus target price of $52.62.

Newmont Stock Down 0.1 %

NYSE NEM opened at $53.06 on Thursday. The stock has a market capitalization of $61.19 billion, a P/E ratio of -19.87, a price-to-earnings-growth ratio of 0.37 and a beta of 0.49. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $54.93. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. The stock has a fifty day moving average of $49.84 and a 200-day moving average of $43.25.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, topping 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 firm had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.13 billion. During the same period last year, the company earned $0.33 earnings per share. The company’s revenue was up 64.1% on a year-over-year basis. On average, equities research analysts forecast that Newmont Co. will post 2.82 EPS for the current year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be issued a $0.25 dividend. The ex-dividend date is Thursday, September 5th. This represents a $1.00 annualized dividend and a yield of 1.88%. Newmont’s dividend payout ratio is currently -37.45%.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the sale, the chief executive officer now owns 311,469 shares in the company, valued at approximately $15,420,830.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the transaction, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the transaction, the chief executive officer now owns 311,469 shares of the company’s stock, valued at $15,420,830.19. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 56,000 shares of company stock valued at $2,744,700. 0.06% of the stock is currently owned by insiders.

About Newmont

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.