Newmont Corporation $NEM Stock Holdings Lessened by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• VIRGINIA RETIREMENT SYSTEMS ET Al cut its Newmont stake by 23.4% in the fourth quarter, selling 131,200 shares and leaving it with 430,000 shares worth about $42.9 million.
• Newmont reported better-than-expected quarterly results, posting $2.90 EPS versus the $2.07 estimate and revenue of $7.31 billion, while revenue jumped 45.8% year over year.
• Analyst sentiment remains positive overall, with Newmont carrying a Moderate Buy consensus rating and an average price target of $142.51, even as some insiders recently sold shares under pre-arranged trading plans.

VIRGINIA RETIREMENT SYSTEMS ET Al reduced its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 23.4% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 430,000 shares of the basic materials company's stock after selling 131,200 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al's holdings in Newmont were worth $42,936,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. GoalVest Advisory LLC bought a new position in shares of Newmont in the 4th quarter worth about $25,000. Physician Wealth Advisors Inc. lifted its position in shares of Newmont by 327.8% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company's stock worth $26,000 after buying an additional 236 shares during the last quarter. Cornerstone Planning Group LLC lifted its position in shares of Newmont by 312.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock worth $27,000 after buying an additional 206 shares during the last quarter. JPL Wealth Management LLC bought a new stake in Newmont in the 3rd quarter valued at about $27,000. Finally, Lodestone Wealth Management LLC bought a new stake in Newmont in the 4th quarter valued at about $28,000. 68.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Canadian Imperial Bank of Commerce cut their price objective on shares of Newmont from $177.00 to $176.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 21st. Wall Street Zen upgraded shares of Newmont from a "hold" rating to a "buy" rating in a research report on Saturday, April 25th. 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 report on Wednesday, April 29th. TD Cowen reiterated a "buy" rating on shares of Newmont in a research report on Monday, April 27th. Finally, TD lifted their price objective on shares of Newmont from $116.00 to $129.00 and gave the company a "hold" rating in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Newmont currently has an average rating of "Moderate Buy" and an average target price of $142.51.

Newmont Stock Down 0.7%

Newmont stock opened at $119.77 on Wednesday. The stock has a market cap of $127.86 billion, a price-to-earnings ratio of 15.53, a PEG ratio of 1.68 and a beta of 0.43. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. The company's 50-day moving average price is $112.40 and its two-hundred day moving average price is $106.58. Newmont Corporation has a 52 week low of $48.27 and a 52 week high of $134.88.

Newmont (NYSE:NEM - Get Free Report) last released its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating the consensus estimate of $2.07 by $0.83. The firm had revenue of $7.31 billion for the quarter, compared to analysts' expectations of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. Newmont's quarterly revenue was up 45.8% on a year-over-year basis. During the same quarter last year, the company earned $1.25 EPS. On average, analysts expect that Newmont Corporation will post 9.72 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be paid 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 yield of 0.9%. Newmont's dividend payout ratio (DPR) is presently 13.49%.

Insider Activity at Newmont

In other news, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $252,812.56. Following the transaction, the insider owned 23,163 shares of the company's stock, valued at $2,550,477.93. The trade was a 9.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through 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 Wexler sold 13,378 shares of Newmont stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the completion of the transaction, the executive vice president directly owned 67,865 shares in the company, valued at $7,472,615.15. This represents a 16.47% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 43,068 shares of company stock worth $4,769,475 in the last 90 days. Corporate insiders own 0.06% of the company's stock.

Newmont Company 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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