Axxcess Wealth Management LLC Lowers Stake in Newmont Co. (NYSE:NEM)

Axxcess Wealth Management LLC cut its position in Newmont Co. (NYSE:NEM) by 8.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,708 shares of the basic materials company’s stock after selling 2,023 shares during the period. Axxcess Wealth Management LLC’s holdings in Newmont were worth $909,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Meeder Asset Management Inc. bought a new position in Newmont in the 2nd quarter worth approximately $27,000. LRI Investments LLC purchased a new position in Newmont during the first quarter valued at $25,000. Heritage Wealth Advisors increased its holdings in Newmont by 1,310.4% in the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 878 shares during the last quarter. Crewe Advisors LLC purchased a new stake in Newmont in the 1st quarter worth $35,000. Finally, Rise Advisors LLC boosted its holdings in shares of Newmont by 2,373.2% during the 1st quarter. Rise Advisors LLC now owns 1,014 shares of the basic materials company’s stock valued at $36,000 after purchasing an additional 973 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

Insider Transactions at Newmont

In related news, CEO Thomas Ronald Palmer sold 13,000 shares of the stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the transaction, the chief executive officer now owns 331,469 shares of the company’s stock, valued at $13,964,788.97. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas Ronald Palmer sold 13,000 shares of Newmont stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the transaction, the chief executive officer now directly owns 331,469 shares in the company, valued at $13,964,788.97. The disclosure for this sale can be found here. Over the last three months, insiders have sold 56,000 shares of company stock valued at $2,744,700. 0.06% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Bank of America lifted their target price on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. BMO Capital Markets upped their price objective on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their price target for the stock from $48.00 to $59.00 in a research report on Monday, August 19th. CIBC upgraded shares of Newmont from a “neutral” rating to a “sector outperform” rating and increased their price objective for the company from $46.00 to $61.00 in a research report on Wednesday, July 10th. Finally, BNP Paribas upgraded shares of Newmont to a “strong-buy” rating in a report on Friday, June 21st. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Newmont currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.62.

Newmont Price Performance

Shares of NEM stock opened at $53.52 on Friday. The stock has a 50 day moving average price of $49.97 and a 200 day moving average price of $43.33. 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 firm has a market capitalization of $61.72 billion, a P/E ratio of -20.04, a P/E/G ratio of 0.37 and a beta of 0.49.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.10. The business 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 business’s revenue for the quarter was up 64.1% compared to the same quarter last year. During the same period last year, the company earned $0.33 earnings per share. As a group, sell-side analysts predict that Newmont Co. will post 2.82 earnings per share for the current year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 5th will be paid a $0.25 dividend. The ex-dividend date is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.87%. Newmont’s dividend payout ratio is currently -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.