Newmont Corporation $NEM Shares Sold by DAVENPORT & Co LLC

DAVENPORT & Co LLC lowered its position in shares of Newmont Corporation (NYSE:NEM) by 7.4% during the second quarter, Holdings Channel reports. The firm owned 43,909 shares of the basic materials company’s stock after selling 3,501 shares during the quarter. DAVENPORT & Co LLC’s holdings in Newmont were worth $2,558,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Generate Investment Management Ltd increased its position in shares of Newmont by 25.9% during the second quarter. Generate Investment Management Ltd now owns 378,975 shares of the basic materials company’s stock worth $22,079,000 after purchasing an additional 77,865 shares in the last quarter. Bessemer Group Inc. grew its holdings in shares of Newmont by 13.2% during the first quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company’s stock worth $569,000 after buying an additional 1,379 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Newmont during the first quarter worth about $423,000. Spire Wealth Management grew its holdings in shares of Newmont by 125.0% during the first quarter. Spire Wealth Management now owns 2,356 shares of the basic materials company’s stock worth $114,000 after buying an additional 1,309 shares during the last quarter. Finally, Bayforest Capital Ltd grew its holdings in shares of Newmont by 269.4% during the first quarter. Bayforest Capital Ltd now owns 8,829 shares of the basic materials company’s stock worth $426,000 after buying an additional 6,439 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on NEM shares. 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 report on Thursday, September 11th. Royal Bank Of Canada raised Newmont from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $66.00 to $95.00 in a report on Wednesday, September 10th. BNP Paribas lowered Newmont from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 4th. Stifel Canada raised Newmont to a “strong-buy” rating in a report on Tuesday, July 8th. Finally, Weiss Ratings lowered Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.56.

Newmont Price Performance

Shares of NEM opened at $88.41 on Thursday. Newmont Corporation has a twelve month low of $36.86 and a twelve month high of $89.37. The stock’s 50 day moving average is $75.86 and its two-hundred day moving average is $61.92. The firm has a market capitalization 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 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) last announced its quarterly earnings data 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. The company had revenue of $5.32 billion for the quarter, compared to analyst estimates of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The firm’s revenue for the quarter was up 20.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.72 EPS. Research analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Thursday, September 4th were paid 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 1.1%. Newmont’s payout ratio is 17.95%.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $190,980.00. Following the sale, the executive vice president owned 58,736 shares of the company’s stock, valued at $3,739,133.76. The trade was a 4.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of the business’s stock in a transaction that occurred on Wednesday, August 6th. The stock was 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 position. The disclosure for this sale can be found here. Insiders have sold 16,249 shares of company stock valued at $1,132,065 in the last quarter. 0.05% of the stock is currently owned by corporate insiders.

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.