New Mexico Educational Retirement Board Makes New Investment in Newmont Corporation $NEM

Key Points

• New Mexico Educational Retirement Board acquired 54,280 Newmont shares worth approximately $1.13 million during the second quarter. Institutional investors and hedge funds now own 68.85% of the company.
• Analysts maintain a generally positive outlook, with Newmont receiving a consensus “Moderate Buy” rating and an average price target of $132.73, despite several recent target-price reductions.
• Newmont reported quarterly EPS of $2.10, beating estimates of $2.05, while revenue of $6.12 billion fell short of expectations. The company also declared a quarterly dividend of $0.26 per share, and insiders sold 25,209 shares over the past three months.

New Mexico Educational Retirement Board bought a new position in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 54,280 shares of the basic materials company's stock, valued at approximately $1,134,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Leonteq Securities AG bought a new position in shares of Newmont in the fourth quarter worth about $9,018,000. ARS Investment Partners LLC lifted its position in shares of Newmont by 3.6% during the fourth quarter. ARS Investment Partners LLC now owns 697,063 shares of the basic materials company's stock worth $69,602,000 after purchasing an additional 23,900 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Newmont during the second quarter valued at approximately $36,180,000. Asset One Wealth Management LLC bought a new stake in shares of Newmont during the second quarter valued at approximately $2,866,000. Finally, Private Advisory Group LLC acquired a new stake in shares of Newmont in the second quarter valued at approximately $10,430,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

NEM has been the subject of several research analyst reports. Scotiabank boosted their price objective on shares of Newmont from $147.00 to $149.00 and gave the stock an "outperform" rating in a research report on Wednesday, August 12th. Argus set a $110.00 price objective on Newmont in a research report on Monday, August 3rd. Wall Street Zen cut Newmont from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Bank of America dropped their target price on Newmont from $157.00 to $132.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Finally, UBS Group cut their price target on Newmont from $140.00 to $120.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $132.73.

Newmont Trading Down 1.6%

NEM opened at $125.87 on Tuesday. The firm has a 50 day simple moving average of $104.71 and a 200 day simple moving average of $109.53. Newmont Corporation has a fifty-two week low of $72.78 and a fifty-two week high of $135.29. The company has a market cap of $132.63 billion, a price-to-earnings ratio of 15.89, a price-to-earnings-growth ratio of 1.32 and a beta of 0.47. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The firm had revenue of $6.12 billion for the quarter, compared to analysts' expectations of $6.35 billion. During the same period last year, the firm earned $1.43 earnings per share. On average, sell-side analysts anticipate that Newmont Corporation will post 9.01 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd will be given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Thursday, September 3rd. Newmont's dividend payout ratio (DPR) is currently 13.13%.

Insider Buying and Selling

In related news, CFO Brian Tabolt sold 11,445 shares of Newmont 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 of the company's stock, valued at $3,081,659.16. The trade was a 28.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Natascha Viljoen sold 7,764 shares of the company's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $104.00, for a total value of $807,456.00. Following the completion of the sale, the chief executive officer owned 135,235 shares of the company's stock, valued at $14,064,440. This represents a 5.43% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 25,209 shares of company stock valued at $2,567,701 over the last three months. Company insiders own 0.06% of the company's stock.

Newmont Profile

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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