Tobam Sells 14,590 Shares of Newmont Co. (NYSE:NEM)

Tobam cut its holdings in Newmont Co. (NYSE:NEM - Free Report) by 26.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 41,084 shares of the basic materials company's stock after selling 14,590 shares during the quarter. Tobam's holdings in Newmont were worth $1,984,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in NEM. Norges Bank bought a new position in shares of Newmont in the fourth quarter worth about $626,074,000. Voloridge Investment Management LLC bought a new position in Newmont in the 4th quarter worth approximately $92,693,000. Capital Research Global Investors lifted its holdings in Newmont by 70.7% during the 4th quarter. Capital Research Global Investors now owns 5,644,953 shares of the basic materials company's stock worth $210,105,000 after buying an additional 2,338,953 shares in the last quarter. Renaissance Technologies LLC bought a new position in Newmont in the 4th quarter valued at $76,281,000. Finally, Invesco Ltd. raised its position in shares of Newmont by 23.9% during the fourth quarter. Invesco Ltd. now owns 10,520,354 shares of the basic materials company's stock worth $391,568,000 after acquiring an additional 2,028,150 shares during the last quarter. 68.85% of the stock is owned by institutional investors.

Newmont Stock Up 3.5%

Shares of NEM traded up $1.95 during midday trading on Friday, hitting $57.87. The stock had a trading volume of 19,673,056 shares, compared to its average volume of 10,351,984. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The firm has a market cap of $64.41 billion, a price-to-earnings ratio of 19.75, a price-to-earnings-growth ratio of 0.41 and a beta of 0.31. The company has a 50 day simple moving average of $53.00 and a two-hundred day simple moving average of $46.38. Newmont Co. has a twelve month low of $36.86 and a twelve month high of $58.72.

Newmont (NYSE:NEM - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 EPS for the quarter, topping the consensus estimate of $0.71 by $0.54. Newmont had a net margin of 17.92% and a return on equity of 13.52%. The business had revenue of $5.01 billion during the quarter, compared to analysts' expectations of $4.82 billion. During the same quarter in the prior year, the company posted $0.55 earnings per share. On average, analysts anticipate that Newmont Co. will post 3.45 EPS for the current year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Tuesday, May 27th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $1.00 annualized dividend and a yield of 1.73%. Newmont's payout ratio is presently 22.42%.

Insider Activity at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $51.48, for a total value of $106,923.96. Following the completion of the sale, the director now owns 47,257 shares in the company, valued at $2,432,790.36. This trade represents a 4.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $54.09, for a total transaction of $162,270.00. Following the transaction, the executive vice president now owns 77,526 shares in the company, valued at $4,193,381.34. This represents a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,154 shares of company stock valued at $381,539. Insiders own 0.05% of the company's stock.

Analyst Ratings Changes

NEM has been the subject of a number of research reports. Raymond James reiterated an "outperform" rating and issued a $66.00 price objective on shares of Newmont in a research report on Friday, April 25th. UBS Group raised shares of Newmont from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $50.00 to $60.00 in a research note on Friday, April 11th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Newmont in a research note on Thursday, April 24th. National Bankshares reiterated a "sector perform" rating on shares of Newmont in a research report on Wednesday, April 23rd. Finally, TD Securities reduced their price target on Newmont from $46.00 to $45.00 and set a "hold" rating on the stock in a research report on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $57.68.

About Newmont

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.