Geode Capital Management LLC Trims Stock Holdings in Newmont Corporation $NEM

Geode Capital Management LLC lessened its stake in shares of Newmont Corporation (NYSE:NEM) by 0.2% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 25,089,898 shares of the basic materials company’s stock after selling 59,921 shares during the quarter. Geode Capital Management LLC’s holdings in Newmont were worth $1,454,689,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in NEM. Colonial Trust Advisors increased its holdings in Newmont by 315.4% in the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 429 shares during the last quarter. Concord Wealth Partners grew its stake in shares of Newmont by 534.7% in the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock valued at $27,000 after buying an additional 385 shares in the last quarter. Evermay Wealth Management LLC raised its holdings in shares of Newmont by 408.2% in the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock valued at $29,000 after buying an additional 400 shares during the period. TCTC Holdings LLC lifted its stake in Newmont by 123.1% during the 1st quarter. TCTC Holdings LLC now owns 656 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 362 shares in the last quarter. Finally, Dagco Inc. acquired a new position in Newmont during the 1st quarter worth about $32,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Newmont

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of the stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction of $406,700.00. Following the completion of the transaction, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at $22,768,936.82. This represents a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $80.96, for a total value 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. This represents a 5.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 11,237 shares of company stock valued at $906,799 in the last 90 days. Company insiders own 0.05% of the company’s stock.

Newmont Price Performance

Shares of NEM opened at $93.12 on Thursday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. Newmont Corporation has a fifty-two week low of $36.86 and a fifty-two week high of $98.58. The firm has a 50-day simple moving average of $84.05 and a 200-day simple moving average of $68.31. The company has a market capitalization of $101.62 billion, a price-to-earnings ratio of 14.46, a price-to-earnings-growth ratio of 0.53 and a beta of 0.33.

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 the consensus estimate of $1.27 by $0.44. The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.14 billion. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The firm’s revenue was up 20.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.81 EPS. On average, equities research analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Wednesday, November 26th. Newmont’s dividend payout ratio (DPR) is 15.53%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. UBS Group boosted their price target on shares of Newmont from $92.00 to $105.50 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Raymond James Financial set a $99.00 price objective on Newmont and gave the stock an “outperform” rating in a research report on Friday, October 24th. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the stock from $71.50 to $114.00 in a research note on Thursday, October 23rd. National Bankshares reissued an “outperform” rating on shares of Newmont in a research report on Monday, September 22nd. Finally, Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 10th. Five analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $88.99.

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.