Covington Capital Management Sells 1,965 Shares of Newmont Co. (NYSE:NEM)

Covington Capital Management lowered its holdings in Newmont Co. (NYSE:NEMGet Rating) by 81.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 457 shares of the basic materials company’s stock after selling 1,965 shares during the quarter. Covington Capital Management’s holdings in Newmont were worth $27,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Stolper Co increased its stake in Newmont by 4.5% in the second quarter. Stolper Co now owns 25,772 shares of the basic materials company’s stock valued at $1,538,000 after acquiring an additional 1,110 shares during the period. NuWave Investment Management LLC bought a new stake in Newmont in the second quarter valued at about $219,000. Cox Capital Mgt LLC bought a new stake in Newmont in the second quarter valued at about $2,013,000. AdvisorNet Financial Inc grew its stake in Newmont by 9.9% during the second quarter. AdvisorNet Financial Inc now owns 2,391 shares of the basic materials company’s stock worth $143,000 after buying an additional 215 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its stake in Newmont by 0.5% during the second quarter. Massmutual Trust Co. FSB ADV now owns 41,958 shares of the basic materials company’s stock worth $2,504,000 after buying an additional 214 shares during the last quarter. Institutional investors own 81.11% of the company’s stock.

Insider Transactions at Newmont

In related news, COO Robert D. Atkinson sold 3,000 shares of the firm’s stock in a transaction on Friday, July 1st. The shares were sold at an average price of $59.43, for a total value of $178,290.00. Following the completion of the transaction, the chief operating officer now owns 64,617 shares of the company’s stock, valued at $3,840,188.31. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, COO Robert D. Atkinson sold 3,000 shares of the firm’s stock in a transaction on Friday, July 1st. The shares were sold at an average price of $59.43, for a total value of $178,290.00. Following the completion of the transaction, the chief operating officer now owns 64,617 shares of the company’s stock, valued at $3,840,188.31. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Nancy Buese sold 10,000 shares of the firm’s stock in a transaction on Thursday, June 30th. The shares were sold at an average price of $61.50, for a total transaction of $615,000.00. Following the completion of the transaction, the chief financial officer now directly owns 39,530 shares of the company’s stock, valued at approximately $2,431,095. The disclosure for this sale can be found here. Insiders sold 38,000 shares of company stock valued at $2,081,920 over the last quarter. Corporate insiders own 0.11% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on NEM shares. Barclays decreased their price objective on shares of Newmont from $58.00 to $57.00 and set an “equal weight” rating on the stock in a research note on Friday. Canaccord Genuity Group raised shares of Newmont from a “hold” rating to a “buy” rating and decreased their price objective for the stock from $66.00 to $60.00 in a research note on Wednesday, July 27th. Fundamental Research decreased their price objective on shares of Newmont from $79.52 to $63.91 and set a “buy” rating on the stock in a research note on Tuesday, August 9th. TD Securities reduced their target price on shares of Newmont from $64.00 to $52.00 and set a “hold” rating on the stock in a research report on Tuesday, July 26th. Finally, Raymond James reduced their target price on shares of Newmont from $71.00 to $69.00 and set an “outperform” rating on the stock in a research report on Friday. Eleven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $66.94.

Newmont Trading Up 1.3 %

Shares of NYSE NEM opened at $44.27 on Tuesday. The company’s 50 day simple moving average is $46.24 and its 200 day simple moving average is $62.55. Newmont Co. has a fifty-two week low of $40.27 and a fifty-two week high of $86.37. The firm has a market capitalization of $35.14 billion, a P/E ratio of 44.72 and a beta of 0.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.82 and a quick ratio of 2.44.

Newmont (NYSE:NEMGet Rating) last posted its earnings results on Monday, July 25th. The basic materials company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.14). The firm had revenue of $3.06 billion during the quarter, compared to analyst estimates of $3.04 billion. Newmont had a return on equity of 9.13% and a net margin of 6.40%. The company’s revenue for the quarter was down .2% on a year-over-year basis. During the same quarter last year, the business posted $0.83 earnings per share. On average, analysts predict that Newmont Co. will post 2.61 EPS for the current year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 22nd. Stockholders of record on Thursday, September 8th will be given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 4.97%. The ex-dividend date of this dividend is Wednesday, September 7th. Newmont’s dividend payout ratio is 222.22%.

About Newmont

(Get Rating)

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, and Ghana. As of December 31, 2021, it had proven and probable gold reserves of 92.8 million ounces and land position of 62,800 square kilometers.

Further Reading

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Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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