Newmont Co. (NYSE:NEM) Shares Sold by Pacer Advisors Inc.

Pacer Advisors Inc. cut its stake in shares of Newmont Co. (NYSE:NEM) by 7.9% during the second quarter, Holdings Channel.com reports. The institutional investor owned 81,836 shares of the basic materials company’s stock after selling 7,064 shares during the quarter. Pacer Advisors Inc.’s holdings in Newmont were worth $3,426,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. LRI Investments LLC acquired a new stake in Newmont during the 1st quarter worth about $25,000. Strategic Financial Concepts LLC purchased a new stake in Newmont in the second quarter valued at approximately $25,000. Meeder Asset Management Inc. purchased a new position in Newmont during the 2nd quarter worth approximately $27,000. Heritage Wealth Advisors boosted its holdings in shares of Newmont by 1,310.4% in the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 878 shares during the last quarter. Finally, Crewe Advisors LLC acquired a new position in Newmont during the first quarter valued at $35,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Newmont

In related news, CEO Thomas Ronald Palmer sold 13,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the transaction, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Thomas Ronald Palmer sold 13,000 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $42.13, for a total value of $547,690.00. Following the completion of the sale, the chief executive officer now owns 331,469 shares in the company, valued at $13,964,788.97. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the transaction, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The disclosure for this sale can be found here. Insiders sold a total of 56,000 shares of company stock valued at $2,744,700 over the last quarter. Company insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

NEM has been the topic of several analyst reports. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a report on Thursday, August 29th. BMO Capital Markets raised their price target on shares of Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. CIBC raised shares of Newmont from a “neutral” rating to a “sector outperform” rating and increased their target price for the stock from $46.00 to $61.00 in a research note on Wednesday, July 10th. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Finally, Bank of America boosted their price objective on Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.62.

Newmont Stock Up 2.5 %

NEM stock opened at $55.85 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $56.09. The firm has a market cap of $64.40 billion, a PE ratio of -20.92, a P/E/G ratio of 0.37 and a beta of 0.49. The firm has a 50 day simple moving average of $50.40 and a 200 day simple moving average of $43.91.

Newmont (NYSE:NEM) last announced its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.62 by $0.10. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. During the same period last year, the company posted $0.33 earnings per share. The business’s revenue for the quarter was up 64.1% on a year-over-year basis. Equities research analysts forecast that Newmont Co. will post 2.82 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be issued a $0.25 dividend. The ex-dividend date is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.79%. Newmont’s payout ratio is currently -37.45%.

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.