Meyer Handelman Co. Cuts Stock Holdings in Newmont Co. (NYSE:NEM)

Meyer Handelman Co. reduced its position in shares of Newmont Co. (NYSE:NEM) by 5.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 233,758 shares of the basic materials company’s stock after selling 12,347 shares during the period. Meyer Handelman Co.’s holdings in Newmont were worth $9,787,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in NEM. Manchester Capital Management LLC increased its holdings in Newmont by 171.9% in the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock valued at $26,000 after buying an additional 397 shares in the last quarter. LRI Investments LLC purchased a new position in Newmont in the first quarter valued at about $25,000. Heritage Wealth Advisors increased its holdings in Newmont by 1,310.4% in the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after buying an additional 878 shares in the last quarter. Crewe Advisors LLC purchased a new position in Newmont in the first quarter valued at about $35,000. Finally, Advantage Trust Co purchased a new position in Newmont in the fourth quarter valued at about $41,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on NEM shares. TD Securities increased their price target on shares of Newmont from $43.00 to $48.00 and gave the company a “hold” rating in a research report on Friday, April 26th. Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. Jefferies Financial Group increased their price target on shares of Newmont from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, July 12th. BMO Capital Markets increased 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. Finally, National Bank Financial lowered shares of Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research report on Tuesday, April 30th. Seven research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and a consensus price target of $50.00.

Newmont Trading Up 0.5 %

Shares of NEM stock traded up $0.22 during mid-day trading on Tuesday, reaching $49.01. The company’s stock had a trading volume of 5,217,848 shares, compared to its average volume of 11,044,792. The company’s 50 day simple moving average is $44.79 and its 200-day simple moving average is $39.84. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $50.72. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $56.52 billion, a PE ratio of -18.36, a price-to-earnings-growth ratio of 0.37 and a beta of 0.47.

Newmont (NYSE:NEM) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.13 billion. During the same quarter last year, the firm posted $0.33 EPS. The business’s revenue for the quarter was up 64.1% compared to the same quarter last year. On average, research analysts predict that Newmont Co. will post 2.76 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend is Thursday, September 5th. Newmont’s dividend payout ratio (DPR) is -37.45%.

Insider Buying and Selling

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction on Thursday, August 1st. The shares were 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.06% of the stock is currently owned by 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.