Cidel Asset Management Inc. Trims Position in Newmont Corporation $NEM

Cidel Asset Management Inc. trimmed its holdings in shares of Newmont Corporation (NYSE:NEM) by 2.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,887 shares of the basic materials company’s stock after selling 317 shares during the quarter. Cidel Asset Management Inc.’s holdings in Newmont were worth $634,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Knights of Columbus Asset Advisors LLC increased its position in shares of Newmont by 59.6% during the 2nd quarter. Knights of Columbus Asset Advisors LLC now owns 15,653 shares of the basic materials company’s stock worth $912,000 after purchasing an additional 5,848 shares during the last quarter. Generate Investment Management Ltd increased its position in shares of Newmont by 25.9% during the 2nd quarter. Generate Investment Management Ltd now owns 378,975 shares of the basic materials company’s stock worth $22,079,000 after purchasing an additional 77,865 shares during the last quarter. Bessemer Group Inc. increased its position in shares of Newmont by 13.2% during the 1st quarter. Bessemer Group Inc. now owns 11,791 shares of the basic materials company’s stock worth $569,000 after purchasing an additional 1,379 shares during the last quarter. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Newmont during the 1st quarter worth about $423,000. Finally, Cypress Capital Group increased its position in shares of Newmont by 6.5% during the 2nd quarter. Cypress Capital Group now owns 48,549 shares of the basic materials company’s stock worth $2,828,000 after purchasing an additional 2,959 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on NEM shares. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 10th. Weiss Ratings downgraded Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, October 8th. Bank of America lifted their target price on Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday. Scotiabank lifted 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. Finally, Stifel Nicolaus assumed coverage on Newmont in a research report on Wednesday, July 9th. They issued a “buy” rating and a $73.00 target price for the company. Four investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $87.59.

Insider Activity

In other news, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total value of $176,779.20. Following the completion of the transaction, the director owned 36,869 shares in the company, valued at approximately $3,133,496.31. This trade represents a 5.34% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $63.66, for a total value of $190,980.00. Following the completion of the transaction, the executive vice president owned 58,736 shares of the company’s stock, valued at $3,739,133.76. The trade was a 4.86% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,249 shares of company stock worth $1,132,065. 0.05% of the stock is currently owned by company insiders.

Newmont Stock Performance

Shares of NEM opened at $90.76 on Monday. The stock has a 50-day simple moving average of $79.24 and a 200-day simple moving average of $64.19. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The stock has a market capitalization of $99.69 billion, a PE ratio of 16.29, a PEG ratio of 0.63 and a beta of 0.34. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $98.58.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business’s quarterly revenue was up 20.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.72 EPS. On average, analysts predict that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Thursday, September 4th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Thursday, September 4th. Newmont’s dividend payout ratio (DPR) is presently 17.95%.

Newmont 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.