Hourglass Capital LLC Has $10.86 Million Holdings in Newmont Co. (NYSE:NEM)

Hourglass Capital LLC lowered its position in Newmont Co. (NYSE:NEM) by 10.0% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 259,340 shares of the basic materials company’s stock after selling 28,853 shares during the quarter. Newmont accounts for about 3.2% of Hourglass Capital LLC’s investment portfolio, making the stock its 2nd biggest holding. 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 large investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Newmont by 13.6% during the first quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock valued at $4,836,262,000 after purchasing an additional 16,190,422 shares during the period. Van ECK Associates Corp grew its holdings in Newmont by 2.6% during the second quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock valued at $2,131,939,000 after purchasing an additional 1,289,084 shares during the period. First Eagle Investment Management LLC grew its holdings in Newmont by 29.9% during the fourth quarter. First Eagle Investment Management LLC now owns 23,756,158 shares of the basic materials company’s stock valued at $983,267,000 after purchasing an additional 5,475,155 shares during the period. Bank of New York Mellon Corp grew its holdings in Newmont by 39.8% during the first quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock valued at $832,354,000 after purchasing an additional 6,617,145 shares during the period. Finally, Norges Bank bought a new stake in Newmont during the fourth quarter valued at about $604,516,000. Institutional investors own 68.85% of the company’s stock.

Newmont Trading Down 0.1 %

Shares of NEM stock opened at $51.90 on Friday. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $53.88. 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 stock’s 50 day simple moving average is $48.26 and its two-hundred day simple moving average is $41.88. The company has a market cap of $59.85 billion, a PE ratio of -19.44, a price-to-earnings-growth ratio of 0.39 and a beta of 0.47.

Newmont (NYSE:NEM) last issued 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. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.13 billion. During the same period in the prior year, the business posted $0.33 earnings per share. The company’s quarterly revenue was up 64.1% compared to the same quarter last year. Research analysts predict that Newmont Co. will post 2.82 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 5th will be given a dividend of $0.25 per share. The ex-dividend date is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.93%. Newmont’s dividend payout ratio (DPR) is presently -37.45%.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the sale, the executive vice president now directly owns 94,596 shares in the company, valued at $4,963,452.12. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $1,049,400.00. Following the sale, the chief executive officer now directly owns 291,469 shares in the company, valued at $15,293,378.43. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred 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 sale, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. The disclosure for this sale can be found here. Insiders have sold a total of 56,000 shares of company stock worth $2,744,700 over the last ninety days. Company insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on NEM shares. Jefferies Financial Group boosted their price target on Newmont from $50.00 to $54.00 and gave the company a “buy” rating in a report on Friday, July 12th. CIBC raised Newmont from a “neutral” rating to a “sector outperform” rating and upped their price objective for the stock from $46.00 to $61.00 in a research note on Wednesday, July 10th. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Thursday, August 29th. Bank of America upped their price objective on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. Finally, Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $51.46.

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.