Moody National Bank Trust Division Decreases Holdings in Newmont Co. (NYSE:NEM)

Moody National Bank Trust Division cut its holdings in shares of Newmont Co. (NYSE:NEM) by 5.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,099 shares of the basic materials company’s stock after selling 945 shares during the quarter. Moody National Bank Trust Division’s holdings in Newmont were worth $716,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in NEM. Vanguard Group Inc. grew its stake in shares of Newmont by 43.8% during the 4th quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock worth $4,915,059,000 after acquiring an additional 36,170,995 shares during the period. Van ECK Associates Corp grew its stake in shares of Newmont by 57.2% during the 4th quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock worth $2,122,913,000 after acquiring an additional 18,664,614 shares during the period. Norges Bank bought a new position in shares of Newmont during the 4th quarter worth $604,516,000. Charles Schwab Investment Management Inc. grew its stake in shares of Newmont by 44.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock worth $1,019,813,000 after acquiring an additional 7,635,657 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of Newmont by 39.8% during the 1st quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock worth $832,354,000 after acquiring an additional 6,617,145 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the company. CIBC upgraded Newmont from a “neutral” rating to a “sector outperform” rating and raised their target price 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 stock an “outperform” rating in a research note on Thursday, July 25th. National Bank Financial downgraded Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research note on Tuesday, April 30th. Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. Finally, Scotiabank raised their target price on Newmont from $46.50 to $48.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 23rd. Seven investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.00.

Insiders Place Their Bets

In other Newmont news, CEO Thomas Ronald Palmer sold 13,000 shares of Newmont stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the transaction, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.06% of the company’s stock.

Newmont Price Performance

Shares of NYSE NEM traded down $1.46 during trading hours on Monday, reaching $47.05. 11,505,410 shares of the stock traded hands, compared to its average volume of 11,249,009. The company has a market capitalization of $53.99 billion, a P/E ratio of -17.73, a price-to-earnings-growth ratio of 0.37 and a beta of 0.47. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $50.72. The company’s 50-day simple moving average is $43.95 and its two-hundred day simple moving average is $39.19.

Newmont (NYSE:NEM) last announced its quarterly earnings data 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 company had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. Newmont’s revenue for the quarter was up 64.1% compared to the same quarter last year. During the same period last year, the firm posted $0.33 EPS. Equities research analysts forecast that Newmont Co. will post 2.76 EPS for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 5th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 2.13%. Newmont’s dividend payout ratio (DPR) is currently -37.45%.

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.