Cinctive Capital Management LP Cuts Holdings in Newmont Co. (NYSE:NEM)

Cinctive Capital Management LP lowered its position in Newmont Co. (NYSE:NEM) by 64.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 44,254 shares of the basic materials company’s stock after selling 80,124 shares during the period. Cinctive Capital Management LP’s holdings in Newmont were worth $2,365,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Strategic Financial Concepts LLC acquired a new position in Newmont in the 2nd quarter worth about $25,000. Meeder Asset Management Inc. acquired a new position in shares of Newmont during the 2nd quarter worth approximately $27,000. Hoese & Co LLP purchased a new position in shares of Newmont during the 3rd quarter valued at approximately $27,000. Avior Wealth Management LLC grew its stake in Newmont by 191.8% in the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 326 shares during the period. Finally, Prospera Private Wealth LLC purchased a new stake in Newmont in the 3rd quarter worth $28,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Royal Bank of Canada decreased their price objective on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a report on Thursday, October 24th. Jefferies Financial Group raised their price target on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Cibc World Mkts lowered Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. CLSA initiated coverage on Newmont in a research report on Friday. They issued an “underperform” rating on the stock. Finally, Veritas upgraded Newmont to a “strong-buy” rating in a research report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Newmont presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.31.

Insider Activity

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $1,076,200.00. Following the sale, the chief executive officer now owns 271,469 shares in the company, valued at approximately $14,607,746.89. The trade was a 6.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $161,430.00. Following the transaction, the executive vice president now owns 91,596 shares of the company’s stock, valued at $4,928,780.76. This trade represents a 3.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.06% of the company’s stock.

Newmont Stock Down 2.5 %

Shares of NYSE NEM opened at $40.91 on Tuesday. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $58.72. The company has a market capitalization of $46.57 billion, a P/E ratio of -26.91, a P/E/G ratio of 0.36 and a beta of 0.49. The company has a 50 day simple moving average of $49.09 and a 200-day simple moving average of $47.49. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73.

Newmont (NYSE:NEM) last posted its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The business had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. Newmont’s revenue for the quarter was up 84.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.36 EPS. On average, equities research analysts predict that Newmont Co. will post 3.08 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date is Wednesday, November 27th. Newmont’s dividend payout ratio is presently -65.79%.

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.