Bank of New York Mellon Corp Sells 1,779,032 Shares of Newmont Co. (NYSE:NEM)

Bank of New York Mellon Corp trimmed its holdings in Newmont Co. (NYSE:NEM) by 10.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 14,707,283 shares of the basic materials company’s stock after selling 1,779,032 shares during the quarter. Bank of New York Mellon Corp owned 1.29% of Newmont worth $547,405,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Van ECK Associates Corp raised its position in Newmont by 1.6% in the 4th quarter. Van ECK Associates Corp now owns 49,747,598 shares of the basic materials company’s stock worth $1,851,606,000 after purchasing an additional 797,445 shares during the period. Geode Capital Management LLC grew its stake in shares of Newmont by 1.4% during the third quarter. Geode Capital Management LLC now owns 23,484,382 shares of the basic materials company’s stock valued at $1,253,457,000 after buying an additional 326,243 shares during the last quarter. FMR LLC increased its holdings in shares of Newmont by 21.1% in the third quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock worth $376,953,000 after buying an additional 1,226,697 shares during the period. Ninety One UK Ltd lifted its stake in shares of Newmont by 27.5% in the 4th quarter. Ninety One UK Ltd now owns 3,456,456 shares of the basic materials company’s stock valued at $128,649,000 after acquiring an additional 744,718 shares during the last quarter. Finally, Swiss National Bank boosted its holdings in Newmont by 0.3% during the 3rd quarter. Swiss National Bank now owns 3,422,605 shares of the basic materials company’s stock valued at $182,938,000 after acquiring an additional 9,500 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Buying and Selling at Newmont

In related news, COO Natascha Viljoen sold 9,000 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $40.00, for a total transaction of $360,000.00. Following the sale, the chief operating officer now directly owns 145,967 shares of the company’s stock, valued at approximately $5,838,680. This represents a 5.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the completion of the transaction, the executive vice president now directly owns 82,596 shares of the company’s stock, valued at $3,303,840. This trade represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 28,154 shares of company stock valued at $1,166,843. Corporate insiders own 0.06% of the company’s stock.

Newmont Trading Down 2.6 %

NYSE NEM opened at $42.90 on Wednesday. The firm has a market capitalization of $48.83 billion, a PE ratio of 14.64, a P/E/G ratio of 0.41 and a beta of 0.52. The stock’s 50 day moving average is $41.70 and its 200 day moving average is $46.39. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $58.72. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, February 20th. The basic materials company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.29. The firm had revenue of $5.65 billion for the quarter, compared to analysts’ expectations of $5.32 billion. Newmont had a net margin of 17.92% and a return on equity of 13.52%. Research analysts forecast that Newmont Co. will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 27th. Shareholders of record on Tuesday, March 4th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend is Tuesday, March 4th. Newmont’s dividend payout ratio (DPR) is presently 34.13%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on NEM shares. The Goldman Sachs Group began coverage on Newmont in a research note on Monday, January 13th. They set a “buy” rating and a $47.20 price objective for the company. Bernstein Bank increased their price target on shares of Newmont from $55.00 to $58.00 in a research report on Monday, November 11th. CLSA began coverage on shares of Newmont in a research report on Friday, November 29th. They issued an “underperform” rating on the stock. Scotiabank dropped their target price on shares of Newmont from $52.00 to $50.00 and set a “sector perform” rating for the company in a report on Tuesday, January 21st. Finally, Raymond James reduced their price target on Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a report on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.37.

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.