National Asset Management Inc. Lowers Stock Holdings in Newmont Co. (NYSE:NEM)

National Asset Management Inc. lowered its stake in Newmont Co. (NYSE:NEM) by 0.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 78,591 shares of the basic materials company’s stock after selling 330 shares during the quarter. National Asset Management Inc.’s holdings in Newmont were worth $4,981,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Aspire Private Capital LLC lifted its stake in Newmont by 3,592.9% in the 1st quarter. Aspire Private Capital LLC now owns 517 shares of the basic materials company’s stock worth $31,000 after purchasing an additional 503 shares in the last quarter. AllSquare Wealth Management LLC purchased a new stake in Newmont in the 1st quarter worth $33,000. FormulaFolio Investments LLC purchased a new stake in Newmont in the 1st quarter worth $34,000. Mizuho Securities Co. Ltd. purchased a new stake in shares of Newmont during the 1st quarter valued at about $36,000. Finally, Bbva USA purchased a new stake in shares of Newmont during the 2nd quarter valued at about $38,000. Institutional investors and hedge funds own 77.76% of the company’s stock.

In related news, EVP Stephen P. Gottesfeld sold 4,000 shares of the firm’s stock in a transaction on Wednesday, July 14th. The shares were sold at an average price of $64.31, for a total transaction of $257,240.00. Following the sale, the executive vice president now owns 101,140 shares in the company, valued at $6,504,313.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Dean Gehring sold 2,991 shares of the firm’s stock in a transaction on Friday, September 3rd. The shares were sold at an average price of $60.00, for a total transaction of $179,460.00. The disclosure for this sale can be found here. Insiders have sold 25,588 shares of company stock valued at $1,610,567 in the last three months. 0.12% of the stock is currently owned by corporate insiders.

Several analysts have recently issued reports on the stock. Canaccord Genuity decreased their target price on shares of Newmont from $74.00 to $71.00 and set a “buy” rating on the stock in a research report on Friday, July 23rd. Zacks Investment Research cut shares of Newmont from a “hold” rating to a “sell” rating and set a $63.00 target price on the stock. in a research report on Tuesday, July 27th. UBS Group set a $64.00 target price on shares of Newmont and gave the company a “neutral” rating in a research report on Friday, July 23rd. National Bank Financial decreased their target price on shares of Newmont from C$108.00 to C$105.00 and set an “outperform” rating on the stock in a research report on Friday, July 16th. Finally, TD Securities downgraded shares of Newmont from a “buy” rating to a “hold” rating and cut their price target for the company from $74.00 to $70.00 in a report on Friday, July 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $72.63.

NEM stock traded up $0.41 during mid-day trading on Wednesday, reaching $57.61. The company had a trading volume of 60,869 shares, compared to its average volume of 6,511,138. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.67 and a quick ratio of 2.33. The company has a market capitalization of $46.04 billion, a PE ratio of 16.02 and a beta of 0.23. The firm has a 50 day moving average of $59.75 and a 200 day moving average of $63.11. Newmont Co. has a 12 month low of $54.18 and a 12 month high of $75.31.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, July 22nd. The basic materials company reported $0.83 EPS for the quarter, topping the Zacks’ consensus estimate of $0.76 by $0.07. Newmont had a net margin of 23.00% and a return on equity of 11.78%. The business had revenue of $3.07 billion for the quarter, compared to the consensus estimate of $3.11 billion. During the same period in the prior year, the firm earned $0.32 EPS. The company’s revenue for the quarter was up 29.6% compared to the same quarter last year. Analysts anticipate that Newmont Co. will post 3.55 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 23rd. Investors of record on Thursday, September 9th will be given a dividend of $0.55 per share. The ex-dividend date of this dividend is Wednesday, September 8th. This represents a $2.20 dividend on an annualized basis and a yield of 3.82%. Newmont’s payout ratio is 82.71%.

Newmont Company Profile

Newmont Corp. is a gold producer, which engages in the production of gold. It operates through the following geographical segments: North America, South America, Nevada, Australia, and Africa. The North America segment consists primarily of carlin, phoenix, twin creeks and long canyon in the state of Nevada and Cripple Creek and Victor in the state of Colorado, in the United States.

Further Reading: Commodities

Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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