Newmont Corporation $NEM Shares Sold by DAVENPORT & Co LLC

Key Points

• DAVENPORT & Co LLC reduced its stake in Newmont Corporation by 7.4%, owning 43,909 shares valued at $2,558,000 after selling 3,501 shares in the second quarter.
• Newmont reported significant quarterly earnings of $1.43 per share, exceeding analyst expectations, with a revenue of $5.32 billion, marking a 20.8% increase year-over-year.
• The company declared a $0.25 quarterly dividend with a yield of 1.1%, maintaining a dividend payout ratio of 17.95%.

DAVENPORT & Co LLC reduced its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 7.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 43,909 shares of the basic materials company's stock after selling 3,501 shares during the period. DAVENPORT & Co LLC's holdings in Newmont were worth $2,558,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Glass Wealth Management Co LLC grew its position in Newmont by 2.8% in the second quarter. Glass Wealth Management Co LLC now owns 88,907 shares of the basic materials company's stock worth $5,180,000 after acquiring an additional 2,390 shares during the period. IVC Wealth Advisors LLC lifted its stake in shares of Newmont by 1.3% in the 2nd quarter. IVC Wealth Advisors LLC now owns 13,947 shares of the basic materials company's stock valued at $813,000 after purchasing an additional 173 shares during the last quarter. Simplicity Wealth LLC purchased a new position in shares of Newmont during the 2nd quarter worth $1,091,000. OLD National Bancorp IN purchased a new position in shares of Newmont during the 2nd quarter worth $278,000. Finally, Highland Capital Management LLC increased its position in shares of Newmont by 82.1% during the 2nd quarter. Highland Capital Management LLC now owns 162,721 shares of the basic materials company's stock worth $9,480,000 after purchasing an additional 73,364 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Newmont Stock Up 1.7%

Newmont stock opened at $88.41 on Thursday. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $89.37. 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 stock has a market cap of $97.11 billion, a PE ratio of 15.87, a P/E/G ratio of 0.97 and a beta of 0.34. The stock's fifty day moving average is $75.86 and its two-hundred day moving average is $61.92.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, beating analysts' consensus estimates 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 earned $0.72 earnings per share. Newmont's quarterly revenue was up 20.8% on a year-over-year basis. On average, sell-side analysts expect that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Thursday, September 4th were paid a $0.25 dividend. The ex-dividend date was Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. Newmont's dividend payout ratio (DPR) is currently 17.95%.

Insider Buying and Selling at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the firm's stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total value of $176,779.20. Following the sale, the director directly owned 36,869 shares in the company, 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 Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of the firm's 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 completion of the sale, the chief accounting officer owned 32,615 shares in the company, valued at approximately $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 16,249 shares of company stock worth $1,132,065 over the last ninety days. Corporate insiders own 0.05% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have commented on NEM shares. National Bankshares reaffirmed an "outperform" rating on shares of Newmont in a research report on Monday, September 22nd. CIBC upped their price objective on shares of Newmont from $74.00 to $78.00 and gave the stock a "neutral" rating in a report on Friday, September 12th. Weiss Ratings downgraded shares of Newmont from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday. Raymond James Financial boosted their target price on Newmont from $77.00 to $84.00 and gave the company an "outperform" rating in a research report on Tuesday, September 23rd. Finally, The Goldman Sachs Group raised their price target on Newmont from $63.10 to $77.30 and gave the stock a "neutral" rating in a research report on Thursday, September 11th. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Newmont presently has a consensus rating of "Moderate Buy" and a consensus price target of $77.56.

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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