International Assets Investment Management LLC Sells 4,708 Shares of Newmont Corporation $NEM

Key Points

• International Assets Investment Management LLC reduced its stake in Newmont Corporation by 29.6%, now holding 11,178 shares valued at $651,000.
• Newmont's recent quarterly earnings report showed a significant earnings per share (EPS) of $1.43, exceeding analysts' expectations and resulting in a 20.8% increase in revenue year-over-year.
• Directors at Newmont have sold shares recently, with director Bruce R. Brook selling 2,080 shares for approximately $176,779, indicating a decrease in insider ownership.

International Assets Investment Management LLC lessened its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 29.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,178 shares of the basic materials company's stock after selling 4,708 shares during the quarter. International Assets Investment Management LLC's holdings in Newmont were worth $651,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hemington Wealth Management grew its stake in Newmont by 17.6% in the second quarter. Hemington Wealth Management now owns 1,135 shares of the basic materials company's stock worth $66,000 after purchasing an additional 170 shares during the period. IVC Wealth Advisors LLC grew its stake in Newmont by 1.3% in the second quarter. IVC Wealth Advisors LLC now owns 13,947 shares of the basic materials company's stock worth $813,000 after purchasing an additional 173 shares during the period. Thurston Springer Miller Herd & Titak Inc. grew its stake in Newmont by 11.9% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,737 shares of the basic materials company's stock worth $101,000 after purchasing an additional 185 shares during the period. Aaron Wealth Advisors LLC grew its stake in Newmont by 4.4% in the second quarter. Aaron Wealth Advisors LLC now owns 4,460 shares of the basic materials company's stock worth $260,000 after purchasing an additional 190 shares during the period. Finally, Chelsea Counsel Co. grew its stake in Newmont by 1.0% in the second quarter. Chelsea Counsel Co. now owns 18,320 shares of the basic materials company's stock worth $1,067,000 after purchasing an additional 190 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total transaction of $176,779.20. Following the sale, the director directly owned 36,869 shares of the company's stock, valued at $3,133,496.31. This trade represents a 5.34% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,249 shares of company stock valued at $1,132,065 over the last ninety days. Insiders own 0.05% of the company's stock.

Newmont Trading Down 9.1%

NYSE NEM opened at $86.26 on Wednesday. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $98.58. The stock has a market cap of $94.75 billion, a P/E ratio of 15.49, a P/E/G ratio of 0.65 and a beta of 0.34. The stock's fifty day moving average price is $80.11 and its 200-day moving average price is $64.69. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23.

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

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Thursday, September 4th were given 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 dividend yield of 1.2%. Newmont's dividend payout ratio (DPR) is 17.95%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on NEM shares. National Bankshares reaffirmed an "outperform" rating on shares of Newmont in a research note on Monday, September 22nd. UBS Group upped their price target on Newmont from $92.00 to $105.50 and gave the stock a "buy" rating in a research note on Thursday, October 16th. BNP Paribas Exane increased their target price on Newmont from $66.00 to $92.00 and gave the stock an "outperform" rating in a research note on Monday, September 15th. Macquarie cut Newmont from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 2nd. Finally, CIBC set a $112.00 target price on Newmont and gave the stock an "outperformer" rating in a research note on Friday, October 10th. Four research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Newmont currently has an average rating of "Moderate Buy" and a consensus price target of $87.59.

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.

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