Newmont Co. (NYSE:NEM) Holdings Cut by Profund Advisors LLC

Profund Advisors LLC decreased its stake in Newmont Co. (NYSE:NEM) by 12.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 113,587 shares of the basic materials company’s stock after selling 16,186 shares during the quarter. Profund Advisors LLC’s holdings in Newmont were worth $4,756,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in NEM. PNC Financial Services Group Inc. lifted its position in Newmont by 26.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 125,032 shares of the basic materials company’s stock worth $5,175,000 after buying an additional 25,871 shares in the last quarter. Clearbridge Investments LLC lifted its position in Newmont by 12.6% in the 4th quarter. Clearbridge Investments LLC now owns 31,919 shares of the basic materials company’s stock worth $1,321,000 after buying an additional 3,575 shares in the last quarter. Corient Private Wealth LLC raised its holdings in shares of Newmont by 47.8% during the 4th quarter. Corient Private Wealth LLC now owns 80,294 shares of the basic materials company’s stock valued at $3,323,000 after purchasing an additional 25,976 shares in the last quarter. Trexquant Investment LP bought a new position in shares of Newmont during the 4th quarter valued at $2,781,000. Finally, Quest Partners LLC bought a new position in shares of Newmont during the 4th quarter valued at $269,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

NYSE NEM opened at $54.47 on Friday. 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 $62.81 billion, a price-to-earnings ratio of -20.40, a P/E/G ratio of 0.37 and a beta of 0.49. The company’s fifty day moving average is $50.10 and its two-hundred day moving average is $43.54. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $54.93.

Newmont (NYSE:NEM) last posted 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 for the quarter, compared to analyst estimates of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The business’s quarterly revenue was up 64.1% on a year-over-year basis. During the same period last year, the business posted $0.33 EPS. Equities research analysts forecast that Newmont Co. will post 2.82 EPS for the current year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.84%. Newmont’s payout ratio is currently -37.45%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Jefferies Financial Group raised their price target on shares of Newmont from $50.00 to $54.00 and gave the company a “buy” rating in a report on Friday, July 12th. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Thursday, August 29th. JPMorgan Chase & Co. downgraded shares of Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Finally, BMO Capital Markets raised their target price on shares of Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Five research 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 company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $52.62.

Insider Activity at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $1,049,400.00. Following the sale, the chief executive officer now owns 291,469 shares of the company’s stock, valued at $15,293,378.43. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Newmont news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the sale, the chief executive officer now directly owns 291,469 shares in the company, valued at $15,293,378.43. The disclosure for this sale can be found here. Insiders have sold a total of 56,000 shares of company stock valued at $2,744,700 over the last quarter. 0.06% of the stock is owned by company 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.