Steel Grove Capital Advisors LLC Cuts Holdings in Newmont Co. (NYSE:NEM)

Steel Grove Capital Advisors LLC cut its holdings in shares of Newmont Co. (NYSE:NEM) by 1.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 42,540 shares of the basic materials company’s stock after selling 774 shares during the period. Steel Grove Capital Advisors LLC’s holdings in Newmont were worth $1,781,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

A number of analysts have recently commented on NEM shares. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. Scotiabank raised shares of Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their target price for the stock from $48.00 to $59.00 in a research note on Monday, August 19th. BMO Capital Markets boosted their target price on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. BNP Paribas raised shares of Newmont to a “strong-buy” rating in a research note on Friday, June 21st. Finally, UBS Group boosted their target price on shares of Newmont from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Tuesday, September 17th. Five investment 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, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $52.62.

Insider Transactions at Newmont

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

Newmont Stock Performance

Newmont stock opened at $54.47 on Monday. The firm has a 50 day simple moving average of $50.10 and a 200-day simple moving average of $43.61. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $54.93. 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 stock has a market cap of $62.81 billion, a price-to-earnings ratio of -20.40, a price-to-earnings-growth ratio of 0.37 and a beta of 0.49.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. During the same quarter in the prior year, the company posted $0.33 EPS. The business’s revenue for the quarter was up 64.1% on a year-over-year basis. On average, analysts expect that Newmont Co. will post 2.82 EPS for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders 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 dividend yield of 1.84%. Newmont’s dividend payout ratio is currently -37.45%.

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.