Prospector Partners LLC Has $5.01 Million Stock Holdings in Newmont Co. (NYSE:NEM)

Prospector Partners LLC trimmed its holdings in Newmont Co. (NYSE:NEM) by 3.3% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 79,000 shares of the basic materials company’s stock after selling 2,700 shares during the quarter. Prospector Partners LLC’s holdings in Newmont were worth $5,007,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. raised its holdings in Newmont by 2.2% during the 1st quarter. BlackRock Inc. now owns 95,698,665 shares of the basic materials company’s stock worth $5,767,761,000 after purchasing an additional 2,076,774 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Newmont by 24.4% in the 1st quarter. Bank of New York Mellon Corp now owns 9,631,656 shares of the basic materials company’s stock valued at $580,502,000 after acquiring an additional 1,892,134 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Newmont by 4.3% in the 1st quarter. Van ECK Associates Corp now owns 39,677,313 shares of the basic materials company’s stock valued at $2,391,352,000 after acquiring an additional 1,652,823 shares during the last quarter. TD Asset Management Inc. increased its stake in shares of Newmont by 94.9% in the 1st quarter. TD Asset Management Inc. now owns 1,924,719 shares of the basic materials company’s stock valued at $115,975,000 after acquiring an additional 937,375 shares during the last quarter. Finally, Ruffer LLP grew its position in shares of Newmont by 606.6% in the 1st quarter. Ruffer LLP now owns 865,474 shares of the basic materials company’s stock valued at $52,166,000 after purchasing an additional 742,986 shares during the period. 77.76% of the stock is owned by institutional investors and hedge funds.

In other Newmont news, SVP Blake Rhodes sold 500 shares of the business’s stock in a transaction on Thursday, July 1st. The stock was sold at an average price of $64.00, for a total value of $32,000.00. Following the sale, the senior vice president now directly owns 50,311 shares in the company, valued at $3,219,904. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Thomas Ronald Palmer sold 7,000 shares of the business’s stock in a transaction on Thursday, July 1st. The shares were sold at an average price of $64.00, for a total value of $448,000.00. Following the completion of the sale, the chief executive officer now owns 264,525 shares in the company, valued at $16,929,600. The disclosure for this sale can be found here. In the last three months, insiders sold 25,588 shares of company stock worth $1,610,567. Insiders own 0.12% of the company’s stock.

Shares of NYSE NEM traded up $0.76 during midday trading on Wednesday, hitting $55.27. 126,795 shares of the stock traded hands, compared to its average volume of 6,546,588. The company has a market cap of $44.17 billion, a PE ratio of 15.37 and a beta of 0.23. Newmont Co. has a one year low of $53.52 and a one year high of $75.31. The business has a 50 day moving average price of $58.95 and a two-hundred day moving average price of $63.10. The company has a debt-to-equity ratio of 0.23, a quick ratio of 2.33 and a current ratio of 2.67.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, July 22nd. The basic materials company reported $0.83 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.07. The company had revenue of $3.07 billion for the quarter, compared to analysts’ expectations of $3.11 billion. Newmont had a return on equity of 11.78% and a net margin of 23.00%. Newmont’s quarterly revenue was up 29.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.32 earnings per share. As a group, equities research analysts forecast that Newmont Co. will post 3.55 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 23rd. Shareholders of record on Thursday, September 9th will be given a $0.55 dividend. The ex-dividend date is Wednesday, September 8th. This represents a $2.20 annualized dividend and a yield of 3.98%. Newmont’s dividend payout ratio is currently 82.71%.

Several equities research analysts have recently commented on NEM shares. TD Securities downgraded Newmont from a “buy” rating to a “hold” rating and cut their price objective for the company from $74.00 to $70.00 in a report on Friday, July 23rd. Zacks Investment Research downgraded Newmont from a “hold” rating to a “sell” rating and set a $63.00 price objective for the company. in a report on Tuesday, July 27th. UBS Group set a $64.00 price target on Newmont and gave the company a “neutral” rating in a research note on Friday, July 23rd. National Bank Financial dropped their price target on Newmont from C$108.00 to C$105.00 and set an “outperform” rating on the stock in a research note on Friday, July 16th. Finally, Raymond James set a $82.00 price target on Newmont and gave the company an “outperform” rating in a research note on Friday, July 23rd. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $72.63.

About Newmont

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.

Further Reading: Put Option

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Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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