Pinnacle Associates Ltd. Has $830,000 Stock Holdings in Newmont Corporation $NEM

Pinnacle Associates Ltd. trimmed its stake in Newmont Corporation (NYSE:NEM) by 10.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,243 shares of the basic materials company’s stock after selling 1,741 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Newmont were worth $830,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of NEM. Nuveen LLC acquired a new stake in Newmont in the first quarter worth $306,507,000. Pacer Advisors Inc. grew its holdings in Newmont by 4,203.5% in the first quarter. Pacer Advisors Inc. now owns 5,376,551 shares of the basic materials company’s stock worth $259,580,000 after purchasing an additional 5,251,616 shares during the period. Assenagon Asset Management S.A. grew its holdings in Newmont by 1,502.5% in the second quarter. Assenagon Asset Management S.A. now owns 4,692,606 shares of the basic materials company’s stock worth $273,391,000 after purchasing an additional 4,399,778 shares during the period. Caisse DE Depot ET Placement DU Quebec grew its holdings in Newmont by 1,074.8% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,411,264 shares of the basic materials company’s stock worth $116,416,000 after purchasing an additional 2,206,017 shares during the period. Finally, Robeco Institutional Asset Management B.V. grew its holdings in Newmont by 2,003.7% in the second quarter. Robeco Institutional Asset Management B.V. now owns 1,581,171 shares of the basic materials company’s stock worth $92,119,000 after purchasing an additional 1,506,010 shares during the period. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have commented on NEM shares. Macquarie cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 2nd. UBS Group lifted their price objective on shares of Newmont from $92.00 to $105.50 and gave the company a “buy” rating in a report on Thursday, October 16th. BNP Paribas cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 4th. Zacks Research upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Monday, October 20th. Finally, Stifel Nicolaus started coverage on shares of Newmont in a report on Wednesday, July 9th. They set a “buy” rating and a $73.00 price objective for the company. Five investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $86.92.

Newmont Stock Up 0.8%

NEM opened at $81.62 on Tuesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. The company’s 50-day moving average is $82.46 and its 200 day moving average is $66.89. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $98.58. The firm has a market capitalization of $89.07 billion, a P/E ratio of 12.67, a PEG ratio of 0.53 and a beta of 0.34.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.44. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The company had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the firm earned $0.81 earnings per share. The firm’s revenue was up 20.0% on a year-over-year basis. Research analysts expect that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Wednesday, November 26th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, November 26th. Newmont’s dividend payout ratio (DPR) is presently 15.53%.

Insider Transactions at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total transaction of $176,779.20. Following the transaction, the director directly owned 36,869 shares of the company’s stock, valued at $3,133,496.31. This trade represents a 5.34% decrease in their ownership of the stock. The transaction 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 dated Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total transaction of $477,160.30. Following the completion of the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at approximately $2,218,472.30. This represents a 17.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 11,172 shares of company stock worth $808,863 over the last three months. 0.05% of the stock is owned by 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.