Bayesian Capital Management LP Trims Holdings in Newmont Co. (NYSE:NEM)

Bayesian Capital Management LP lessened its stake in Newmont Co. (NYSE:NEM) by 56.0% in the first quarter, Holdings Channel reports. 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 SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Manchester Capital Management LLC lifted its holdings in Newmont by 171.9% in the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 397 shares during the last quarter. Heritage Wealth Advisors lifted its stake in shares of Newmont by 1,310.4% in the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 878 shares during the period. Crewe Advisors LLC bought a new stake in Newmont during the first quarter worth approximately $35,000. Rise Advisors LLC raised its stake in shares of Newmont by 2,373.2% in the 1st quarter. Rise Advisors LLC now owns 1,014 shares of the basic materials company’s stock worth $36,000 after buying an additional 973 shares in the last quarter. Finally, Advantage Trust Co acquired a new position in Newmont during the fourth quarter worth about $41,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on NEM. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. Scotiabank raised their price objective on Newmont from $46.50 to $48.00 and gave the stock a “sector perform” rating in a research note on Thursday, May 23rd. BMO Capital Markets lifted their target price on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. CIBC raised Newmont from a “neutral” rating to a “sector outperform” rating and upped their target price for the company from $46.00 to $61.00 in a report on Wednesday, July 10th. Finally, StockNews.com raised Newmont from a “sell” rating to a “hold” rating in a research note on Friday, April 26th. Seven equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Newmont presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.00.

Newmont Price Performance

NYSE NEM opened at $48.55 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. The firm has a market capitalization of $55.71 billion, a price-to-earnings ratio of -17.75, a price-to-earnings-growth ratio of 0.36 and a beta of 0.47. The company has a 50 day simple moving average of $43.52 and a 200-day simple moving average of $38.92. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $48.97.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $4.13 billion. During the same quarter in the prior year, the firm earned $0.33 EPS. The company’s revenue was up 64.1% compared to the same quarter last year. Equities research analysts predict that Newmont Co. will post 2.71 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 5th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 2.06%. Newmont’s dividend payout ratio (DPR) is currently -37.45%.

Insider Buying and Selling at Newmont

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of Newmont stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $42.13, for a total transaction of $547,690.00. Following the completion of the sale, the chief executive officer now directly owns 331,469 shares in the company, valued at approximately $13,964,788.97. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate 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.