Newmont Corporation $NEM Shares Newly Bought by State of Alaska Department of Revenue

Key Points

• State of Alaska Department of Revenue bought 138,815 Newmont shares worth approximately $16.0 million in the third quarter. Institutional investors collectively own 68.85% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $134.26, compared with the reported share price of $113.85.
• Newmont beat quarterly earnings expectations with $2.10 in EPS versus $2.05 forecast and pays a quarterly dividend of $0.26 per share, while company insiders have sold shares in recent months.

State of Alaska Department of Revenue bought a new position in Newmont Corporation (NYSE:NEM - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 138,815 shares of the basic materials company's stock, valued at approximately $16,010,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. purchased a new stake in Newmont during the second quarter valued at $11,289,753,000. State Street Corp boosted its position in Newmont by 3.1% in the second quarter. State Street Corp now owns 52,396,702 shares of the basic materials company's stock worth $4,893,852,000 after purchasing an additional 1,565,716 shares during the last quarter. Van ECK Associates Corp bought a new stake in shares of Newmont during the 2nd quarter valued at about $671,197,000. Bank of New York Mellon Corp bought a new stake in shares of Newmont during the 2nd quarter valued at about $1,219,505,000. Finally, First Eagle Investment Management LLC purchased a new stake in shares of Newmont during the 2nd quarter valued at about $241,820,000. Institutional investors own 68.85% of the company's stock.

Insider Activity at Newmont

In related news, CFO Brian Tabolt sold 11,445 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total value of $1,202,755.05. Following the transaction, the chief financial officer directly owned 29,324 shares of the company's stock, valued at approximately $3,081,659.16. The trade was a 28.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Natascha Viljoen sold 3,882 shares of Newmont stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total transaction of $445,692.42. Following the sale, the chief executive officer owned 127,471 shares in the company, valued at approximately $14,634,945.51. The trade was a 2.96% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 35,973 shares of company stock valued at $3,927,169. 0.06% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on NEM shares. Argus set a $110.00 target price on shares of Newmont in a research report on Monday, August 3rd. BNP Paribas Exane reduced their target price on shares of Newmont from $111.00 to $102.00 and set a "neutral" rating for the company in a report on Tuesday, July 21st. Royal Bank Of Canada increased their price target on shares of Newmont from $135.00 to $155.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 16th. Weiss Ratings upgraded shares of Newmont from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, October 2nd. Finally, Jefferies Financial Group dropped their price target on shares of Newmont from $158.00 to $146.00 and set a "buy" rating on the stock in a research note on Monday, July 6th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $134.26.

Newmont Price Performance

Shares of NYSE NEM traded up $2.29 during midday trading on Thursday, reaching $113.85. The stock had a trading volume of 2,690,675 shares, compared to its average volume of 8,554,959. The company has a market capitalization of $119.96 billion, a price-to-earnings ratio of 14.39, a price-to-earnings-growth ratio of 2.14 and a beta of 0.51. Newmont Corporation has a 12-month low of $76.05 and a 12-month high of $135.29. The stock has a 50-day moving average of $121.75 and a 200-day moving average of $110.69. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55.

Newmont (NYSE:NEM - Get Free Report) last released its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share 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 company had revenue of $6.12 billion for the quarter, compared to analysts' expectations of $6.35 billion. During the same quarter in the previous year, the company earned $1.43 EPS. As a group, research analysts anticipate that Newmont Corporation will post 9.05 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 28th. Investors of record on Thursday, September 3rd were given a dividend of $0.26 per share. The ex-dividend date was Thursday, September 3rd. This represents a $1.04 annualized dividend and a dividend yield of 0.9%. Newmont's dividend payout ratio (DPR) is currently 13.13%.

Newmont Profile

Newmont Corporation is a global mining company focused primarily on the exploration, development and production of gold. Its portfolio also includes operations and projects involving copper, silver, zinc and lead. The company's activities span the mining life cycle, including exploration, mine development, production, processing, reclamation and related environmental management.

Founded in 1921, Newmont is headquartered in Denver, Colorado, and has built a long history in the gold-mining industry through organic development, acquisitions and joint ventures.

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