Conning Inc. Has $307,000 Position in Newmont Corporation $NEM

Conning Inc. lowered its position in shares of Newmont Corporation (NYSE:NEM) by 4.1% in the second quarter, HoldingsChannel reports. The firm owned 5,266 shares of the basic materials company’s stock after selling 227 shares during the period. Conning Inc.’s holdings in Newmont were worth $307,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in NEM. IVC Wealth Advisors LLC raised its stake in shares of Newmont by 1.3% in the second quarter. IVC Wealth Advisors LLC now owns 13,947 shares of the basic materials company’s stock valued at $813,000 after acquiring an additional 173 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its holdings in Newmont by 11.9% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,737 shares of the basic materials company’s stock valued at $101,000 after purchasing an additional 185 shares in the last quarter. Aaron Wealth Advisors LLC increased its holdings in Newmont by 4.4% during the 2nd quarter. Aaron Wealth Advisors LLC now owns 4,460 shares of the basic materials company’s stock valued at $260,000 after purchasing an additional 190 shares in the last quarter. Chelsea Counsel Co. increased its holdings in Newmont by 1.0% during the 2nd quarter. Chelsea Counsel Co. now owns 18,320 shares of the basic materials company’s stock valued at $1,067,000 after purchasing an additional 190 shares in the last quarter. Finally, Hemington Wealth Management increased its holdings in Newmont by 25.2% during the 1st quarter. Hemington Wealth Management now owns 965 shares of the basic materials company’s stock valued at $46,000 after purchasing an additional 194 shares in the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on NEM. The Goldman Sachs Group lifted their price target on Newmont from $63.10 to $77.30 and gave the company a “neutral” rating in a report on Thursday, September 11th. Royal Bank Of Canada upgraded shares of Newmont from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $66.00 to $95.00 in a research report on Wednesday, September 10th. National Bank Financial upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 25th. TD Securities raised their price objective on shares of Newmont from $67.00 to $89.00 and gave the company a “hold” rating in a research report on Wednesday. Finally, CIBC set a $112.00 price target on shares of Newmont and gave the company an “outperformer” rating in a report on Friday. Four investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $81.10.

Insiders Place Their Bets

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction 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 completion of the sale, the executive vice president directly owned 58,736 shares of the company’s stock, valued at $3,739,133.76. The trade was a 4.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 value of $477,160.30. Following the sale, the chief accounting officer directly owned 32,615 shares of the company’s stock, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,249 shares of company stock valued at $1,132,065. Company insiders own 0.05% of the company’s stock.

Newmont Price Performance

Shares of NEM stock opened at $85.07 on Friday. The stock has a 50-day moving average price of $76.77 and a 200 day moving average price of $62.55. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. The firm has a market cap of $93.45 billion, a price-to-earnings ratio of 15.27, a PEG ratio of 0.95 and a beta of 0.34. Newmont Corporation has a 12 month low of $36.86 and a 12 month high of $89.37.

Newmont (NYSE:NEM) last issued 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 net margin of 30.50% and a return on equity of 17.86%. The company had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $4.70 billion. During the same quarter in the previous year, the company earned $0.72 EPS. Newmont’s revenue was up 20.8% on a year-over-year basis. Research analysts expect that Newmont Corporation will post 3.45 EPS for the current year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Thursday, September 4th were issued a dividend of $0.25 per share. 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 payout ratio is currently 17.95%.

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.