Axxcess Wealth Management LLC Decreases Stock Holdings in Newmont Co. (NYSE:NEM)

Axxcess Wealth Management LLC lowered its position in Newmont Co. (NYSE:NEM) by 8.5% during the second quarter, Holdings Channel reports. The institutional investor owned 21,708 shares of the basic materials company’s stock after selling 2,023 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Newmont were worth $909,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. LRI Investments LLC purchased a new position in Newmont in the first quarter worth $25,000. Strategic Financial Concepts LLC acquired a new stake in shares of Newmont in the 2nd quarter worth $25,000. Meeder Asset Management Inc. purchased a new position in Newmont during the 2nd quarter worth $27,000. Heritage Wealth Advisors increased its position in Newmont by 1,310.4% during the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after buying an additional 878 shares in the last quarter. Finally, Crewe Advisors LLC purchased a new stake in Newmont in the first quarter valued at about $35,000. Institutional investors own 68.85% of the company’s stock.

Newmont Trading Up 0.9 %

Shares of NYSE:NEM opened at $53.52 on Friday. The company has a market capitalization of $61.72 billion, a PE ratio of -20.04, a PEG ratio of 0.37 and a beta of 0.49. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $54.93. The business has a 50 day moving average of $49.97 and a two-hundred day moving average of $43.33. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.13 billion. During the same period in the prior year, the firm posted $0.33 earnings per share. The firm’s quarterly revenue was up 64.1% compared to the same quarter last year. As a group, analysts forecast that Newmont Co. will post 2.82 EPS for the current 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 paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 annualized dividend and a dividend yield of 1.87%. Newmont’s dividend payout ratio is presently -37.45%.

Insider Buying and Selling

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value 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 filing with the SEC, which can be accessed through the SEC website. In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the sale, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the transaction, the chief executive officer now owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,000 shares of company stock valued at $2,744,700. 0.06% of the stock is owned by company insiders.

Analysts Set New Price Targets

NEM has been the topic of several recent analyst reports. Jefferies Financial Group upped their price objective on shares of Newmont from $50.00 to $54.00 and gave the company a “buy” rating in a report on Friday, July 12th. JPMorgan Chase & Co. lowered shares of Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. BMO Capital Markets boosted their price objective on shares of Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. UBS Group raised their target price on Newmont from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their price target for the company from $48.00 to $59.00 in a research note on Monday, August 19th. 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 stock. According to MarketBeat, Newmont has an average rating of “Moderate Buy” and an average target price of $52.62.

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.