TAP Consulting LLC Sells 21,093 Shares of Newmont Co. (NYSE:NEM)

TAP Consulting LLC lowered its holdings in shares of Newmont Co. (NYSE:NEM) by 23.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 70,755 shares of the basic materials company’s stock after selling 21,093 shares during the quarter. TAP Consulting LLC’s holdings in Newmont were worth $2,962,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. LRI Investments LLC acquired a new position in Newmont in the 1st quarter valued at $25,000. Strategic Financial Concepts LLC acquired a new position in Newmont in the 2nd quarter valued at $25,000. Manchester Capital Management LLC grew its stake in Newmont by 171.9% in the 4th 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 during the last quarter. Heritage Wealth Advisors grew its stake in 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 buying an additional 878 shares during the last quarter. Finally, Crewe Advisors LLC acquired a new position in Newmont in the 1st quarter valued at $35,000. Institutional investors own 68.85% of the company’s stock.

Insider Activity at Newmont

In related news, CEO Thomas Ronald Palmer sold 13,000 shares of Newmont stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the completion of 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Newmont news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were 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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Thomas Ronald Palmer sold 13,000 shares of the business’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $42.13, for a total transaction of $547,690.00. Following the completion of the transaction, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at $13,964,788.97. The disclosure for this sale can be found here. Insiders sold 56,000 shares of company stock valued at $2,744,700 in the last ninety days. Insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on NEM. Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. JPMorgan Chase & Co. lowered shares of Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. Bank of America raised their price target 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. CIBC upgraded shares of Newmont from a “neutral” rating to a “sector outperform” rating and raised their price target for the stock from $46.00 to $61.00 in a research report on Wednesday, July 10th. Finally, Sanford C. Bernstein decreased their price target on shares of Newmont from $46.00 to $45.00 and set a “market perform” rating on the stock in a research report on Thursday, May 16th. Five research 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $51.46.

Newmont Price Performance

Shares of NYSE:NEM traded down $1.59 during midday trading on Friday, reaching $50.34. 6,476,450 shares of the company’s stock were exchanged, compared to its average volume of 10,571,216. The company’s 50 day simple moving average is $48.43 and its two-hundred day simple moving average is $42.06. The firm has a market capitalization of $58.05 billion, a PE ratio of -18.85, a price-to-earnings-growth ratio of 0.39 and a beta of 0.49. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $53.88. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.13 billion. During the same period last year, the firm posted $0.33 EPS. The firm’s quarterly revenue was up 64.1% on a year-over-year basis. Equities research analysts expect that Newmont Co. will post 2.82 earnings per share 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 issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend is Thursday, September 5th. Newmont’s dividend 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.