King Luther Capital Management Corp Sells 74,305 Shares of Newmont Co. (NYSE:NEM)

King Luther Capital Management Corp lessened its holdings in Newmont Co. (NYSE:NEM) by 53.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 64,687 shares of the basic materials company’s stock after selling 74,305 shares during the quarter. King Luther Capital Management Corp’s holdings in Newmont were worth $2,708,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. PNC Financial Services Group Inc. lifted its position in Newmont by 26.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 125,032 shares of the basic materials company’s stock worth $5,175,000 after purchasing an additional 25,871 shares during the period. Clearbridge Investments LLC lifted its position in Newmont by 12.6% during the fourth quarter. Clearbridge Investments LLC now owns 31,919 shares of the basic materials company’s stock worth $1,321,000 after purchasing an additional 3,575 shares during the period. Corient Private Wealth LLC lifted its position in Newmont by 47.8% during the fourth quarter. Corient Private Wealth LLC now owns 80,294 shares of the basic materials company’s stock worth $3,323,000 after purchasing an additional 25,976 shares during the period. Trexquant Investment LP bought a new stake in Newmont during the fourth quarter worth about $2,781,000. Finally, Quest Partners LLC bought a new stake in Newmont during the fourth quarter worth about $269,000. Institutional investors own 68.85% of the company’s stock.

Insiders Place Their Bets

In other Newmont news, EVP Peter Toth sold 3,000 shares of the 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 transaction, the executive vice president now directly owns 94,596 shares in the company, valued at approximately $4,963,452.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Newmont news, EVP Peter Toth sold 3,000 shares of the 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 transaction, the executive vice president now directly owns 94,596 shares in the company, valued at approximately $4,963,452.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction that occurred 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 in the company, valued at $15,420,830.19. 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. Corporate insiders own 0.06% of the company’s stock.

Newmont Stock Performance

NYSE:NEM opened at $54.47 on Friday. The company 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 50 day simple moving average of $50.10 and a two-hundred day simple moving average of $43.54. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two 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 for the quarter, beating analysts’ consensus estimates 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 negative net margin of 13.16% and a positive return on equity of 8.35%. The company’s revenue for the quarter was up 64.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.33 EPS. Research analysts anticipate that Newmont Co. will post 2.82 earnings per share for the current year.

Newmont Dividend Announcement

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

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Jefferies Financial Group upped their price objective on shares of Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. BMO Capital Markets boosted their target price on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Bank of America boosted their target price on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. CIBC raised Newmont from a “neutral” rating to a “sector outperform” rating and boosted their target price for the stock from $46.00 to $61.00 in a research note on Wednesday, July 10th. Finally, Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research note on Thursday, August 29th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Newmont presently has a consensus rating of “Moderate Buy” and a consensus target price 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.