Employees Retirement System of Texas Has $137.84 Million Holdings in Newmont Corporation $NEM

Key Points

• Employees Retirement System of Texas increased its Newmont stake by 22.7% in the fourth quarter, ending with 1.38 million shares worth about $137.84 million. Newmont is now its 17th-largest holding.
• Wall Street remains mostly positive on Newmont, with a consensus rating of Moderate Buy and an average price target of $142.05. Recent analyst moves included higher targets from Canaccord Genuity and Bank of America, though Zacks downgraded the stock to hold.
• Newmont reported strong quarterly results, beating expectations with $2.90 EPS versus $2.07 expected and revenue of $7.31 billion. The company also announced a quarterly dividend of $0.26 per share, payable June 22.

Employees Retirement System of Texas boosted its position in Newmont Corporation (NYSE:NEM - Free Report) by 22.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,380,471 shares of the basic materials company's stock after buying an additional 254,953 shares during the period. Newmont makes up 1.1% of Employees Retirement System of Texas' holdings, making the stock its 17th biggest holding. Employees Retirement System of Texas owned about 0.13% of Newmont worth $137,840,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of NEM. Royal Palms Capital LLC bought a new stake in shares of Newmont during the 4th quarter valued at about $5,166,000. Expressive Wealth LLC bought a new stake in Newmont in the fourth quarter worth approximately $708,000. Williamson Legacy Group LLC acquired a new position in Newmont in the fourth quarter valued at approximately $2,792,000. Syverson Strege & Co bought a new position in shares of Newmont during the 4th quarter worth approximately $244,000. Finally, Flputnam Investment Management Co. boosted its holdings in shares of Newmont by 3.2% during the 4th quarter. Flputnam Investment Management Co. now owns 7,669 shares of the basic materials company's stock worth $766,000 after buying an additional 237 shares in the last quarter. Institutional investors own 68.85% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on NEM shares. Canaccord Genuity Group lifted their price objective on shares of Newmont from $150.00 to $160.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. UBS Group cut their target price on shares of Newmont from $150.00 to $140.00 and set a "buy" rating on the stock in a research note on Friday, March 27th. Zacks Research downgraded shares of Newmont from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 3rd. Royal Bank Of Canada upped their price objective on shares of Newmont from $120.00 to $125.00 and gave the company an "outperform" rating in a report on Tuesday, February 3rd. Finally, Bank of America increased their price objective on shares of Newmont from $134.00 to $151.00 and gave the stock a "buy" rating in a research report on Thursday, February 26th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Newmont currently has a consensus rating of "Moderate Buy" and a consensus target price of $142.05.

Insider Buying and Selling at Newmont

In related news, insider David John Thornton sold 2,296 shares of the company's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $252,812.56. Following the sale, the insider owned 23,163 shares in the company, valued at $2,550,477.93. This represents a 9.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $330,330.00. Following the transaction, the executive vice president owned 49,315 shares of the company's stock, valued at $5,430,074.65. This trade represents a 5.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 43,068 shares of company stock valued at $4,769,475. Insiders own 0.06% of the company's stock.

Newmont Price Performance

Shares of NYSE:NEM opened at $111.49 on Wednesday. Newmont Corporation has a twelve month low of $51.80 and a twelve month high of $134.88. The stock's 50 day moving average is $110.94 and its 200-day moving average is $108.60. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $119.02 billion, a price-to-earnings ratio of 14.46 and a beta of 0.43.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $6.83 billion. During the same quarter last year, the firm posted $1.25 EPS. Newmont's revenue was up 45.8% compared to the same quarter last year. Sell-side analysts forecast that Newmont Corporation will post 9.47 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. Newmont's payout ratio is presently 13.49%.

About Newmont

Newmont Corporation NYSE: NEM is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company's core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.

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