Chevy Chase Trust Holdings LLC Has $31.06 Million Stock Holdings in Newmont Co. (NYSE:NEM)

Chevy Chase Trust Holdings LLC lowered its position in Newmont Co. (NYSE:NEM) by 2.9% during the second quarter, according to its most recent filing with the SEC. The firm owned 741,809 shares of the basic materials company’s stock after selling 22,505 shares during the period. Chevy Chase Trust Holdings LLC owned 0.06% of Newmont worth $31,060,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Manchester Capital Management LLC increased its stake in Newmont by 171.9% during the 4th quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 397 shares in the last quarter. LRI Investments LLC purchased a new stake in Newmont during the first quarter valued at about $25,000. Heritage Wealth Advisors lifted its holdings in shares of Newmont by 1,310.4% in the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after buying an additional 878 shares in the last quarter. Crewe Advisors LLC purchased a new stake in shares of Newmont in the first quarter worth about $35,000. Finally, Advantage Trust Co bought a new position in shares of Newmont in the fourth quarter worth approximately $41,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Price Performance

NYSE NEM traded up $0.18 during mid-day trading on Wednesday, hitting $51.63. The stock had a trading volume of 2,104,390 shares, compared to its average volume of 10,848,330. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $52.07. The company has a market cap of $59.54 billion, a price-to-earnings ratio of -19.26, a P/E/G ratio of 0.37 and a beta of 0.47. The company has a 50 day simple moving average of $45.70 and a 200 day simple moving average of $40.38. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) 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 business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.13 billion. During the same quarter last year, the firm earned $0.33 earnings per share. The business’s revenue was up 64.1% on a year-over-year basis. Equities analysts forecast that Newmont Co. will post 2.76 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend is Thursday, September 5th. Newmont’s dividend payout ratio is currently -37.45%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Jefferies Financial Group increased their price target on shares of Newmont from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Friday, July 12th. BMO Capital Markets lifted their price objective on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. 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 report on Wednesday, July 10th. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their price target for the company from $48.00 to $59.00 in a research note on Monday. Finally, National Bank Financial cut Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research report on Tuesday, April 30th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $50.92.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 13,000 shares of the company’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 transaction, the chief executive officer now owns 331,469 shares of the company’s stock, valued at $13,964,788.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.06% of the stock is currently owned by insiders.

About Newmont

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.