Inlet Private Wealth LLC Lowers Stake in Newmont Co. (NYSE:NEM)

Inlet Private Wealth LLC lowered its stake in Newmont Co. (NYSE:NEM - Free Report) by 27.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 31,120 shares of the basic materials company's stock after selling 12,000 shares during the quarter. Inlet Private Wealth LLC's holdings in Newmont were worth $1,663,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in NEM. Vanguard Group Inc. increased its holdings in shares of Newmont by 13.6% in the 1st quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company's stock worth $4,836,262,000 after purchasing an additional 16,190,422 shares in the last quarter. Van ECK Associates Corp lifted its stake in shares of Newmont by 2.6% during the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company's stock valued at $2,131,939,000 after buying an additional 1,289,084 shares in the last quarter. Legal & General Group Plc grew its position in shares of Newmont by 1.4% during the second quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company's stock worth $337,909,000 after purchasing an additional 109,084 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Newmont by 8.6% during the second quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company's stock valued at $289,445,000 after buying an additional 545,903 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Newmont by 6.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,907,101 shares of the basic materials company's stock worth $175,872,000 after acquiring an additional 313,736 shares during the last quarter. Institutional investors own 68.85% of the company's stock.

Newmont Trading Up 0.4 %

Shares of NYSE NEM traded up $0.22 during mid-day trading on Thursday, reaching $56.49. The company had a trading volume of 5,014,896 shares, compared to its average volume of 10,175,233. The stock has a market cap of $65.14 billion, a price-to-earnings ratio of -21.07, a price-to-earnings-growth ratio of 0.43 and a beta of 0.50. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $57.32. The business's 50-day moving average is $52.51 and its 200-day moving average is $46.04.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $4.40 billion for the quarter, compared to analysts' expectations of $4.13 billion. During the same quarter in the prior year, the firm earned $0.33 earnings per share. Newmont's revenue was up 64.1% compared to the same quarter last year. Equities analysts expect that Newmont Co. will post 3.1 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 5th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend was Thursday, September 5th. Newmont's dividend payout ratio (DPR) is -37.45%.

Analysts Set New Price Targets

Several analysts have commented on the stock. UBS Group increased their price objective on shares of Newmont from $65.00 to $67.00 and gave the company a "buy" rating in a report on Tuesday. Bank of America lifted their price objective on Newmont from $49.00 to $50.00 and gave the stock a "buy" rating in a research note on Wednesday, June 26th. Argus upgraded Newmont from a "hold" rating to a "buy" rating and set a $58.00 target price for the company in a research report on Thursday, August 29th. CIBC upgraded shares of Newmont from a "neutral" rating to a "sector outperform" rating and boosted their price target for the stock from $46.00 to $61.00 in a research report on Wednesday, July 10th. Finally, Cibc World Mkts upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, July 10th. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $53.46.

Insider Activity

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the sale, the chief executive officer now owns 311,469 shares of the company's stock, valued at approximately $15,420,830.19. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the transaction, the chief executive officer now directly owns 311,469 shares of the company's stock, valued at $15,420,830.19. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares in the company, valued at approximately $4,963,452.12. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,000 shares of company stock worth $3,434,640. 0.06% of the stock is currently owned by corporate insiders.

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.