Canal Insurance Co Lowers stake in Newmont Mining Corp (NEM)

Newmont Mining Corp (NEM) : Canal Insurance Co reduced its stake in Newmont Mining Corp by 6.25% during the most recent quarter end. The investment management company now holds a total of 150,000 shares of Newmont Mining Corp which is valued at $6,814,500 after selling 10,000 shares in Newmont Mining Corp , the firm said in a disclosure report filed with the SEC on Aug 8, 2016.Newmont Mining Corp makes up approximately 2.21% of Canal Insurance Co’s portfolio.

Other Hedge Funds, Including , Finemark National Bank Trust boosted its stake in NEM in the latest quarter, The investment management firm added 1,205 additional shares and now holds a total of 2,780 shares of Newmont Mining Corp which is valued at $126,295. Newmont Mining Corp makes up approx 0.01% of Finemark National Bank Trust’s portfolio.Becker Capital Management Inc reduced its stake in NEM by selling 201,580 shares or 21.03% in the most recent quarter. The Hedge Fund company now holds 756,768 shares of NEM which is valued at $34,069,695. Newmont Mining Corp makes up approx 1.34% of Becker Capital Management Inc’s portfolio.Proficio Capital Partners boosted its stake in NEM in the latest quarter, The investment management firm added 139 additional shares and now holds a total of 240 shares of Newmont Mining Corp which is valued at $10,560. Newmont Mining Corp makes up approx 0.01% of Proficio Capital Partners’s portfolio.Advisory Services Network reduced its stake in NEM by selling 1,373 shares or 74.26% in the most recent quarter. The Hedge Fund company now holds 476 shares of NEM which is valued at $20,144.

Newmont Mining Corp closed down -0.25 points or -0.55% at $44.92 with 35,75,691 shares getting traded on Monday. Post opening the session at $45.16, the shares hit an intraday low of $44.79 and an intraday high of $45.45 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Newmont Mining Corp reported $0.44 EPS for the quarter, beating the analyst consensus estimate by $ 0.14 according to the earnings call on Jul 20, 2016. Analyst had a consensus of $0.30. The company had revenue of $2038.00 million for the quarter, compared to analysts expectations of $1898.09 million. The company’s revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.26 EPS.

Investors should note that on Jul 20, 2016, Newmont Mining Corp announced a cash dividend of $0.0250. The company’s management has announced Sep 13, 2016 as the ex-dividend date and fixed the record date on Sep 15, 2016. The payable date has been fixed on Sep 29, 2016.

Many Wall Street Analysts have commented on Newmont Mining Corp. Newmont Mining Corp was Initiated by Morgan Stanley to “Equal-Weight” on Aug 9, 2016. Company shares were Reiterated by Barclays on Aug 8, 2016 to “Equal Weight”, Firm has raised the Price Target to $ 45 from a previous price target of $38 .Citigroup Initiated Newmont Mining Corp on Aug 2, 2016 to “Buy”, Price Target of the shares are set at $51.

Newmont Mining Corporation (Newmont) is a global 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 Indonesia Ghana New Zealand and Suriname. The Company’s business segments include North America South America Asia Pacific and Africa. The Company’s North America segment consists primarily of Carlin Phoenix CC&V and Twin Creeks in the state of Nevada in the United States. The Company’s South America segment consists primarily of Yanacocha in Peru. The Company’s Asia Pacific segment consists primarily of Boddington Tanami and Kalgoorlie in Australia and Batu Hijau in Indonesia. The Company’s Africa segment consists primarily of Ahafo and Akyem in Ghana. The Company’s product at its gold operations is dore bars. Dore is an alloy consisting primarily of gold as well as silver and other metals.

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