LRI Investments LLC Sells 1,224 Shares of Newmont Corporation $NEM

LRI Investments LLC lowered its position in shares of Newmont Corporation (NYSE:NEM) by 19.7% in the second quarter, HoldingsChannel reports. The fund owned 4,983 shares of the basic materials company’s stock after selling 1,224 shares during the period. LRI Investments LLC’s holdings in Newmont were worth $290,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in NEM. Cloud Capital Management LLC bought a new stake in Newmont during the 1st quarter worth about $26,000. Colonial Trust Advisors raised its stake in shares of Newmont by 315.4% during the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock worth $27,000 after buying an additional 429 shares during the last quarter. Private Trust Co. NA raised its stake in shares of Newmont by 122.6% during the first quarter. Private Trust Co. NA now owns 630 shares of the basic materials company’s stock worth $30,000 after buying an additional 347 shares during the last quarter. Alpine Bank Wealth Management bought a new stake in shares of Newmont during the first quarter worth approximately $32,000. Finally, TCTC Holdings LLC raised its stake in shares of Newmont by 123.1% during the first quarter. TCTC Holdings LLC now owns 656 shares of the basic materials company’s stock worth $32,000 after buying an additional 362 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on NEM shares. National Bank Financial upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 25th. National Bankshares reiterated an “outperform” rating on shares of Newmont in a report on Monday, September 22nd. Stifel Nicolaus began coverage on Newmont in a report on Wednesday, July 9th. They issued a “buy” rating and a $73.00 price objective for the company. CIBC set a $112.00 price target on Newmont and gave the company an “outperformer” rating in a research note on Friday. Finally, Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a research note on Friday. Four investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Newmont presently has a consensus rating of “Moderate Buy” and an average target price of $83.18.

Newmont Price Performance

NEM stock opened at $85.07 on Monday. The stock has a market cap of $93.45 billion, a PE ratio of 15.27, a price-to-earnings-growth ratio of 0.94 and a beta of 0.34. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $89.37. The stock has a 50-day moving average price of $76.77 and a two-hundred day moving average price of $62.65. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.48. The company had revenue of $5.32 billion during the quarter, compared to analysts’ expectations of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The business’s quarterly revenue was up 20.8% on a year-over-year basis. During the same period last year, the business earned $0.72 EPS. Equities analysts forecast that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Thursday, September 4th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Thursday, September 4th. Newmont’s payout ratio is currently 17.95%.

Insider Transactions at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total transaction of $176,779.20. Following the completion of the sale, the director owned 36,869 shares in the company, valued at $3,133,496.31. The trade was a 5.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $190,980.00. Following the completion of the sale, the executive vice president directly owned 58,736 shares of the company’s stock, valued at approximately $3,739,133.76. The trade was a 4.86% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 16,249 shares of company stock worth $1,132,065 over the last quarter. Company insiders own 0.05% of the company’s stock.

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.