Lee Danner & Bass Inc. Cuts Position in Newmont Co. (NYSE:NEM)

Lee Danner & Bass Inc. trimmed its stake in Newmont Co. (NYSE:NEM) by 17.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 29,634 shares of the basic materials company’s stock after selling 6,350 shares during the period. Lee Danner & Bass Inc.’s holdings in Newmont were worth $1,227,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Life Planning Partners Inc bought a new position in Newmont in the fourth quarter worth about $26,000. TFC Financial Management Inc. raised its stake in shares of Newmont by 242.2% during the 3rd quarter. TFC Financial Management Inc. now owns 705 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 499 shares in the last quarter. Mizuho Securities Co. Ltd. purchased a new stake in Newmont during the third quarter valued at approximately $26,000. CVA Family Office LLC acquired a new stake in Newmont in the fourth quarter valued at approximately $34,000. Finally, OFI Invest Asset Management purchased a new position in Newmont in the third quarter worth $30,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Stock Performance

Shares of Newmont stock opened at $37.48 on Tuesday. The firm has a fifty day moving average price of $34.90 and a 200 day moving average price of $36.86. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $50.18. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.25 and a quick ratio of 0.98.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, February 22nd. The basic materials company reported $0.50 earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.01). Newmont had a positive return on equity of 6.21% and a negative net margin of 20.95%. The company had revenue of $3.96 billion for the quarter, compared to analyst estimates of $3.44 billion. During the same period in the prior year, the business posted $0.44 earnings per share. Newmont’s revenue for the quarter was up 23.7% on a year-over-year basis. Equities research analysts anticipate that Newmont Co. will post 1.98 earnings per share for the current fiscal year.

Newmont Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Tuesday, March 5th were given a $0.25 dividend. The ex-dividend date of this dividend was Monday, March 4th. This represents a $1.00 annualized dividend and a yield of 2.67%. Newmont’s dividend payout ratio is presently -42.02%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NEM. Royal Bank of Canada decreased their price objective on Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a report on Thursday, February 8th. National Bank Financial reiterated an “outperform overweight” rating on shares of Newmont in a research note on Monday, April 8th. Citigroup dropped their price target on Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, April 4th. TD Securities decreased their price objective on shares of Newmont from $40.00 to $36.00 and set a “hold” rating for the company in a research report on Friday, February 23rd. Finally, Argus downgraded shares of Newmont from a “buy” rating to a “hold” rating in a research report on Monday, February 26th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $50.89.

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.