Invenomic Capital Management LP Sells 217,429 Shares of Newmont Co. (NYSE:NEM)

Invenomic Capital Management LP trimmed its stake in Newmont Co. (NYSE:NEM) by 46.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 254,270 shares of the basic materials company’s stock after selling 217,429 shares during the period. Invenomic Capital Management LP’s holdings in Newmont were worth $9,464,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Assenagon Asset Management S.A. grew its position in shares of Newmont by 57.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,379,901 shares of the basic materials company’s stock worth $88,580,000 after buying an additional 865,213 shares during the last quarter. Brookstone Capital Management acquired a new position in shares of Newmont during the fourth quarter worth $245,000. Moody National Bank Trust Division boosted its position in shares of Newmont by 13.6% in the 4th quarter. Moody National Bank Trust Division now owns 22,079 shares of the basic materials company’s stock worth $822,000 after purchasing an additional 2,645 shares in the last quarter. Avanza Fonder AB purchased a new position in Newmont during the 4th quarter worth $4,269,000. Finally, Strategic Financial Concepts LLC acquired a new position in Newmont during the 4th quarter valued at about $1,624,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

NEM has been the subject of several recent analyst reports. Royal Bank of Canada raised their price target on Newmont from $51.00 to $52.00 and gave the stock a “sector perform” rating in a report on Friday, April 4th. BMO Capital Markets reiterated an “outperform” rating on shares of Newmont in a research note on Thursday, April 24th. UBS Group upgraded shares of Newmont from a “neutral” rating to a “buy” rating and upped their price target for the company from $50.00 to $60.00 in a research note on Friday, April 11th. Argus set a $63.00 price objective on shares of Newmont in a research note on Friday, April 25th. Finally, StockNews.com upgraded Newmont from a “hold” rating to a “buy” rating in a research note on Monday, February 24th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $55.63.

Insider Transactions at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $43.71, for a total value of $131,130.00. Following the transaction, the executive vice president now owns 86,526 shares in the company, valued at approximately $3,782,051.46. This trade represents a 3.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $51.48, for a total transaction of $106,923.96. Following the sale, the director now directly owns 47,257 shares in the company, valued at approximately $2,432,790.36. This trade represents a 4.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,154 shares of company stock valued at $328,840 over the last 90 days. Corporate insiders own 0.05% of the company’s stock.

Newmont Trading Up 2.1 %

Shares of Newmont stock opened at $53.93 on Friday. 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 Co. has a fifty-two week low of $36.86 and a fifty-two week high of $58.72. The firm has a 50-day simple moving average of $49.69 and a two-hundred day simple moving average of $44.91. The company has a market cap of $60.02 billion, a P/E ratio of 18.41, a price-to-earnings-growth ratio of 0.41 and a beta of 0.31.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.54. The company had revenue of $5.01 billion for the quarter, compared to the consensus estimate of $4.82 billion. Newmont had a return on equity of 13.52% and a net margin of 17.92%. During the same quarter in the prior year, the business posted $0.55 earnings per share. As a group, equities analysts predict that Newmont Co. will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Tuesday, May 27th will be given a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, May 27th. This represents a $1.00 annualized dividend and a dividend yield of 1.85%. Newmont’s dividend payout ratio (DPR) is 22.42%.

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.