Baxter Bros Inc. Lowers Stock Position in Newmont Co. (NYSE:NEM)

Baxter Bros Inc. reduced its stake in shares of Newmont Co. (NYSE:NEM) by 9.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,477 shares of the basic materials company’s stock after selling 1,708 shares during the period. Baxter Bros Inc.’s holdings in Newmont were worth $827,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of NEM. Vanguard Group Inc. grew its stake in shares of Newmont by 13.6% during the 1st quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock valued at $4,836,262,000 after buying an additional 16,190,422 shares during the period. Maj Invest Holding A S raised its stake in shares of Newmont by 296.0% in the 2nd quarter. Maj Invest Holding A S now owns 3,427,313 shares of the basic materials company’s stock valued at $143,502,000 after purchasing an additional 2,561,823 shares in the last quarter. Capital International Investors acquired a new stake in shares of Newmont in the 1st quarter valued at about $49,444,000. Van ECK Associates Corp raised its stake in Newmont by 2.6% during the second quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock worth $2,131,939,000 after acquiring an additional 1,289,084 shares during the period. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Newmont by 262.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company’s stock worth $80,960,000 after purchasing an additional 1,096,905 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Newmont Price Performance

NYSE:NEM opened at $45.26 on Friday. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $58.72. The firm has a market cap of $51.53 billion, a price-to-earnings ratio of -29.78, a P/E/G ratio of 0.38 and a beta of 0.52. The firm’s 50-day simple moving average is $52.91 and its 200 day simple moving average is $47.16. 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) last released its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing the consensus estimate 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 firm had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. During the same period in the prior year, the business earned $0.36 earnings per share. Newmont’s quarterly revenue was up 84.7% compared to the same quarter last year. As a group, sell-side analysts predict that Newmont Co. will post 3.12 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 annualized dividend and a yield of 2.21%. Newmont’s dividend payout ratio is presently -65.79%.

Analyst Ratings Changes

Several brokerages recently issued reports on NEM. Veritas raised Newmont to a “strong-buy” rating in a report on Monday, September 30th. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Thursday, August 29th. Jefferies Financial Group raised their price objective on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Scotiabank cut Newmont from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the stock from $59.00 to $55.00 in a research report on Friday, October 25th. Finally, Raymond James raised their target price on Newmont from $65.00 to $66.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Nine investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $53.85.

Insider Buying and Selling

In related news, CEO Thomas Ronald Palmer sold 20,000 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 $1,076,200.00. Following the sale, the chief executive officer now directly owns 271,469 shares in the company, valued at $14,607,746.89. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other 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 completion of the sale, the chief executive officer now owns 271,469 shares in the company, valued at $14,607,746.89. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 46,000 shares of company stock worth $2,444,440 in the last ninety days. Company insiders own 0.06% of the company’s stock.

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.