Pacer Advisors Inc. Sells 7,064 Shares of Newmont Co. (NYSE:NEM)

Pacer Advisors Inc. reduced its position in shares of Newmont Co. (NYSE:NEM) by 7.9% in the second quarter, according to its most recent filing with the SEC. The fund owned 81,836 shares of the basic materials company’s stock after selling 7,064 shares during the quarter. Pacer Advisors Inc.’s holdings in Newmont were worth $3,426,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NEM. American International Group Inc. lifted its position in Newmont by 24.8% during the fourth quarter. American International Group Inc. now owns 292,735 shares of the basic materials company’s stock valued at $12,116,000 after purchasing an additional 58,217 shares during the last quarter. Premier Fund Managers Ltd purchased a new position in Newmont in the fourth quarter worth about $1,276,000. Virtu Financial LLC bought a new stake in Newmont during the fourth quarter worth approximately $3,313,000. Oppenheimer & Co. Inc. raised its position in Newmont by 26.8% during the fourth quarter. Oppenheimer & Co. Inc. now owns 184,604 shares of the basic materials company’s stock valued at $7,641,000 after purchasing an additional 39,053 shares during the period. Finally, GLOBALT Investments LLC GA bought a new stake in shares of Newmont in the 4th quarter valued at approximately $2,570,000. 68.85% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business’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 $157,410.00. Following the completion of the transaction, the executive vice president now directly owns 94,596 shares in the company, valued at $4,963,452.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Thomas Ronald Palmer sold 13,000 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now directly owns 331,469 shares in the company, valued at approximately $13,964,788.97. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the 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 completion of the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The disclosure for this sale can be found here. Insiders have sold 56,000 shares of company stock worth $2,744,700 over the last quarter. Insiders own 0.06% of the company’s stock.

Newmont Trading Up 2.5 %

NYSE NEM opened at $55.85 on Wednesday. Newmont Co. has a one year low of $29.42 and a one year high of $56.09. 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 company has a market capitalization of $64.40 billion, a price-to-earnings ratio of -20.92, a price-to-earnings-growth ratio of 0.37 and a beta of 0.49. The company’s 50-day simple moving average is $50.40 and its two-hundred day simple moving average is $43.91.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, beating 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%. Newmont’s revenue was up 64.1% compared to the same quarter last year. During the same period last year, the company posted $0.33 earnings per share. Equities analysts forecast that Newmont Co. will post 2.82 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently disclosed 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. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date is Thursday, September 5th. Newmont’s dividend payout ratio (DPR) is currently -37.45%.

Analysts Set New Price Targets

Several research firms recently weighed in on NEM. CIBC upgraded Newmont from a “neutral” rating to a “sector outperform” rating and increased their price target for the company from $46.00 to $61.00 in a report on Wednesday, July 10th. JPMorgan Chase & Co. downgraded shares of Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research report on Thursday, August 29th. Finally, Bank of America boosted their target price on Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. 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 stock. According to MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and an average target price of $52.62.

About Newmont

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.