Newmont Corporation $NEM Stock Position Decreased by Stack Financial Management Inc

Key Points

• Stack Financial Management Inc reduced its holdings in Newmont Corporation by 34.3%, selling 101,980 shares during the second quarter, leaving them with a total of 195,488 shares valued at approximately $11.39 million.
• Analyst reports show mixed sentiment towards Newmont, with Goldman Sachs setting a price target of $104.30, while Weiss Ratings downgraded the stock from "buy" to "hold."
• Newmont also declared a quarterly dividend of $0.25, representing an annualized yield of 1.2%, with a current payout ratio of 17.95%.

Stack Financial Management Inc decreased its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 34.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 195,488 shares of the basic materials company's stock after selling 101,980 shares during the quarter. Stack Financial Management Inc's holdings in Newmont were worth $11,389,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Cloud Capital Management LLC bought a new stake in shares of Newmont in the 1st quarter worth approximately $26,000. Colonial Trust Advisors grew its stake in Newmont by 315.4% during the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock worth $27,000 after buying an additional 429 shares during the last quarter. Private Trust Co. NA increased its position in Newmont by 122.6% in the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock worth $30,000 after buying an additional 347 shares during the period. Alpine Bank Wealth Management bought a new stake in Newmont in the first quarter valued at $32,000. Finally, TCTC Holdings LLC boosted its holdings in shares of Newmont by 123.1% during the first quarter. TCTC Holdings LLC now owns 656 shares of the basic materials company's stock valued at $32,000 after acquiring an additional 362 shares during the period. 68.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

NEM has been the topic of a number of analyst reports. The Goldman Sachs Group set a $104.30 price objective on shares of Newmont in a report on Sunday. TD Securities raised their price target on shares of Newmont from $67.00 to $89.00 and gave the company a "hold" rating in a research note on Wednesday, October 8th. Weiss Ratings cut Newmont from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, October 8th. National Bankshares reissued an "outperform" rating on shares of Newmont in a report on Monday, September 22nd. Finally, Raymond James Financial set a $96.00 target price on Newmont in a research report on Friday. Four analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $83.18.

Newmont Price Performance

Shares of NYSE:NEM opened at $85.07 on Monday. The stock has a market cap of $93.45 billion, a price-to-earnings ratio of 15.27, a PEG ratio of 0.94 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. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $89.37. The stock's 50 day moving average price is $76.77 and its 200 day moving average price is $62.65.

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

Newmont Announces Dividend

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

Insider Activity

In related news, EVP Peter Toth sold 3,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $190,980.00. Following the completion of the sale, the executive vice president directly owned 58,736 shares in the company, valued at approximately $3,739,133.76. This trade represents a 4.86% decrease in their ownership of the stock. The sale 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 company'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 transaction, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. This represents a 17.70% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,249 shares of company stock worth $1,132,065. Corporate insiders own 0.05% of the company's stock.

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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