Cheviot Value Management LLC Sells 13,547 Shares of Newmont Co. (NYSE:NEM)

Cheviot Value Management LLC reduced its position in Newmont Co. (NYSE:NEM) by 3.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 335,177 shares of the basic materials company’s stock after selling 13,547 shares during the quarter. Newmont comprises about 2.7% of Cheviot Value Management LLC’s holdings, making the stock its 13th biggest holding. Cheviot Value Management LLC’s holdings in Newmont were worth $14,034,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Pekin Hardy Strauss Inc. increased its position in Newmont by 0.4% during the 2nd quarter. Pekin Hardy Strauss Inc. now owns 64,082 shares of the basic materials company’s stock valued at $2,683,000 after purchasing an additional 233 shares during the period. KCM Investment Advisors LLC increased its position in Newmont by 2.3% during the 2nd quarter. KCM Investment Advisors LLC now owns 10,819 shares of the basic materials company’s stock valued at $453,000 after purchasing an additional 244 shares during the period. Meeder Advisory Services Inc. increased its position in Newmont by 3.8% during the 1st quarter. Meeder Advisory Services Inc. now owns 7,560 shares of the basic materials company’s stock valued at $271,000 after purchasing an additional 278 shares during the period. Moody National Bank Trust Division grew its position in shares of Newmont by 1.7% in the 1st quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock worth $647,000 after buying an additional 296 shares during the period. Finally, Crestmont Private Wealth LLC grew its position in shares of Newmont by 4.9% in the 1st quarter. Crestmont Private Wealth LLC now owns 6,852 shares of the basic materials company’s stock worth $246,000 after buying an additional 319 shares during the period. 68.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on NEM. BNP Paribas raised shares of Newmont to a “strong-buy” rating in a research report on Friday, June 21st. Jefferies Financial Group upped their target price 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. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. Scotiabank raised shares of Newmont from a “sector perform” rating to a “sector outperform” rating and upped their target price for the stock from $48.00 to $59.00 in a research report on Monday, August 19th. Finally, Bank of America upped their price target on shares of Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $52.62.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the sale, the chief executive officer now owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Peter Toth sold 3,000 shares of the 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 directly owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction of $990,200.00. Following the completion of the sale, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at $15,420,830.19. The disclosure for this sale can be found here. Insiders sold 56,000 shares of company stock valued at $2,744,700 in the last quarter. 0.06% of the stock is currently owned by insiders.

Newmont Price Performance

NEM opened at $54.48 on Tuesday. 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 stock has a market capitalization of $62.82 billion, a P/E ratio of -20.40, a P/E/G ratio of 0.37 and a beta of 0.49. The company’s 50-day simple moving average is $50.25 and its two-hundred day simple moving average is $43.76. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $55.67.

Newmont (NYSE:NEM) last released its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 EPS 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 firm had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.13 billion. During the same quarter in the prior year, the firm earned $0.33 EPS. The business’s revenue for the quarter was up 64.1% compared to the same quarter last year. As a group, analysts predict that Newmont Co. will post 2.82 EPS for the current year.

Newmont Announces Dividend

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

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.