North Dakota State Investment Board Takes $3.76 Million Position in Newmont Corporation $NEM

Key Points

• North Dakota State Investment Board opened a new position in Newmont during the fourth quarter, buying 37,679 shares valued at about $3.76 million.
• Institutional ownership remains high, with large investors broadly adding to or initiating stakes in the gold miner; institutions now hold 68.85% of Newmont’s stock.
• Newmont reported strong quarterly results, posting EPS of $2.90 versus the $2.07 estimate and revenue of $7.31 billion, while also announcing a quarterly dividend of $0.26 per share.

North Dakota State Investment Board acquired a new stake in shares of Newmont Corporation (NYSE:NEM - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 37,679 shares of the basic materials company's stock, valued at approximately $3,762,000.

A number of other large investors also recently bought and sold shares of the business. Estate Counselors LLC purchased a new stake in Newmont in the 3rd quarter valued at approximately $4,182,000. CWM LLC raised its stake in shares of Newmont by 64.6% during the 4th quarter. CWM LLC now owns 202,892 shares of the basic materials company's stock worth $20,259,000 after buying an additional 79,617 shares in the last quarter. AustralianSuper Pty Ltd lifted its holdings in shares of Newmont by 124.8% in the 3rd quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company's stock valued at $27,843,000 after buying an additional 183,360 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Newmont by 24.1% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 280,920 shares of the basic materials company's stock valued at $30,775,000 after buying an additional 54,530 shares during the period. Finally, Knights of Columbus Asset Advisors LLC boosted its stake in shares of Newmont by 286.5% in the third quarter. Knights of Columbus Asset Advisors LLC now owns 60,499 shares of the basic materials company's stock valued at $5,101,000 after buying an additional 44,846 shares in the last quarter. Institutional investors own 68.85% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Canadian Imperial Bank of Commerce cut their price objective on Newmont from $177.00 to $176.00 and set an "outperform" rating for the company in a research report on Tuesday, April 21st. National Bank Financial upped their price target on shares of Newmont from $130.00 to $140.00 and gave the stock a "sector perform" rating in a research note on Friday, April 24th. Royal Bank Of Canada increased their price target on shares of Newmont from $120.00 to $125.00 and gave the company an "outperform" rating in a report on Tuesday, February 3rd. Citigroup boosted their price objective on shares of Newmont from $118.00 to $150.00 and gave the stock a "buy" rating in a report on Tuesday, March 3rd. Finally, The Goldman Sachs Group upped their target price on shares of Newmont from $123.20 to $125.10 and gave the stock a "buy" rating in a research report on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $142.51.

Insider Buying and Selling

In other Newmont news, insider David James Fry sold 18,394 shares of the firm's stock in a transaction on Monday, March 16th. The stock was sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the completion of the transaction, the insider owned 17,147 shares of the company's stock, valued at approximately $1,911,033.15. This trade represents a 51.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Peter Wexler sold 13,378 shares of the business's stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $1,473,051.58. Following the completion of the transaction, the executive vice president directly owned 67,865 shares of the company's stock, valued at approximately $7,472,615.15. This trade represents a 16.47% decrease in their ownership of the stock. 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. Over the last 90 days, insiders have sold 43,068 shares of company stock valued at $4,769,475. 0.06% of the stock is currently owned by company insiders.

Newmont Price Performance

Newmont stock opened at $108.93 on Monday. The firm has a market capitalization of $116.29 billion, a PE ratio of 14.13, a P/E/G ratio of 1.52 and a beta of 0.43. Newmont Corporation has a 52 week low of $48.61 and a 52 week high of $134.88. The firm's 50-day simple moving average is $111.96 and its 200 day simple moving average is $107.24. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15.

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

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Wednesday, May 27th. Newmont's dividend payout ratio (DPR) is 13.49%.

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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