Chevy Chase Trust Holdings LLC Sells 22,505 Shares of Newmont Co. (NYSE:NEM)

Chevy Chase Trust Holdings LLC decreased its stake in shares of Newmont Co. (NYSE:NEM) by 2.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 741,809 shares of the basic materials company’s stock after selling 22,505 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Newmont were worth $31,060,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of NEM. Perfromance Wealth Partners LLC purchased a new stake in shares of Newmont in the 2nd quarter valued at $549,000. First Horizon Advisors Inc. boosted its stake in shares of Newmont by 12.4% in the second quarter. First Horizon Advisors Inc. now owns 28,373 shares of the basic materials company’s stock valued at $1,188,000 after purchasing an additional 3,121 shares during the period. Continuum Advisory LLC raised its holdings in Newmont by 338.3% in the second quarter. Continuum Advisory LLC now owns 1,749 shares of the basic materials company’s stock valued at $73,000 after acquiring an additional 1,350 shares in the last quarter. Nisa Investment Advisors LLC raised its holdings in Newmont by 13.2% in the second quarter. Nisa Investment Advisors LLC now owns 130,637 shares of the basic materials company’s stock valued at $5,470,000 after acquiring an additional 15,277 shares in the last quarter. Finally, TCW Group Inc. raised its holdings in Newmont by 7.3% during the second quarter. TCW Group Inc. now owns 16,139 shares of the basic materials company’s stock worth $676,000 after purchasing an additional 1,102 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

Insider Transactions at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the transaction, the chief executive officer now owns 311,469 shares of the company’s stock, valued at $15,420,830.19. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades

NEM has been the topic of a number of research analyst reports. National Bank Financial cut shares of Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a report on Tuesday, April 30th. BNP Paribas upgraded shares of Newmont to a “strong-buy” rating in a research report on Friday, June 21st. TD Securities raised their target price on shares of Newmont from $43.00 to $48.00 and gave the stock a “hold” rating in a research report on Friday, April 26th. UBS Group upgraded shares of Newmont from a “neutral” rating to a “buy” rating and raised their target price for the stock from $40.00 to $50.00 in a research report on Monday, June 17th. Finally, StockNews.com upgraded shares of Newmont from a “sell” rating to a “hold” rating in a research report on Friday, April 26th. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, Newmont has an average rating of “Moderate Buy” and a consensus target price of $50.92.

Newmont Stock Performance

Shares of NEM stock traded up $0.18 on Wednesday, hitting $51.63. 2,104,390 shares of the stock traded hands, compared to its average volume of 10,848,330. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. The company has a market capitalization of $59.54 billion, a PE ratio of -19.26, a PEG ratio of 0.37 and a beta of 0.47. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $52.07. The company’s fifty day moving average is $45.70 and its 200 day moving average is $40.38.

Newmont (NYSE:NEM) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.10. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. During the same period last year, the company earned $0.33 earnings per share. The firm’s revenue for the quarter was up 64.1% on a year-over-year basis. On average, equities research analysts predict that Newmont Co. will post 2.76 earnings per share for the current fiscal year.

Newmont Dividend Announcement

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. The ex-dividend date is Thursday, September 5th. This represents a $1.00 annualized dividend and a dividend yield of 1.94%. Newmont’s payout ratio is -37.45%.

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.