Korea Investment CORP Decreases Position in Newmont Co. (NYSE:NEM)

Korea Investment CORP lessened its holdings in Newmont Co. (NYSE:NEM) by 2.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 286,237 shares of the basic materials company’s stock after selling 8,500 shares during the quarter. Korea Investment CORP’s holdings in Newmont were worth $18,142,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Van ECK Associates Corp raised its position in Newmont by 0.6% in the 2nd quarter. Van ECK Associates Corp now owns 39,930,538 shares of the basic materials company’s stock worth $2,530,797,000 after purchasing an additional 253,225 shares during the period. Deutsche Bank AG grew its holdings in Newmont by 3.5% in the 2nd quarter. Deutsche Bank AG now owns 20,487,134 shares of the basic materials company’s stock worth $1,298,473,000 after acquiring an additional 700,182 shares during the last quarter. First Eagle Investment Management LLC grew its holdings in Newmont by 0.5% in the 1st quarter. First Eagle Investment Management LLC now owns 18,462,145 shares of the basic materials company’s stock worth $1,112,713,000 after acquiring an additional 95,801 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Newmont by 1.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 9,730,827 shares of the basic materials company’s stock worth $616,739,000 after acquiring an additional 99,171 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its holdings in Newmont by 12.1% in the 1st quarter. Nuveen Asset Management LLC now owns 6,153,038 shares of the basic materials company’s stock worth $370,844,000 after acquiring an additional 665,126 shares during the last quarter. Institutional investors own 77.76% of the company’s stock.

Shares of NYSE NEM opened at $53.87 on Friday. Newmont Co. has a 1 year low of $53.52 and a 1 year high of $75.31. The stock has a market cap of $43.05 billion, a P/E ratio of 15.09 and a beta of 0.23. The firm has a 50-day moving average of $58.43 and a 200 day moving average of $62.96. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.67 and a quick ratio of 2.33.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, July 22nd. The basic materials company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.07. Newmont had a net margin of 23.00% and a return on equity of 11.78%. The company had revenue of $3.07 billion during the quarter, compared to analysts’ expectations of $3.11 billion. During the same period last year, the company posted $0.32 EPS. Newmont’s revenue was up 29.6% on a year-over-year basis. Research analysts expect that Newmont Co. will post 3.55 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 23rd. Investors of record on Thursday, September 9th were given a dividend of $0.55 per share. The ex-dividend date was Wednesday, September 8th. This represents a $2.20 dividend on an annualized basis and a yield of 4.08%. Newmont’s dividend payout ratio (DPR) is currently 82.71%.

In other Newmont news, CFO Nancy Buese sold 10,000 shares of Newmont stock in a transaction dated Wednesday, June 30th. The shares were sold at an average price of $62.84, for a total value of $628,400.00. Following the completion of the transaction, the chief financial officer now directly owns 34,210 shares of the company’s stock, valued at $2,149,756.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Blake Rhodes sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, September 1st. The shares were sold at an average price of $58.10, for a total transaction of $29,050.00. Following the transaction, the senior vice president now directly owns 48,726 shares of the company’s stock, valued at $2,830,980.60. The disclosure for this sale can be found here. Insiders sold 25,588 shares of company stock valued at $1,610,567 over the last ninety days. Corporate insiders own 0.12% of the company’s stock.

A number of brokerages have issued reports on NEM. TD Securities lowered shares of Newmont from a “buy” rating to a “hold” rating and cut their price target for the stock from $74.00 to $70.00 in a report on Friday, July 23rd. KeyCorp began coverage on shares of Newmont in a report on Friday. They issued a “sector weight” rating on the stock. National Bank Financial cut their price target on shares of Newmont from C$108.00 to C$105.00 and set an “outperform” rating on the stock in a report on Friday, July 16th. Canaccord Genuity cut their target price on shares of Newmont from $74.00 to $71.00 and set a “buy” rating on the stock in a research note on Friday, July 23rd. Finally, UBS Group set a $64.00 target price on shares of Newmont and gave the company a “neutral” rating in a research note on Friday, July 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $72.63.

Newmont Profile

Newmont Corp. is a gold producer, which engages in the production of gold. It operates through the following geographical segments: North America, South America, Nevada, Australia, and Africa. The North America segment consists primarily of carlin, phoenix, twin creeks and long canyon in the state of Nevada and Cripple Creek and Victor in the state of Colorado, in the United States.

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Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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