Secure Asset Management LLC Cuts Stock Position in Newmont Corporation $NEM

Key Points

• Secure Asset Management LLC reduced its holdings in Newmont Corporation by 42.4% during the second quarter, now maintaining 26,779 shares valued at $1,560,000.
• Research analysts have adjusted their price targets for Newmont, with estimates ranging from $67.00 to $78.00, indicating a consensus rating of "Moderate Buy."
• Newmont announced a quarterly dividend of $0.25 per share, representing an annualized yield of 1.3%, payout scheduled for September 29th.

Secure Asset Management LLC cut its holdings in shares of Newmont Corporation (NYSE:NEM - Free Report) by 42.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 26,779 shares of the basic materials company's stock after selling 19,742 shares during the quarter. Secure Asset Management LLC's holdings in Newmont were worth $1,560,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Bank of New York Mellon Corp raised its position in Newmont by 8.9% during the 1st quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company's stock worth $773,159,000 after buying an additional 1,306,783 shares during the last quarter. Northern Trust Corp increased its holdings in shares of Newmont by 1.5% during the 1st quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company's stock valued at $624,458,000 after purchasing an additional 191,940 shares in the last quarter. Amundi increased its holdings in shares of Newmont by 2.8% during the 1st quarter. Amundi now owns 12,646,114 shares of the basic materials company's stock valued at $611,187,000 after purchasing an additional 343,535 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Newmont by 2.2% during the 1st quarter. Invesco Ltd. now owns 10,748,470 shares of the basic materials company's stock valued at $518,936,000 after purchasing an additional 228,116 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Newmont by 16.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 9,407,995 shares of the basic materials company's stock valued at $350,166,000 after purchasing an additional 1,331,278 shares in the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on NEM shares. Stifel Canada raised shares of Newmont to a "strong-buy" rating in a report on Tuesday, July 8th. Zacks Research lowered shares of Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. Raymond James Financial lifted their price target on shares of Newmont from $67.00 to $69.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Wall Street Zen raised shares of Newmont from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Finally, Stifel Nicolaus began coverage on shares of Newmont in a research note on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price target on the stock. Four research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Newmont presently has an average rating of "Moderate Buy" and an average price target of $72.31.

Insider Transactions at Newmont

In other news, 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 transaction, the chief accounting officer owned 32,615 shares in the company, valued at $2,218,472.30. The trade was a 17.70% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated 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 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 disclosure for this sale can be found here. Insiders have sold a total of 19,246 shares of company stock worth $1,253,559 in the last quarter. Company insiders own 0.05% of the company's stock.

Newmont Trading Up 2.5%

Shares of NYSE NEM traded up $2.02 during trading on Monday, hitting $83.74. 14,015,439 shares of the company were exchanged, compared to its average volume of 11,060,405. Newmont Corporation has a 12-month low of $36.86 and a 12-month high of $83.89. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The company has a fifty day moving average price of $69.93 and a 200-day moving average price of $58.80. The firm has a market capitalization of $91.98 billion, a PE ratio of 15.03, a P/E/G ratio of 0.96 and a beta of 0.33.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, topping 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 business had revenue of $5.32 billion for the quarter, compared to analyst estimates of $4.70 billion. During the same quarter in the previous year, the firm earned $0.72 EPS. The company's quarterly revenue was up 20.8% compared to the same quarter last year. As a group, equities research analysts expect that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Announces Dividend

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

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.