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Chevy Chase Trust Holdings LLC Cuts Stock Holdings in Newmont Corporation $NEM

Newmont logo with Basic Materials background

Key Points

  • Chevy Chase Trust Holdings LLC reduced its stake in Newmont Corporation by 4%, holding 731,024 shares valued at approximately $42.6 million after selling 30,150 shares in the second quarter.
  • Several other institutional investors increased their positions in Newmont, with Concord Wealth Partners raising its stake by 534.7%, highlighting a trend among large investors amidst fluctuating stock performance.
  • Newmont's recent quarterly earnings report showed impressive results, with an EPS of $1.43 that exceeded estimates, and a 20.8% year-over-year revenue increase, signaling strong financial health despite mixed analyst ratings.
  • MarketBeat previews the top five stocks to own by November 1st.

Chevy Chase Trust Holdings LLC lowered its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 4.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 731,024 shares of the basic materials company's stock after selling 30,150 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.07% of Newmont worth $42,589,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Concord Wealth Partners raised its stake in Newmont by 534.7% during the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company's stock worth $27,000 after purchasing an additional 385 shares during the period. Cloud Capital Management LLC purchased a new position in Newmont during the first quarter worth approximately $26,000. Colonial Trust Advisors raised its stake in Newmont by 315.4% during the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock worth $27,000 after purchasing an additional 429 shares during the period. Financial Management Professionals Inc. raised its stake in Newmont by 274.1% during the second quarter. Financial Management Professionals Inc. now owns 606 shares of the basic materials company's stock worth $35,000 after purchasing an additional 444 shares during the period. Finally, ST Germain D J Co. Inc. raised its stake in Newmont by 92.3% during the second quarter. ST Germain D J Co. Inc. now owns 625 shares of the basic materials company's stock worth $36,000 after purchasing an additional 300 shares during the period. Hedge funds and other institutional investors own 68.85% of the company's stock.

Analyst Upgrades and Downgrades

NEM has been the topic of a number of recent analyst reports. TD Securities increased their price target on shares of Newmont from $67.00 to $89.00 and gave the stock a "hold" rating in a research note on Wednesday, October 8th. Stifel Nicolaus started coverage on shares of Newmont in a research report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price objective for the company. Macquarie lowered shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 2nd. Weiss Ratings lowered shares of Newmont from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, October 8th. Finally, BNP Paribas Exane increased their price objective on shares of Newmont from $66.00 to $92.00 and gave the stock an "outperform" rating in a research report on Monday, September 15th. Four research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $87.59.

View Our Latest Research Report on Newmont

Newmont Stock Performance

Newmont stock opened at $90.76 on Friday. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $98.58. The company has a market capitalization of $99.69 billion, a price-to-earnings ratio of 16.29, a price-to-earnings-growth ratio of 1.07 and a beta of 0.34. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The firm's fifty day moving average price is $79.24 and its 200 day moving average price is $63.97.

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

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Thursday, September 4th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, September 4th. This represents a $1.00 annualized dividend and a yield of 1.1%. Newmont's payout ratio is 17.95%.

Insider Buying and Selling

In related news, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total transaction of $176,779.20. Following the sale, the director owned 36,869 shares of the company's stock, valued at $3,133,496.31. The trade was a 5.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total transaction of $477,160.30. Following the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. This trade represents a 17.70% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 16,249 shares of company stock valued at $1,132,065 in the last quarter. Company insiders own 0.05% of the company's stock.

Newmont Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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