Meiji Yasuda Asset Management Co Ltd. Sells 430 Shares of Newmont Co. (NYSE:NEM)

Meiji Yasuda Asset Management Co Ltd. cut its holdings in shares of Newmont Co. (NYSE:NEM) by 1.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,591 shares of the basic materials company’s stock after selling 430 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Newmont were worth $1,071,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Mercer Global Advisors Inc. ADV increased its position in shares of Newmont by 10.4% during the second quarter. Mercer Global Advisors Inc. ADV now owns 30,687 shares of the basic materials company’s stock worth $1,285,000 after acquiring an additional 2,888 shares in the last quarter. Mutual of America Capital Management LLC increased its position in shares of Newmont by 5.3% during the second quarter. Mutual of America Capital Management LLC now owns 223,728 shares of the basic materials company’s stock worth $9,367,000 after acquiring an additional 11,275 shares in the last quarter. Plancorp LLC bought a new stake in shares of Newmont during the second quarter worth about $201,000. Pekin Hardy Strauss Inc. grew its position in Newmont by 0.4% in the 2nd quarter. Pekin Hardy Strauss Inc. now owns 64,082 shares of the basic materials company’s stock worth $2,683,000 after purchasing an additional 233 shares in the last quarter. Finally, Moors & Cabot Inc. grew its position in Newmont by 8.5% in the 2nd quarter. Moors & Cabot Inc. now owns 70,265 shares of the basic materials company’s stock worth $2,942,000 after purchasing an additional 5,479 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

Newmont Stock Performance

Shares of NEM stock opened at $53.52 on Friday. The stock has a market capitalization of $61.72 billion, a P/E ratio of -20.04, a PEG ratio of 0.37 and a beta of 0.49. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31. The firm’s 50 day moving average is $49.97 and its 200 day moving average is $43.33. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $54.93.

Newmont (NYSE:NEM) last posted its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. Newmont’s revenue was up 64.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.33 EPS. On average, sell-side analysts anticipate that Newmont Co. will post 2.82 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date is Thursday, September 5th. Newmont’s dividend payout ratio (DPR) is presently -37.45%.

Insider Buying and Selling

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $1,049,400.00. Following the transaction, the chief executive officer now owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the transaction, the executive vice president now owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the transaction, the chief executive officer now directly owns 291,469 shares in the company, valued at approximately $15,293,378.43. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 56,000 shares of company stock valued at $2,744,700. Company insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on NEM shares. Jefferies Financial Group upped their price objective on shares of Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Bank of America upped their price objective on shares of Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. BMO Capital Markets upped their price objective on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research note on Thursday, August 29th. Finally, Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Newmont presently has an average rating of “Moderate Buy” and a consensus price target of $52.62.

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.