Secure Asset Management LLC Decreases Stock Position in Newmont Corporation $NEM

Secure Asset Management LLC lessened its position in Newmont Corporation (NYSE:NEM) by 42.4% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 26,779 shares of the basic materials company’s stock after selling 19,742 shares during the quarter. Secure Asset Management LLC’s holdings in Newmont were worth $1,560,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. SOA Wealth Advisors LLC. lifted its position in shares of Newmont by 64.0% in the first quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 201 shares in the last quarter. Cloud Capital Management LLC purchased a new position in shares of Newmont in the first quarter valued at approximately $26,000. Colonial Trust Advisors lifted its position in shares of Newmont by 315.4% in the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 429 shares in the last quarter. Private Trust Co. NA lifted its position in shares of Newmont by 122.6% in the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 347 shares in the last quarter. Finally, Nexus Investment Management ULC purchased a new position in shares of Newmont in the first quarter valued at approximately $31,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on NEM shares. Scotiabank raised their target price on Newmont from $69.00 to $72.00 and gave the company a “sector perform” rating in a research report on Monday, July 28th. BNP Paribas cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 4th. UBS Group increased their price target on Newmont from $60.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, July 3rd. Zacks Research cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 4th. Finally, CIBC increased their price target on Newmont from $74.00 to $78.00 and gave the company a “neutral” rating in a report on Friday, September 12th. Four research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $70.59.

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total value of $154,923.43. Following the completion of the transaction, the director directly owned 38,949 shares in the company, valued at approximately $2,905,205.91. This trade represents a 5.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the transaction, the chief accounting officer 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. Over the last three months, insiders sold 19,246 shares of company stock worth $1,253,559. Company insiders own 0.05% of the company’s stock.

Newmont Trading Down 0.4%

Shares of NYSE NEM opened at $78.70 on Thursday. Newmont Corporation has a twelve month low of $36.86 and a twelve month high of $80.07. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. The stock has a fifty day simple moving average of $68.67 and a 200-day simple moving average of $57.80. The stock has a market capitalization of $86.45 billion, a PE ratio of 14.13, a PEG ratio of 0.92 and a beta of 0.34.

Newmont (NYSE:NEM) last issued 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 business had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The company’s revenue was up 20.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.72 earnings per share. On average, equities analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be issued a $0.25 dividend. The ex-dividend date is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.3%. Newmont’s dividend payout ratio (DPR) is 17.95%.

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.