Newmont Corporation $NEM Stake Cut by TIAA Trust National Association

TIAA Trust National Association lessened its holdings in Newmont Corporation (NYSE:NEM) by 19.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,203 shares of the basic materials company’s stock after selling 1,271 shares during the quarter. TIAA Trust National Association’s holdings in Newmont were worth $303,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Hemington Wealth Management boosted its holdings in shares of Newmont by 17.6% in the 2nd quarter. Hemington Wealth Management now owns 1,135 shares of the basic materials company’s stock valued at $66,000 after buying an additional 170 shares during the period. IVC Wealth Advisors LLC lifted its holdings in Newmont by 1.3% in the second quarter. IVC Wealth Advisors LLC now owns 13,947 shares of the basic materials company’s stock worth $813,000 after acquiring an additional 173 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. boosted its stake in Newmont by 11.9% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,737 shares of the basic materials company’s stock valued at $101,000 after acquiring an additional 185 shares during the period. Aaron Wealth Advisors LLC grew its holdings in shares of Newmont by 4.4% during the second 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 during the last quarter. Finally, Chelsea Counsel Co. raised its position in shares of Newmont by 1.0% during the 2nd quarter. Chelsea Counsel Co. now owns 18,320 shares of the basic materials company’s stock worth $1,067,000 after purchasing an additional 190 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Stock Up 3.4%

NEM stock opened at $81.61 on Thursday. The firm’s 50-day moving average is $82.77 and its two-hundred day moving average is $67.16. The company has a market capitalization of $89.06 billion, a price-to-earnings ratio of 12.67, a price-to-earnings-growth ratio of 0.53 and a beta of 0.33. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $98.58. The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17.

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

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th will be issued a $0.25 dividend. The ex-dividend date is Wednesday, November 26th. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. Newmont’s dividend payout ratio is 15.53%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Macquarie lowered Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, September 2nd. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and raised their target price for the company from $71.50 to $114.00 in a research note on Thursday, October 23rd. Stifel Nicolaus assumed coverage on shares of Newmont in a research report on Wednesday, July 9th. They set a “buy” rating and a $73.00 price target for the company. The Goldman Sachs Group set a $104.30 price objective on shares of Newmont and gave the stock a “buy” rating in a report on Sunday, October 12th. Finally, Weiss Ratings raised shares of Newmont from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Saturday, October 25th. Five investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $86.92.

Insider Activity

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $81.34, for a total transaction of $406,700.00. Following the transaction, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at $22,768,936.82. The trade was a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $80.96, for a total transaction of $168,396.80. Following the completion of the sale, the director directly owned 34,789 shares of the company’s stock, valued at $2,816,517.44. The trade was a 5.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 11,237 shares of company stock valued at $906,799 in the last ninety days. Company insiders own 0.05% of the company’s stock.

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.