Hourglass Capital LLC Trims Position in Newmont Co. (NYSE:NEM)

Hourglass Capital LLC trimmed its stake in shares of Newmont Co. (NYSE:NEM) by 10.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 259,340 shares of the basic materials company’s stock after selling 28,853 shares during the quarter. Newmont makes up 3.2% of Hourglass Capital LLC’s investment portfolio, making the stock its 2nd largest position. Hourglass Capital LLC’s holdings in Newmont were worth $10,859,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of NEM. Arizona State Retirement System grew its position in shares of Newmont by 1.0% in the 2nd quarter. Arizona State Retirement System now owns 334,199 shares of the basic materials company’s stock worth $13,993,000 after buying an additional 3,472 shares during the last quarter. Victory Capital Management Inc. grew its position in shares of Newmont by 1.3% in the 2nd quarter. Victory Capital Management Inc. now owns 1,510,301 shares of the basic materials company’s stock worth $63,236,000 after buying an additional 18,698 shares during the last quarter. ANTIPODES PARTNERS Ltd grew its position in shares of Newmont by 50.6% in the 2nd quarter. ANTIPODES PARTNERS Ltd now owns 237,864 shares of the basic materials company’s stock worth $9,959,000 after buying an additional 79,914 shares during the last quarter. BBR Partners LLC bought a new stake in shares of Newmont in the 2nd quarter worth approximately $226,000. Finally, Waverton Investment Management Ltd bought a new stake in shares of Newmont in the 2nd quarter worth approximately $19,494,000. 68.85% of the stock is currently owned by institutional investors.

Newmont Stock Down 0.1 %

Shares of NYSE:NEM opened at $51.90 on Friday. The stock has a fifty day simple moving average of $48.26 and a two-hundred day simple moving average of $41.88. The stock has a market capitalization of $59.85 billion, a price-to-earnings ratio of -19.44, a PEG ratio of 0.39 and a beta of 0.47. Newmont Co. has a 12-month low of $29.42 and a 12-month high of $53.88. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The firm’s quarterly revenue was up 64.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.33 earnings per share. On average, research analysts anticipate that Newmont Co. will post 2.82 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend is Thursday, September 5th. Newmont’s dividend payout ratio is currently -37.45%.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was 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 owns 94,596 shares in the company, valued at $4,963,452.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was 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 owns 94,596 shares in the company, valued at $4,963,452.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 13,000 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the completion of the transaction, the chief executive officer now owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The disclosure for this sale can be found here. Insiders sold 56,000 shares of company stock worth $2,744,700 over the last quarter. 0.06% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on NEM. CIBC upgraded Newmont from a “neutral” rating to a “sector outperform” rating and lifted their price objective for the stock from $46.00 to $61.00 in a research report on Wednesday, July 10th. Jefferies Financial Group lifted their price objective on Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research report on Thursday, August 29th. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the company from $48.00 to $59.00 in a research report on Monday, August 19th. Finally, JPMorgan Chase & Co. lowered Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.46.

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.