Frank Rimerman Advisors LLC Reduces Stock Position in Newmont Corporation $NEM

Frank Rimerman Advisors LLC cut its stake in Newmont Corporation (NYSE:NEM) by 18.8% in the second quarter, HoldingsChannel.com reports. The fund owned 8,060 shares of the basic materials company’s stock after selling 1,869 shares during the period. Frank Rimerman Advisors LLC’s holdings in Newmont were worth $470,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Colonial Trust Advisors grew its position in Newmont by 315.4% in the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 429 shares during the period. Concord Wealth Partners boosted its stake in shares of Newmont by 534.7% in the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock worth $27,000 after buying an additional 385 shares during the last quarter. Evermay Wealth Management LLC grew its holdings in shares of Newmont by 408.2% in the second quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 400 shares during the period. TCTC Holdings LLC grew its stake in shares of Newmont by 123.1% during the 1st quarter. TCTC Holdings LLC now owns 656 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 362 shares during the period. Finally, Dagco Inc. bought a new stake in Newmont during the first quarter valued at approximately $32,000. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Up 0.9%

Shares of NYSE NEM opened at $87.42 on Thursday. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $98.58. The firm has a 50-day simple moving average of $85.20 and a two-hundred day simple moving average of $69.54. The company has a market cap of $95.40 billion, a P/E ratio of 13.57, a PEG ratio of 0.53 and a beta of 0.33. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74.

Newmont (NYSE:NEM) last released its earnings results 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. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The firm had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the prior year, the firm posted $0.81 earnings per share. The company’s quarterly revenue was up 20.0% on a year-over-year basis. Research analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Dividend Announcement

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

Insider Buying and Selling at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $80.96, for a total value of $168,396.80. Following the transaction, the director owned 34,789 shares of the company’s stock, valued at $2,816,517.44. This trade represents a 5.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s 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 sale, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at approximately $22,768,936.82. This trade represents a 1.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 11,237 shares of company stock valued at $906,799. Corporate insiders own 0.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Bank of America boosted their price target on Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Wall Street Zen lowered shares of Newmont from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 2nd. BNP Paribas cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 4th. UBS Group boosted their target price on shares of Newmont from $92.00 to $105.50 and gave the stock a “buy” rating in a report on Thursday, October 16th. Finally, BNP Paribas Exane lifted their target price on Newmont from $66.00 to $92.00 and gave the stock an “outperform” rating in a report on Monday, September 15th. Four research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Newmont has an average rating of “Moderate Buy” and an average price target of $88.99.

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.