Maryland State Retirement & Pension System Sells 7,580 Shares of Newmont Corporation (NYSE:NEM)

Key Points

• The Maryland State Retirement & Pension System reduced its stake in Newmont Corporation by 12.5%, now owning 53,282 shares worth approximately $2.57 million.
• Newmont reported strong quarterly earnings with $1.43 earnings per share, exceeding analysts' expectations of $0.95, and a revenue of $5.32 billion for the quarter.
• The company has a dividend yield of 1.5%, with a quarterly dividend of $0.25 per share set to be paid on September 29th.

Maryland State Retirement & Pension System lowered its stake in shares of Newmont Corporation (NYSE:NEM - Free Report) by 12.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 53,282 shares of the basic materials company's stock after selling 7,580 shares during the quarter. Maryland State Retirement & Pension System's holdings in Newmont were worth $2,572,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its position in shares of Newmont by 0.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 6,901,244 shares of the basic materials company's stock valued at $333,192,000 after acquiring an additional 50,840 shares during the period. ASR Vermogensbeheer N.V. bought a new stake in shares of Newmont in the first quarter valued at approximately $7,959,000. Provident Investment Management Inc. bought a new stake in shares of Newmont in the first quarter valued at approximately $200,000. Hemington Wealth Management boosted its position in shares of Newmont by 25.2% in the first quarter. Hemington Wealth Management now owns 965 shares of the basic materials company's stock valued at $46,000 after acquiring an additional 194 shares during the period. Finally, Legacy Capital Group California Inc. boosted its position in shares of Newmont by 192.4% in the first quarter. Legacy Capital Group California Inc. now owns 31,850 shares of the basic materials company's stock valued at $1,538,000 after acquiring an additional 20,957 shares during the period. Institutional investors own 68.85% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on NEM. UBS Group increased their price objective on Newmont from $60.00 to $68.00 and gave the company a "buy" rating in a research report on Thursday, July 3rd. The Goldman Sachs Group restated a "neutral" rating and issued a $60.90 target price on shares of Newmont in a research note on Tuesday, July 8th. Scotiabank upped their target price on Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a research note on Monday, July 28th. National Bank Financial upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. Finally, Cfra Research upgraded Newmont to a "strong-buy" rating in a research note on Friday, April 25th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, nine have assigned a buy rating and four have issued a strong buy rating to the company's stock. According to MarketBeat, Newmont currently has an average rating of "Moderate Buy" and an average target price of $64.58.

Insiders Place Their Bets

In related news, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction dated Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. This trade represents a 17.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $63.66, for a total value of $132,221.82. Following the sale, the director directly owned 41,026 shares of the company's stock, valued at $2,611,715.16. This represents a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 22,246 shares of company stock valued at $1,373,251. 0.05% of the stock is currently owned by corporate insiders.

Newmont Price Performance

Newmont stock traded down $0.11 during mid-day trading on Friday, hitting $68.96. 9,068,992 shares of the company were exchanged, compared to its average volume of 12,927,891. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $70.29. The company has a market capitalization of $75.75 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 0.81 and a beta of 0.30. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. The business has a fifty day moving average of $59.58 and a 200 day moving average of $52.32.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.48. The business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The firm's quarterly revenue was up 20.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.72 EPS. As a group, sell-side analysts expect that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Thursday, September 4th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, September 4th. This represents a $1.00 annualized dividend and a yield of 1.5%. Newmont's dividend payout ratio is currently 17.95%.

Newmont Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.