Invenomic Capital Management LP Sells 217,429 Shares of Newmont Co. (NYSE:NEM)

Invenomic Capital Management LP decreased its stake in shares of Newmont Co. (NYSE:NEM - Free Report) by 46.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 254,270 shares of the basic materials company's stock after selling 217,429 shares during the period. Invenomic Capital Management LP's holdings in Newmont were worth $9,464,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Norges Bank purchased a new position in shares of Newmont in the 4th quarter worth $626,074,000. Capital Research Global Investors boosted its position in Newmont by 70.7% in the fourth quarter. Capital Research Global Investors now owns 5,644,953 shares of the basic materials company's stock worth $210,105,000 after purchasing an additional 2,338,953 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Newmont during the 4th quarter valued at about $76,281,000. Invesco Ltd. increased its position in shares of Newmont by 23.9% during the 4th quarter. Invesco Ltd. now owns 10,520,354 shares of the basic materials company's stock valued at $391,568,000 after purchasing an additional 2,028,150 shares during the last quarter. Finally, Allianz SE bought a new position in shares of Newmont in the 4th quarter worth approximately $65,385,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

Newmont Stock Performance

NYSE NEM opened at $53.93 on Friday. The company has a market cap of $60.02 billion, a P/E ratio of 18.41, a P/E/G ratio of 0.41 and a beta of 0.31. The business's 50 day moving average price is $49.69 and its 200-day moving average price is $44.91. Newmont Co. has a fifty-two week low of $36.86 and a fifty-two week high of $58.72. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96.

Newmont (NYSE:NEM - Get Free Report) last released its earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.71 by $0.54. The firm had revenue of $5.01 billion during the quarter, compared to analyst estimates of $4.82 billion. Newmont had a net margin of 17.92% and a return on equity of 13.52%. During the same quarter last year, the business earned $0.55 EPS. Sell-side analysts predict that Newmont Co. will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Tuesday, May 27th will be paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, May 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.85%. Newmont's dividend payout ratio is 22.42%.

Insider Transactions at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $43.71, for a total value of $90,785.67. Following the transaction, the director now owns 47,916 shares of the company's stock, valued at $2,094,408.36. This represents a 4.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $43.71, for a total value of $131,130.00. Following the sale, the executive vice president now directly owns 86,526 shares of the company's stock, valued at approximately $3,782,051.46. This trade represents a 3.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,154 shares of company stock worth $328,840. 0.05% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have commented on NEM shares. StockNews.com raised shares of Newmont from a "hold" rating to a "buy" rating in a report on Monday, February 24th. National Bankshares restated a "sector perform" rating on shares of Newmont in a research note on Wednesday, April 23rd. Royal Bank of Canada lifted their target price on Newmont from $51.00 to $52.00 and gave the company a "sector perform" rating in a research report on Friday, April 4th. Raymond James reaffirmed an "outperform" rating and issued a $66.00 price objective on shares of Newmont in a research note on Friday, April 25th. Finally, TD Securities cut their price objective on Newmont from $46.00 to $45.00 and set a "hold" rating for the company in a research note on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat, Newmont has an average rating of "Moderate Buy" and a consensus price target of $55.63.

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.

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