Baxter Bros Inc. Cuts Stake in Newmont Co. (NYSE:NEM)

Baxter Bros Inc. cut its holdings in shares of Newmont Co. (NYSE:NEM) by 9.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 15,477 shares of the basic materials company’s stock after selling 1,708 shares during the quarter. Baxter Bros Inc.’s holdings in Newmont were worth $827,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Hoese & Co LLP bought a new stake in shares of Newmont during the third quarter valued at about $27,000. Highline Wealth Partners LLC bought a new stake in shares of Newmont during the third quarter valued at about $32,000. Meeder Asset Management Inc. bought a new stake in shares of Newmont during the second quarter valued at about $27,000. LRI Investments LLC bought a new stake in shares of Newmont during the first quarter valued at about $25,000. Finally, Northwest Investment Counselors LLC bought a new stake in shares of Newmont during the third quarter valued at about $48,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. CIBC cut Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. Veritas upgraded shares of Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Royal Bank of Canada decreased their price objective on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 24th. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research report on Thursday, August 29th. Finally, Raymond James upped their price objective on shares of Newmont from $65.00 to $66.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Nine research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $53.85.

Insider Buying and Selling

In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the transaction, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction on Tuesday, October 1st. The shares were 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 owns 271,469 shares of the company’s stock, valued at approximately $14,607,746.89. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,000 shares of company stock worth $2,444,440 in the last three months. 0.06% of the stock is owned by insiders.

Newmont Stock Performance

NYSE:NEM opened at $45.26 on Friday. The company has a market cap of $51.53 billion, a price-to-earnings ratio of -29.78, a PEG ratio of 0.38 and a beta of 0.52. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The stock’s 50 day simple moving average is $52.91 and its two-hundred day simple moving average is $47.16. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $58.72.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The business had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. During the same quarter in the previous year, the firm earned $0.36 EPS. Newmont’s revenue was up 84.7% compared to the same quarter last year. As a group, equities analysts anticipate that Newmont Co. will post 3.12 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date is Wednesday, November 27th. Newmont’s dividend payout ratio (DPR) is currently -65.79%.

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.