Syntax Research Inc. Sells 49,156 Shares of Newmont Co. (NYSE:NEM)

Syntax Research Inc. lessened its holdings in Newmont Co. (NYSE:NEM) by 58.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,292 shares of the basic materials company’s stock after selling 49,156 shares during the quarter. Newmont accounts for 1.2% of Syntax Research Inc.’s investment portfolio, making the stock its 29th largest position. Syntax Research Inc.’s holdings in Newmont were worth $1,833,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Heathbridge Capital Management Ltd. raised its holdings in shares of Newmont by 2.0% in the 3rd quarter. Heathbridge Capital Management Ltd. now owns 10,300 shares of the basic materials company’s stock worth $551,000 after purchasing an additional 200 shares during the period. E. Ohman J or Asset Management AB raised its stake in shares of Newmont by 0.4% in the third quarter. E. Ohman J or Asset Management AB now owns 47,942 shares of the basic materials company’s stock valued at $2,562,000 after buying an additional 200 shares during the period. Fulton Bank N.A. raised its stake in shares of Newmont by 1.5% in the third quarter. Fulton Bank N.A. now owns 15,188 shares of the basic materials company’s stock valued at $812,000 after buying an additional 221 shares during the period. Carmel Capital Partners LLC grew its stake in shares of Newmont by 4.5% during the 3rd quarter. Carmel Capital Partners LLC now owns 5,221 shares of the basic materials company’s stock worth $279,000 after acquiring an additional 226 shares during the period. Finally, Good Life Advisors LLC grew its stake in shares of Newmont by 4.6% during the 3rd quarter. Good Life Advisors LLC now owns 5,182 shares of the basic materials company’s stock worth $277,000 after acquiring an additional 229 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Stock Performance

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

Newmont (NYSE:NEM) last posted its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.67 billion. During the same quarter in the previous year, the company earned $0.36 EPS. The business’s quarterly revenue was up 84.7% on a year-over-year basis. On average, equities analysts expect that Newmont Co. will post 3.08 EPS for the current fiscal year.

Newmont Announces Dividend

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

Insider Transactions at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $161,430.00. Following the transaction, the executive vice president now owns 91,596 shares of the company’s stock, valued at $4,928,780.76. The trade was a 3.17 % 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, Director Harry M. Iv Conger bought 9,498 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were purchased at an average price of $42.15 per share, for a total transaction of $400,340.70. Following the purchase, the director now owns 14,498 shares in the company, valued at $611,090.70. This represents a 189.96 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on NEM shares. UBS Group downgraded shares of Newmont from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $67.00 to $54.00 in a report on Wednesday, October 30th. CIBC cut shares of Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. Bernstein Bank lifted their price objective on shares of Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. Veritas raised shares of Newmont to a “strong-buy” rating in a report on Monday, September 30th. Finally, Raymond James cut their price target on Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a report on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and an average target price of $54.31.

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.