Philadelphia Trust Co. Reduces Stock Position in Newmont Co. (NYSE:NEM)

Philadelphia Trust Co. lowered its holdings in Newmont Co. (NYSE:NEM) by 6.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 241,659 shares of the basic materials company’s stock after selling 17,236 shares during the quarter. Philadelphia Trust Co.’s holdings in Newmont were worth $8,995,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Van ECK Associates Corp grew its stake in shares of 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 buying an additional 797,445 shares during the last quarter. Geode Capital Management LLC boosted its stake in Newmont by 5.2% during the 4th quarter. Geode Capital Management LLC now owns 24,697,779 shares of the basic materials company’s stock valued at $919,484,000 after purchasing an additional 1,213,397 shares during the last quarter. Norges Bank bought a new stake in shares of Newmont in the 4th quarter worth $626,074,000. Amundi boosted its position in shares of Newmont by 14.0% during the fourth quarter. Amundi now owns 12,302,579 shares of the basic materials company’s stock valued at $481,400,000 after buying an additional 1,507,708 shares during the last quarter. Finally, Invesco Ltd. lifted its position in Newmont by 23.9% during the fourth quarter. Invesco Ltd. now owns 10,520,354 shares of the basic materials company’s stock valued at $391,568,000 after purchasing an additional 2,028,150 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on NEM shares. Scotiabank reduced their price target on shares of Newmont from $52.00 to $50.00 and set a “sector perform” rating for the company in a research report on Tuesday, January 21st. The Goldman Sachs Group began coverage on shares of Newmont in a research report on Monday, January 13th. They set a “buy” rating and a $47.20 price objective for the company. StockNews.com upgraded Newmont from a “hold” rating to a “buy” rating in a research report on Monday, February 24th. TD Securities cut their price objective on Newmont from $46.00 to $45.00 and set a “hold” rating for the company in a research note on Wednesday, February 26th. Finally, UBS Group upgraded shares of Newmont from a “neutral” rating to a “buy” rating and raised their target price for the stock from $50.00 to $60.00 in a research note on Friday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and an average price target of $54.55.

Insider Buying and Selling

In related news, COO Natascha Viljoen sold 9,000 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $42.89, for a total value of $386,010.00. Following the transaction, the chief operating officer now directly owns 136,967 shares of the company’s stock, valued at $5,874,514.63. This represents a 6.17 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $42.89, for a total value of $89,082.53. Following the sale, the director now directly owns 49,993 shares of the company’s stock, valued at $2,144,199.77. This trade represents a 3.99 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,154 shares of company stock worth $825,678 in the last three months. 0.05% of the stock is owned by insiders.

Newmont Stock Performance

Shares of NYSE:NEM opened at $54.80 on Friday. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. Newmont Co. has a 12 month low of $36.60 and a 12 month high of $58.72. The company has a market capitalization of $61.77 billion, a price-to-earnings ratio of 18.70, a PEG ratio of 0.41 and a beta of 0.54. The firm’s 50-day moving average is $46.17 and its 200 day moving average is $45.04.

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

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 27th. Investors of record on Tuesday, March 4th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.82%. The ex-dividend date of this dividend was Tuesday, March 4th. Newmont’s payout ratio is 34.13%.

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.