Syntax Research Inc. Sells 10,191 Shares of Newmont Corporation (NYSE:NEM)

Key Points

• Syntax Research Inc. reduced its shares in Newmont Corporation by 14.1%, selling 10,191 shares and holding 61,934 shares at a value of approximately $2.99 million.
• During the first quarter, several other hedge funds increased their positions in Newmont, with SOA Wealth Advisors LLC increasing theirs by 64%, while institutional investors own 68.85% of the stock.
• Newmont reported a quarterly earnings of $1.43 per share, significantly beating analysts' estimates of $0.95, and posted a revenue of $5.32 billion compared to expectations of $4.70 billion.

Syntax Research Inc. lowered its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 14.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 61,934 shares of the basic materials company's stock after selling 10,191 shares during the period. Newmont comprises about 2.1% of Syntax Research Inc.'s investment portfolio, making the stock its 20th biggest holding. Syntax Research Inc.'s holdings in Newmont were worth $2,990,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. SOA Wealth Advisors LLC. raised its holdings in Newmont by 64.0% in the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after acquiring an additional 201 shares during the period. Cloud Capital Management LLC bought a new position in shares of Newmont during the 1st quarter worth about $26,000. Private Trust Co. NA increased its holdings in shares of Newmont by 122.6% during the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock worth $30,000 after purchasing an additional 347 shares during the period. Nexus Investment Management ULC bought a new position in shares of Newmont during the 1st quarter worth about $31,000. Finally, Alpine Bank Wealth Management bought a new position in shares of Newmont during the 1st quarter worth about $32,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Newmont Trading Down 0.1%

NYSE:NEM traded down $0.04 during trading hours on Tuesday, hitting $63.63. The stock had a trading volume of 3,766,963 shares, compared to its average volume of 12,192,819. Newmont Corporation has a one year low of $36.86 and a one year high of $66.57. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The company has a market cap of $70.81 billion, a price-to-earnings ratio of 11.42, a P/E/G ratio of 0.96 and a beta of 0.33. The business's 50 day moving average is $57.31 and its 200-day moving average is $50.80.

Newmont (NYSE:NEM - Get Free Report) last issued its earnings results on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter in the prior year, the firm earned $0.72 earnings per share. The business's quarterly revenue was up 20.8% on a year-over-year basis. Sell-side analysts anticipate that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.57%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's payout ratio is presently 17.95%.

Insider Activity at Newmont

In other news, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $58.75, for a total transaction of $122,023.75. Following the completion of the sale, the director owned 43,103 shares of the company's stock, valued at $2,532,301.25. This represents a 4.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total transaction of $176,250.00. Following the sale, the executive vice president directly owned 74,526 shares of the company's stock, valued at $4,378,402.50. This represents a 3.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold 12,231 shares of company stock valued at $679,813 in the last ninety days. Insiders own 0.05% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on NEM shares. National Bank Financial upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a report on Friday. Royal Bank Of Canada boosted their price objective on shares of Newmont from $52.00 to $66.00 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. National Bankshares upgraded shares of Newmont from a "sector perform" rating to an "outperform" rating in a report on Friday. The Goldman Sachs Group restated a "neutral" rating and set a $60.90 price objective on shares of Newmont in a report on Tuesday, July 8th. Finally, Wall Street Zen raised shares of Newmont from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $64.58.

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.