Bayesian Capital Management LP Decreases Stake in Newmont Co. (NYSE:NEM)

Bayesian Capital Management LP reduced its holdings in shares of Newmont Co. (NYSE:NEM) by 56.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 38,250 shares of the basic materials company’s stock after selling 48,650 shares during the quarter. Bayesian Capital Management LP’s holdings in Newmont were worth $1,371,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Meeder Advisory Services Inc. lifted its holdings in shares of Newmont by 3.8% during the 1st quarter. Meeder Advisory Services Inc. now owns 7,560 shares of the basic materials company’s stock valued at $271,000 after buying an additional 278 shares during the period. Moody National Bank Trust Division boosted its position in Newmont by 1.7% in the first quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock worth $647,000 after purchasing an additional 296 shares during the last quarter. Berkeley Capital Partners LLC grew its stake in shares of Newmont by 5.6% during the 4th quarter. Berkeley Capital Partners LLC now owns 5,960 shares of the basic materials company’s stock valued at $247,000 after purchasing an additional 318 shares during the period. Crestmont Private Wealth LLC increased its position in shares of Newmont by 4.9% during the 1st quarter. Crestmont Private Wealth LLC now owns 6,852 shares of the basic materials company’s stock valued at $246,000 after purchasing an additional 319 shares during the last quarter. Finally, Gulf International Bank UK Ltd lifted its stake in shares of Newmont by 0.3% in the 1st quarter. Gulf International Bank UK Ltd now owns 98,992 shares of the basic materials company’s stock worth $3,547,000 after purchasing an additional 338 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on NEM shares. Scotiabank boosted their target price on shares of Newmont from $46.50 to $48.00 and gave the company a “sector perform” rating in a research report on Thursday, May 23rd. Sanford C. Bernstein reduced their price objective on Newmont from $46.00 to $45.00 and set a “market perform” rating for the company in a research note on Thursday, May 16th. BMO Capital Markets lifted their target price on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Jefferies Financial Group boosted their price target on Newmont from $50.00 to $54.00 and gave the company a “buy” rating in a report on Friday, July 12th. Finally, National Bank Financial downgraded Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research note on Tuesday, April 30th. Seven research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Newmont currently has an average rating of “Moderate Buy” and a consensus price target of $50.00.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $42.13, for a total transaction of $547,690.00. Following the transaction, the chief executive officer now owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.06% of the stock is currently owned by insiders.

Newmont Stock Performance

Shares of NYSE NEM opened at $48.55 on Wednesday. The company has a market cap of $55.71 billion, a P/E ratio of -17.75, a P/E/G ratio of 0.36 and a beta of 0.47. The firm’s fifty day moving average is $43.52 and its two-hundred day moving average is $38.92. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $48.97.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.10. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.13 billion. During the same quarter in the previous year, the business posted $0.33 earnings per share. Newmont’s quarterly revenue was up 64.1% on a year-over-year basis. As a group, analysts anticipate that Newmont Co. will post 2.71 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 5th will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 annualized dividend and a yield of 2.06%. Newmont’s dividend payout ratio is currently -37.45%.

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.