Newmont Co. (NYSE:NEM) Shares Sold by First City Capital Management Inc.

First City Capital Management Inc. lowered its position in Newmont Co. (NYSE:NEM) by 29.8% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,248 shares of the basic materials company’s stock after selling 2,227 shares during the period. First City Capital Management Inc.’s holdings in Newmont were worth $220,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. raised its position in Newmont by 13.6% during the first quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock worth $4,836,262,000 after acquiring an additional 16,190,422 shares during the period. Van ECK Associates Corp raised its position in shares of Newmont by 2.6% during the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock worth $2,131,939,000 after purchasing an additional 1,289,084 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Newmont by 39.8% in the 1st quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock valued at $832,354,000 after buying an additional 6,617,145 shares in the last quarter. Northern Trust Corp boosted its holdings in Newmont by 25.9% in the 4th quarter. Northern Trust Corp now owns 12,988,497 shares of the basic materials company’s stock worth $537,594,000 after buying an additional 2,671,774 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Newmont by 8.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock worth $289,445,000 after buying an additional 545,903 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Newmont Stock Performance

Shares of NEM stock opened at $54.47 on Friday. The firm has a 50 day moving average of $50.10 and a two-hundred day moving average of $43.54. The stock has a market capitalization of $62.81 billion, a PE ratio of -20.40, a P/E/G ratio of 0.37 and a beta of 0.49. 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 $54.93.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (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 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 business posted $0.33 earnings per share. Newmont’s revenue was up 64.1% compared to the same quarter last year. On average, research analysts predict that Newmont Co. will post 2.82 EPS for the current fiscal year.

Newmont Dividend Announcement

The company 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 dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.84%. Newmont’s payout ratio is -37.45%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. BMO Capital Markets lifted their price target on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. CIBC raised shares of Newmont from a “neutral” rating to a “sector outperform” rating and upped their target price for the stock from $46.00 to $61.00 in a report on Wednesday, July 10th. Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. BNP Paribas upgraded shares of Newmont to a “strong-buy” rating in a report on Friday, June 21st. Finally, Jefferies Financial Group boosted their target price on Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Five research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Newmont has a consensus rating of “Moderate Buy” and an average target price of $52.62.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 13,000 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $42.13, for a total value of $547,690.00. Following the sale, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, EVP Peter Toth sold 3,000 shares of the firm’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 $157,410.00. Following 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 this hyperlink. Also, CEO Thomas Ronald Palmer sold 13,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $42.13, for a total transaction of $547,690.00. Following the sale, the chief executive officer now directly owns 331,469 shares in the company, valued at approximately $13,964,788.97. 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 90 days. 0.06% of the stock is owned by corporate insiders.

Newmont Company 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.