Newmont Co. (NYSE:NEM) Shares Sold by Gabelli Funds LLC

Gabelli Funds LLC decreased its holdings in Newmont Co. (NYSE:NEM) by 2.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,901,831 shares of the basic materials company’s stock after selling 87,200 shares during the quarter. Newmont accounts for about 0.9% of Gabelli Funds LLC’s holdings, making the stock its 14th largest holding. Gabelli Funds LLC owned 0.25% of Newmont worth $121,500,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. LRI Investments LLC purchased a new stake in shares of Newmont in the first quarter valued at approximately $25,000. Strategic Financial Concepts LLC purchased a new stake in Newmont in the 2nd quarter worth $25,000. Meeder Asset Management Inc. purchased a new stake in Newmont in the 2nd quarter worth $27,000. Heritage Wealth Advisors raised its position in Newmont by 1,310.4% during the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 878 shares during the period. Finally, Crewe Advisors LLC purchased a new position in Newmont during the first quarter valued at $35,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Buying and Selling

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, EVP Peter Toth sold 3,000 shares of Newmont 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 in the company, valued at approximately $4,963,452.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’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 completion of the sale, the chief executive officer now directly owns 311,469 shares in the company, valued at approximately $15,420,830.19. The disclosure for this sale can be found here. Over the last three months, insiders sold 56,000 shares of company stock worth $2,744,700. Company insiders own 0.06% of the company’s stock.

Newmont Stock Up 1.8 %

NYSE NEM opened at $54.47 on Friday. The business’s fifty day simple moving average is $50.10 and its 200-day simple moving average is $43.54. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. The firm has a market cap of $62.81 billion, a PE ratio of -20.40, a P/E/G ratio of 0.37 and a beta of 0.49. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $54.93.

Newmont (NYSE:NEM) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 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 company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.13 billion. During the same period in the previous year, the firm earned $0.33 earnings per share. Newmont’s quarterly revenue was up 64.1% compared to the same quarter last year. As a group, equities analysts anticipate that Newmont Co. will post 2.82 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend is Thursday, September 5th. Newmont’s dividend payout ratio is presently -37.45%.

Analyst Ratings Changes

NEM has been the subject of a number of research reports. Jefferies Financial Group boosted their target price on shares of Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. CIBC upgraded Newmont from a “neutral” rating to a “sector outperform” rating and boosted their price objective for the stock from $46.00 to $61.00 in a research note on Wednesday, July 10th. BMO Capital Markets raised their target price on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research report on Thursday, August 29th. Finally, Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and increased their price objective for the company from $48.00 to $59.00 in a research note on Monday, August 19th. Five investment 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 company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $52.62.

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.