Brendel Financial Advisors LLC Reduces Stock Position in Newmont Corporation $NEM

Key Points

• Brendel Financial Advisors LLC significantly reduced its holdings in Newmont Corporation by 80.9% during the second quarter, leaving them with 8,733 shares valued at approximately $509,000.
• Multiple analysts have revised their price targets for Newmont, with BNP Paribas Exane raising it to $92.00 and Royal Bank of Canada upgrading their rating to outperform with a price target of $95.00.
• Newmont declared a quarterly dividend of $0.25, equating to an annualized dividend yield of 1.2%, with a payout ratio currently at 17.95%.

Brendel Financial Advisors LLC reduced its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 80.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,733 shares of the basic materials company's stock after selling 36,969 shares during the quarter. Brendel Financial Advisors LLC's holdings in Newmont were worth $509,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Diversified Trust Co purchased a new stake in shares of Newmont during the 2nd quarter valued at approximately $1,619,000. Assenagon Asset Management S.A. lifted its stake in shares of Newmont by 1,502.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 4,692,606 shares of the basic materials company's stock valued at $273,391,000 after buying an additional 4,399,778 shares in the last quarter. Perpetual Ltd lifted its stake in shares of Newmont by 5.4% during the 2nd quarter. Perpetual Ltd now owns 784,650 shares of the basic materials company's stock valued at $45,714,000 after buying an additional 39,883 shares in the last quarter. IFM Investors Pty Ltd lifted its stake in shares of Newmont by 3.2% during the 2nd quarter. IFM Investors Pty Ltd now owns 220,189 shares of the basic materials company's stock valued at $12,828,000 after buying an additional 6,889 shares in the last quarter. Finally, Moody National Bank Trust Division lifted its stake in shares of Newmont by 1.5% during the 2nd quarter. Moody National Bank Trust Division now owns 26,540 shares of the basic materials company's stock valued at $1,546,000 after buying an additional 386 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on NEM. BNP Paribas Exane upped their target price on shares of Newmont from $66.00 to $92.00 and gave the stock an "outperform" rating in a report on Monday, September 15th. Scotiabank increased their target price on shares of Newmont from $69.00 to $72.00 and gave the stock a "sector perform" rating in a research note on Monday, July 28th. Royal Bank Of Canada upgraded shares of Newmont from a "sector perform" rating to an "outperform" rating and increased their target price for the stock from $66.00 to $95.00 in a research note on Wednesday, September 10th. UBS Group increased their target price on shares of Newmont from $70.00 to $92.00 and gave the stock a "buy" rating in a research note on Friday. Finally, BNP Paribas cut shares of Newmont from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 4th. Four investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Newmont presently has an average rating of "Moderate Buy" and a consensus target price of $72.31.

Newmont Price Performance

Shares of NYSE:NEM opened at $81.68 on Friday. The company's fifty day moving average price is $69.47 and its 200-day moving average price is $58.32. The firm has a market capitalization of $89.72 billion, a price-to-earnings ratio of 14.66, a PEG ratio of 0.92 and a beta of 0.34. Newmont Corporation has a one year low of $36.86 and a one year high of $82.05. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, topping analysts' consensus estimates of $0.95 by $0.48. The firm had revenue of $5.32 billion for the quarter, compared to analyst estimates of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The business's revenue for the quarter was up 20.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.72 EPS. On average, equities research analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. Newmont's dividend payout ratio is presently 17.95%.

Insider Transactions at Newmont

In other news, CAO Brian Tabolt sold 7,015 shares of the stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the transaction, the chief accounting officer owned 32,615 shares of the company's stock, valued at $2,218,472.30. This represents a 17.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $74.59, for a total transaction of $154,923.43. Following the transaction, the director directly owned 38,949 shares in the company, valued at approximately $2,905,205.91. This represents a 5.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,246 shares of company stock valued at $1,253,559 in the last quarter. Insiders own 0.05% of the company's stock.

Newmont 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.

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