Schafer Cullen Capital Management Inc. Decreases Position in Newmont Mining Corporation (NEM)

Schafer Cullen Capital Management Inc. reduced its stake in Newmont Mining Corporation (NYSE:NEM) by 17.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,235 shares of the basic materials company’s stock after selling 17,680 shares during the period. Schafer Cullen Capital Management Inc.’s holdings in Newmont Mining Corporation were worth $2,664,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in NEM. Smith Affiliated Capital Corp. raised its stake in Newmont Mining Corporation by 8.6% in the second quarter. Smith Affiliated Capital Corp. now owns 3,800 shares of the basic materials company’s stock worth $123,000 after buying an additional 300 shares in the last quarter. Sun Life Financial INC grew its holdings in Newmont Mining Corporation by 43,144.4% in the second quarter. Sun Life Financial INC now owns 3,892 shares of the basic materials company’s stock worth $126,000 after purchasing an additional 3,883 shares during the period. Brighton Jones LLC purchased a new stake in Newmont Mining Corporation in the first quarter worth about $258,000. Banced Corp grew its holdings in Newmont Mining Corporation by 15.3% in the second quarter. Banced Corp now owns 8,473 shares of the basic materials company’s stock worth $274,000 after purchasing an additional 1,126 shares during the period. Finally, Veritable L.P. grew its holdings in Newmont Mining Corporation by 4.6% in the second quarter. Veritable L.P. now owns 8,473 shares of the basic materials company’s stock worth $274,000 after purchasing an additional 370 shares during the period. 81.07% of the stock is owned by institutional investors.

Shares of Newmont Mining Corporation (NYSE:NEM) traded up 0.52% on Friday, reaching $38.59. 2,230,569 shares of the company were exchanged. The firm’s 50 day moving average price is $38.11 and its 200 day moving average price is $35.17. The stock’s market capitalization is $20.58 billion. Newmont Mining Corporation has a 52 week low of $30.19 and a 52 week high of $39.63.

Newmont Mining Corporation (NYSE:NEM) last released its earnings results on Tuesday, July 25th. The basic materials company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.20. The company had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $1.77 billion. Newmont Mining Corporation had a negative net margin of 6.73% and a positive return on equity of 6.67%. Newmont Mining Corporation’s revenue was up 12.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.44 EPS. Equities research analysts anticipate that Newmont Mining Corporation will post $1.42 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 28th. Stockholders of record on Thursday, September 14th were issued a $0.075 dividend. This is an increase from Newmont Mining Corporation’s previous quarterly dividend of $0.05. This represents a $0.30 annualized dividend and a dividend yield of 0.78%. The ex-dividend date of this dividend was Wednesday, September 13th. Newmont Mining Corporation’s dividend payout ratio is -33.33%.

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In other news, EVP William N. Macgowan sold 2,007 shares of the company’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $36.59, for a total value of $73,436.13. Following the sale, the executive vice president now directly owns 127,178 shares of the company’s stock, valued at approximately $4,653,443.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Elaine J. Dorward-King sold 10,250 shares of the company’s stock in a transaction on Wednesday, September 20th. The shares were sold at an average price of $38.27, for a total transaction of $392,267.50. Following the completion of the sale, the executive vice president now directly owns 82,114 shares in the company, valued at $3,142,502.78. The disclosure for this sale can be found here. Insiders sold a total of 29,707 shares of company stock worth $1,120,866 over the last ninety days. Insiders own 0.32% of the company’s stock.

A number of equities research analysts have weighed in on the stock. TheStreet upgraded shares of Newmont Mining Corporation from a “c+” rating to a “b” rating in a report on Wednesday. BidaskClub cut shares of Newmont Mining Corporation from a “hold” rating to a “sell” rating in a report on Thursday, August 10th. Zacks Investment Research cut shares of Newmont Mining Corporation from a “buy” rating to a “hold” rating in a report on Friday, August 4th. BMO Capital Markets set a $40.00 price objective on shares of Newmont Mining Corporation and gave the stock a “buy” rating in a report on Wednesday, August 23rd. Finally, Jefferies Group LLC restated a “hold” rating and issued a $35.00 price objective (down previously from $37.00) on shares of Newmont Mining Corporation in a report on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Newmont Mining Corporation has an average rating of “Buy” and an average target price of $40.96.

Newmont Mining Corporation Profile

Newmont Mining Corporation is a mining company, which is focused on the production of and exploration for gold and copper. The Company is primarily a gold producer with operations and/or assets in the United States, Australia, Peru, Ghana and Suriname. The Company’s segments include North America, South America, Asia Pacific and Africa.

Institutional Ownership by Quarter for Newmont Mining Corporation (NYSE:NEM)

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