Baxter Bros Inc. Cuts Position in Newmont Corporation $NEM

Baxter Bros Inc. lessened its holdings in Newmont Corporation (NYSE:NEM) by 28.2% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,720 shares of the basic materials company’s stock after selling 2,252 shares during the period. Baxter Bros Inc.’s holdings in Newmont were worth $333,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cloud Capital Management LLC purchased a new position in shares of Newmont in the 1st quarter worth approximately $26,000. Colonial Trust Advisors boosted its stake in shares of Newmont by 315.4% in the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock worth $27,000 after buying an additional 429 shares during the last quarter. Private Trust Co. NA boosted its stake in shares of Newmont by 122.6% in the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company’s stock worth $30,000 after buying an additional 347 shares during the last quarter. Alpine Bank Wealth Management purchased a new position in shares of Newmont in the 1st quarter worth approximately $32,000. Finally, TCTC Holdings LLC boosted its stake in shares of Newmont by 123.1% in the 1st quarter. TCTC Holdings LLC now owns 656 shares of the basic materials company’s stock worth $32,000 after buying an additional 362 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on NEM. Stifel Nicolaus began coverage on shares of Newmont in a report on Wednesday, July 9th. They issued a “buy” rating and a $73.00 price target on the stock. Raymond James Financial lifted their price target on shares of Newmont from $77.00 to $84.00 and gave the stock an “outperform” rating in a report on Tuesday, September 23rd. National Bankshares reaffirmed an “outperform” rating on shares of Newmont in a report on Monday, September 22nd. Stifel Canada raised shares of Newmont to a “strong-buy” rating in a report on Tuesday, July 8th. Finally, UBS Group lifted their price target on shares of Newmont from $70.00 to $92.00 and gave the stock a “buy” rating in a report on Friday, September 19th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $77.56.

Newmont Trading Up 1.7%

Shares of NEM stock opened at $88.41 on Thursday. The company’s fifty day simple moving average is $75.86 and its two-hundred day simple moving average is $61.92. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. Newmont Corporation has a 1 year low of $36.86 and a 1 year high of $89.37. The stock has a market capitalization of $97.11 billion, a price-to-earnings ratio of 15.87, a PEG ratio of 0.97 and a beta of 0.34.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.48. The firm had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The business’s quarterly revenue was up 20.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.72 earnings per share. As a group, analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Thursday, September 4th were issued a $0.25 dividend. The ex-dividend date of this dividend was Thursday, September 4th. This represents a $1.00 annualized dividend and a dividend yield of 1.1%. Newmont’s dividend payout ratio is presently 17.95%.

Insider Transactions at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total value of $176,779.20. Following the transaction, the director owned 36,869 shares of the company’s stock, valued at approximately $3,133,496.31. This represents a 5.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of the company’s stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total transaction of $477,160.30. Following the completion of the transaction, the chief accounting officer directly owned 32,615 shares in the company, valued at approximately $2,218,472.30. The trade was a 17.70% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 16,249 shares of company stock valued at $1,132,065. 0.05% of the stock is currently owned by company insiders.

Newmont Company 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.