W.G. Shaheen & Associates DBA Whitney & Co Lowers Stock Position in Newmont Co. (NYSE:NEM)

W.G. Shaheen & Associates DBA Whitney & Co cut its stake in shares of Newmont Co. (NYSE:NEM) by 3.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 202,929 shares of the basic materials company’s stock after selling 6,570 shares during the quarter. W.G. Shaheen & Associates DBA Whitney & Co’s holdings in Newmont were worth $8,497,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. American International Group Inc. increased its stake in shares of Newmont by 24.8% in the fourth quarter. American International Group Inc. now owns 292,735 shares of the basic materials company’s stock worth $12,116,000 after purchasing an additional 58,217 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Newmont by 34.1% in the 4th quarter. Principal Financial Group Inc. now owns 1,280,730 shares of the basic materials company’s stock worth $53,009,000 after buying an additional 325,320 shares during the period. Premier Fund Managers Ltd purchased a new stake in Newmont in the 4th quarter worth $1,276,000. Nations Financial Group Inc. IA ADV bought a new stake in Newmont during the fourth quarter valued at about $1,167,000. Finally, Virtu Financial LLC purchased a new position in shares of Newmont in the fourth quarter valued at about $3,313,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on NEM shares. Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research note on Thursday. CIBC upgraded shares of Newmont from a “neutral” rating to a “sector outperform” rating and upped their target price for the company from $46.00 to $61.00 in a research report on Wednesday, July 10th. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and raised their price target for the stock from $48.00 to $59.00 in a research report on Monday, August 19th. Finally, BNP Paribas upgraded shares of Newmont to a “strong-buy” rating in a report on Friday, June 21st. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Newmont has an average rating of “Moderate Buy” and an average target price of $51.46.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $42.13, for a total value of $547,690.00. Following the completion of the sale, the chief executive officer now owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.06% of the stock is owned by company insiders.

Newmont Stock Performance

Newmont stock opened at $53.39 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. The company has a market capitalization of $61.26 billion, a PE ratio of -20.00, a P/E/G ratio of 0.39 and a beta of 0.47. The company has a 50 day moving average price of $47.43 and a 200-day moving average price of $41.34. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $53.88.

Newmont (NYSE:NEM) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.13 billion. During the same period in the previous year, the company posted $0.33 EPS. Newmont’s revenue was up 64.1% on a year-over-year basis. As a group, equities analysts forecast that Newmont Co. will post 2.82 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 5th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.87%. The ex-dividend date of this dividend is Thursday, September 5th. Newmont’s payout ratio is -37.45%.

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.