Cornercap Investment Counsel Inc. Sells 15,691 Shares of Newmont Co. (NYSE:NEM)

Cornercap Investment Counsel Inc. decreased its holdings in shares of Newmont Co. (NYSE:NEM) by 32.9% in the third quarter, HoldingsChannel reports. The fund owned 31,958 shares of the basic materials company’s stock after selling 15,691 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Newmont were worth $1,708,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of Newmont by 13.6% during the 1st quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock valued at $4,836,262,000 after acquiring an additional 16,190,422 shares during the period. Van ECK Associates Corp boosted its holdings in Newmont by 2.6% in the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock worth $2,131,939,000 after buying an additional 1,289,084 shares during the period. Legal & General Group Plc boosted its holdings in Newmont by 1.4% in the 2nd quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company’s stock worth $337,909,000 after buying an additional 109,084 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Newmont by 8.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock worth $289,445,000 after buying an additional 545,903 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Newmont by 6.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,907,101 shares of the basic materials company’s stock worth $175,872,000 after buying an additional 313,736 shares during the period. Institutional investors own 68.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on NEM. Raymond James upped their target price on shares of Newmont from $65.00 to $66.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a report on Thursday, August 29th. BMO Capital Markets increased their price objective on shares of Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Bernstein Bank increased their price objective on shares of Newmont from $55.00 to $58.00 in a report on Monday. Finally, UBS Group downgraded shares of Newmont from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $67.00 to $54.00 in a report on Wednesday, October 30th. Nine investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $54.14.

Insider Activity

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the sale, the executive vice president now directly owns 94,596 shares in the company, valued at $4,963,452.12. This trade represents a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the completion of the sale, the chief executive officer now owns 271,469 shares of the company’s stock, valued at approximately $14,607,746.89. This trade represents a 6.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 46,000 shares of company stock worth $2,444,440. Corporate insiders own 0.06% of the company’s stock.

Newmont Price Performance

Shares of NEM stock opened at $40.67 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. The company’s 50-day simple moving average is $51.52 and its two-hundred day simple moving average is $47.41. Newmont Co. has a one year low of $29.42 and a one year high of $58.72.

Newmont (NYSE:NEM) last released its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The business had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter in the prior year, the business posted $0.36 earnings per share. Newmont’s revenue for the quarter was up 84.7% on a year-over-year basis. On average, sell-side analysts anticipate that Newmont Co. will post 3.15 EPS for the current year.

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.46%. Newmont’s dividend payout ratio is presently -65.79%.

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.