Deane Retirement Strategies Inc. Lowers Stake in Newmont Corporation $NEM

Key Points

• Deane Retirement Strategies Inc. reduced its stake in Newmont Corporation by 47.5% during the second quarter, selling over 62,000 shares and holding $4,026,000 worth of the stock afterwards.
• Newmont's earnings per share for the last quarter were reported at $1.43, surpassing analysts' expectations of $0.95, and the company saw a 20.8% revenue increase year-over-year.
• The company declared a quarterly dividend of $0.25 per share, with a payout ratio of 17.95%, marking an annualized yield of 1.2% for its investors.

Deane Retirement Strategies Inc. trimmed its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 47.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 69,195 shares of the basic materials company's stock after selling 62,540 shares during the period. Newmont accounts for approximately 1.8% of Deane Retirement Strategies Inc.'s holdings, making the stock its 25th largest holding. Deane Retirement Strategies Inc.'s holdings in Newmont were worth $4,026,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in NEM. Farther Finance Advisors LLC boosted its holdings in Newmont by 5.8% in the 2nd quarter. Farther Finance Advisors LLC now owns 17,339 shares of the basic materials company's stock worth $1,010,000 after acquiring an additional 957 shares during the period. UMB Bank n.a. raised its stake in Newmont by 60.2% during the second quarter. UMB Bank n.a. now owns 7,274 shares of the basic materials company's stock valued at $424,000 after buying an additional 2,734 shares in the last quarter. Diversified Trust Co bought a new stake in shares of Newmont during the 2nd quarter valued at about $1,619,000. Assenagon Asset Management S.A. grew its position 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 during the last quarter. Finally, Perpetual Ltd grew its position 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 during the last quarter. Institutional investors and hedge funds own 68.85% of the company's stock.

Newmont Stock Up 4.3%

NYSE:NEM opened at $81.68 on Friday. The firm has a market capitalization of $89.72 billion, a price-to-earnings ratio of 14.66, a price-to-earnings-growth ratio of 0.92 and a beta of 0.34. Newmont Corporation has a twelve month low of $36.86 and a twelve month high of $82.05. The stock's 50 day moving average price is $69.47 and its two-hundred day moving average price is $58.32. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23.

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

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be given a dividend of $0.25 per share. The ex-dividend date is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. Newmont's payout ratio is currently 17.95%.

Insider Buying and Selling

In other news, CAO Brian Tabolt sold 7,015 shares of the firm's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the transaction, the chief accounting officer directly owned 32,615 shares of the company's stock, valued at $2,218,472.30. This trade represents a 17.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the firm's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total value of $154,923.43. Following the completion of the transaction, the director directly owned 38,949 shares of the company's stock, valued at $2,905,205.91. The trade was a 5.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 19,246 shares of company stock worth $1,253,559 in the last 90 days. Insiders own 0.05% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on NEM. UBS Group upped their target price on shares of Newmont from $70.00 to $92.00 and gave the stock a "buy" rating in a research report on Friday. Raymond James Financial raised their target price on shares of Newmont from $67.00 to $69.00 and gave the stock an "outperform" rating in a report on Monday, July 28th. National Bank Financial upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a report on Friday, July 25th. BNP Paribas cut shares of Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. Finally, Macquarie cut shares of Newmont from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 2nd. Four equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $72.31.

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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