Bank of New York Mellon Corp Decreases Stake in Newmont Co. (NYSE:NEM)

Bank of New York Mellon Corp cut its holdings in shares of Newmont Co. (NYSE:NEM) by 10.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,707,283 shares of the basic materials company’s stock after selling 1,779,032 shares during the period. Bank of New York Mellon Corp’s holdings in Newmont were worth $547,405,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Carmel Capital Partners LLC raised its holdings in shares of Newmont by 4.5% during the third quarter. Carmel Capital Partners LLC now owns 5,221 shares of the basic materials company’s stock valued at $279,000 after purchasing an additional 226 shares during the last quarter. Studio Investment Management LLC grew its position in Newmont by 29.4% in the 3rd quarter. Studio Investment Management LLC now owns 1,149 shares of the basic materials company’s stock worth $61,000 after purchasing an additional 261 shares during the period. Confluence Investment Management LLC raised its stake in Newmont by 2.4% during the 4th quarter. Confluence Investment Management LLC now owns 11,788 shares of the basic materials company’s stock valued at $439,000 after buying an additional 281 shares during the last quarter. Howard Capital Management Inc. raised its stake in Newmont by 5.4% during the 4th quarter. Howard Capital Management Inc. now owns 5,653 shares of the basic materials company’s stock valued at $210,000 after buying an additional 292 shares during the last quarter. Finally, Fiduciary Financial Group LLC lifted its holdings in shares of Newmont by 3.6% during the 4th quarter. Fiduciary Financial Group LLC now owns 8,654 shares of the basic materials company’s stock valued at $338,000 after buying an additional 303 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Price Performance

Shares of Newmont stock opened at $42.90 on Wednesday. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $58.72. The stock’s 50-day simple moving average is $41.70 and its 200-day simple moving average is $46.39. The company has a market capitalization of $48.83 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 0.41 and a beta of 0.52.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, February 20th. The basic materials company reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.29. Newmont had a return on equity of 13.52% and a net margin of 17.92%. The company had revenue of $5.65 billion for the quarter, compared to analysts’ expectations of $5.32 billion. As a group, analysts expect that Newmont Co. will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Tuesday, March 4th will be paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, March 4th. This represents a $1.00 annualized dividend and a yield of 2.33%. Newmont’s payout ratio is 34.13%.

Analysts Set New Price Targets

Several analysts recently commented on NEM shares. StockNews.com raised Newmont from a “hold” rating to a “buy” rating in a report on Monday. JPMorgan Chase & Co. upgraded Newmont from a “neutral” rating to an “overweight” rating in a research note on Tuesday, November 19th. CLSA began coverage on shares of Newmont in a research note on Friday, November 29th. They issued an “underperform” rating on the stock. UBS Group downgraded shares of Newmont from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. Finally, Bernstein Bank upped their target price on shares of Newmont from $55.00 to $58.00 in a report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.37.

Insider Buying and Selling at Newmont

In other news, Director Bruce R. Brook sold 2,077 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $83,080.00. Following the completion of the transaction, the director now owns 52,070 shares in the company, valued at $2,082,800. This trade represents a 3.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $42.89, for a total value of $128,670.00. Following the completion of the sale, the executive vice president now directly owns 79,596 shares in the company, valued at $3,413,872.44. This trade represents a 3.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 28,154 shares of company stock worth $1,166,843. Insiders own 0.06% of the company’s stock.

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.