41,906 Shares in Newmont Corporation $NEM Bought by North Dakota State Investment Board

Key Points

• North Dakota State Investment Board acquired 41,906 Newmont shares worth approximately $4.83 million during the third quarter, while institutional investors collectively own 68.85% of the company.
• Analyst sentiment remains positive overall, with Newmont carrying a “Moderate Buy” consensus rating and an average price target of $137.20, despite several recent price-target reductions.
• Newmont exceeded quarterly expectations, reporting $2.20 in earnings per share and $6.36 billion in revenue, while declaring a quarterly dividend of $0.26 per share.

North Dakota State Investment Board purchased a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 41,906 shares of the basic materials company's stock, valued at approximately $4,833,000.

Several other large investors have also made changes to their positions in NEM. Hourglass Capital LLC acquired a new position in Newmont during the third quarter worth about $13,066,000. FARMERS & MERCHANTS TRUST Co OF LONG BEACH bought a new stake in shares of Newmont during the 3rd quarter valued at approximately $814,000. Northwestern Mutual Wealth Management Co. acquired a new position in Newmont during the 2nd quarter worth approximately $36,180,000. Asset One Wealth Management LLC acquired a new position in Newmont during the 2nd quarter worth approximately $2,866,000. Finally, Fifth Third Wealth Advisors LLC acquired a new position in Newmont during the 3rd quarter worth approximately $1,769,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on NEM shares. Zacks Research lowered shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 14th. Wall Street Zen downgraded shares of Newmont from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. National Bank Financial lowered their price target on shares of Newmont from $140.00 to $135.00 and set a "sector perform" rating for the company in a report on Tuesday, October 20th. The Goldman Sachs Group dropped their price target on Newmont from $127.50 to $119.00 in a research note on Thursday, October 8th. Finally, TD Securities raised Newmont from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 14th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $137.20.

Newmont Stock Up 1.1%

Shares of NYSE NEM opened at $113.89 on Thursday. The company has a 50 day simple moving average of $121.31 and a 200 day simple moving average of $112.50. The firm has a market cap of $118.36 billion, a PE ratio of 13.24, a price-to-earnings-growth ratio of 2.01 and a beta of 0.51. Newmont Corporation has a 1 year low of $78.60 and a 1 year high of $135.29. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.45 and a quick ratio of 2.16.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Thursday, October 22nd. The basic materials company reported $2.20 EPS for the quarter, topping the consensus estimate of $1.94 by $0.26. Newmont had a net margin of 34.73% and a return on equity of 29.81%. The business had revenue of $6.36 billion for the quarter, compared to the consensus estimate of $6.27 billion. During the same period last year, the company earned $1.71 EPS. The firm's revenue was up 15.2% compared to the same quarter last year. On average, research analysts forecast that Newmont Corporation will post 9.11 EPS for the current year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 21st. Stockholders of record on Wednesday, November 25th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, November 25th. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. Newmont's dividend payout ratio (DPR) is presently 12.09%.

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total transaction of $344,430.00. Following the transaction, the executive vice president owned 34,315 shares in the company, valued at approximately $3,939,705.15. The trade was a 8.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the business's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the completion of the sale, the chief financial officer directly owned 29,324 shares in the company, valued at approximately $3,081,659.16. This represents a 28.07% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 35,973 shares of company stock valued at $3,927,169. Insiders own 0.06% of the company's stock.

Newmont Company Profile

Newmont Corporation NYSE: NEM is a global mining company primarily engaged in the exploration, development, and production of gold. The company also produces copper, silver, zinc, and lead as byproducts of its mining operations. Its activities span the full mining life cycle, including resource discovery, project development, mine operations, processing, reclamation, and closure.

Founded in 1921, Newmont has grown into one of the world's largest gold producers. The company operates and develops mines across several regions, including North America, South America, Australia, Africa, and Papua New Guinea.

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