Syntax Research Inc. Cuts Stock Holdings in Newmont Co. (NYSE:NEM)

Syntax Research Inc. lessened its stake in shares of Newmont Co. (NYSE:NEM) by 58.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 34,292 shares of the basic materials company’s stock after selling 49,156 shares during the period. Newmont accounts for approximately 1.2% of Syntax Research Inc.’s holdings, making the stock its 29th biggest position. Syntax Research Inc.’s holdings in Newmont were worth $1,833,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in NEM. Zurich Insurance Group Ltd FI bought a new stake in Newmont during the third quarter worth approximately $98,011,000. Van ECK Associates Corp lifted its position in Newmont by 2.6% in the second 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 last quarter. FMR LLC boosted its stake in Newmont by 21.1% during the third quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock worth $376,953,000 after buying an additional 1,226,697 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of Newmont by 262.6% in the third quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company’s stock valued at $80,960,000 after acquiring an additional 1,096,905 shares during the period. Finally, National Bank of Canada FI lifted its holdings in shares of Newmont by 47.7% in the 2nd quarter. National Bank of Canada FI now owns 3,372,670 shares of the basic materials company’s stock worth $140,460,000 after acquiring an additional 1,088,742 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Insiders Place Their Bets

In related news, Director Harry M. Iv Conger bought 9,498 shares of the company’s stock in a transaction on Wednesday, November 27th. The shares were bought at an average price of $42.15 per share, with a total value of $400,340.70. Following the transaction, the director now owns 14,498 shares in the company, valued at approximately $611,090.70. This trade represents a 189.96 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $1,076,200.00. Following the sale, the chief executive officer now directly owns 271,469 shares of the company’s stock, valued at $14,607,746.89. This trade represents a 6.86 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Raymond James cut their price target on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a report on Monday, November 25th. Argus upgraded 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. UBS Group downgraded Newmont from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $67.00 to $54.00 in a research report on Wednesday, October 30th. Cibc World Mkts downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Finally, CIBC cut shares of Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $54.31.

Newmont Trading Down 0.7 %

NEM opened at $39.81 on Wednesday. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The firm has a market cap of $45.32 billion, a price-to-earnings ratio of -26.19, a PEG ratio of 0.36 and a beta of 0.49. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $58.72. The stock has a fifty day moving average price of $45.98 and a 200-day moving average price of $47.37.

Newmont (NYSE:NEM) last announced its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The firm had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter in the prior year, the firm posted $0.36 earnings per share. The business’s revenue for the quarter was up 84.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Newmont Co. will post 3.08 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be paid a $0.25 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 annualized dividend and a yield of 2.51%. Newmont’s dividend payout ratio (DPR) is -65.79%.

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.