Newmont Corporation $NEM Shares Sold by Syntax Research Inc.

Key Points

• Syntax Research Inc. reduced its holdings in Newmont Corporation by 97% during the second quarter, leaving them with 1,872 shares valued at $109,000.
• Analysts' ratings for Newmont show a mix of optimism, with a current average rating of "Moderate Buy" and a consensus price target of $73.38.
• Newmont declared a quarterly dividend of $0.25, reflecting a 1.2% yield for shareholders of record as of September 4th.

Syntax Research Inc. lessened its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 97.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,872 shares of the basic materials company's stock after selling 60,062 shares during the quarter. Syntax Research Inc.'s holdings in Newmont were worth $109,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. J. Safra Sarasin Holding AG boosted its holdings in shares of Newmont by 124.3% during the second quarter. J. Safra Sarasin Holding AG now owns 78,651 shares of the basic materials company's stock valued at $4,582,000 after acquiring an additional 43,584 shares during the period. EWA LLC acquired a new position in shares of Newmont during the second quarter valued at $300,000. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Newmont by 2,003.7% during the second quarter. Robeco Institutional Asset Management B.V. now owns 1,581,171 shares of the basic materials company's stock valued at $92,119,000 after acquiring an additional 1,506,010 shares during the period. Chelsea Counsel Co. boosted its holdings in shares of Newmont by 1.0% during the second quarter. Chelsea Counsel Co. now owns 18,320 shares of the basic materials company's stock valued at $1,067,000 after acquiring an additional 190 shares during the period. Finally, Ninety One SA PTY Ltd acquired a new position in shares of Newmont during the second quarter valued at $2,979,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. BNP Paribas Exane boosted their price target on shares of Newmont from $66.00 to $92.00 and gave the company an "outperform" rating in a report on Monday, September 15th. National Bank Financial raised shares of Newmont from a "hold" rating to a "strong-buy" rating in a report on Friday, July 25th. CIBC boosted their price target on shares of Newmont from $74.00 to $78.00 and gave the company a "neutral" rating in a report on Friday, September 12th. Macquarie cut shares of Newmont from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 2nd. Finally, BNP Paribas cut shares of Newmont from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 4th. Three research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Newmont presently has an average rating of "Moderate Buy" and a consensus price target of $73.38.

Insiders Place Their Bets

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of the business's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at approximately $2,218,472.30. The trade was a 17.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $190,980.00. Following the completion of the sale, the executive vice president owned 58,736 shares in the company, valued at approximately $3,739,133.76. This trade represents a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,169 shares of company stock worth $955,286. 0.05% of the stock is owned by corporate insiders.

Newmont Price Performance

Shares of Newmont stock opened at $86.35 on Friday. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. The company's 50-day moving average price is $73.95 and its two-hundred day moving average price is $60.81. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $87.93. The stock has a market cap of $94.85 billion, a PE ratio of 15.50, a price-to-earnings-growth ratio of 0.96 and a beta of 0.34.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, topping the consensus estimate of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The firm had revenue of $5.32 billion for the quarter, compared to analysts' expectations of $4.70 billion. During the same period in the previous year, the business earned $0.72 earnings per share. Newmont's revenue for the quarter was up 20.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Thursday, September 4th were given a $0.25 dividend. The ex-dividend date was Thursday, September 4th. This represents a $1.00 annualized dividend and a yield of 1.2%. Newmont's payout ratio is 17.95%.

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.

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