Public Employees Retirement System of Ohio Cuts Position in Newmont Corporation $NEM

Key Points

• The Public Employees Retirement System of Ohio reduced its position in Newmont Corporation by 4.0%, owning 454,049 shares after selling 18,757 shares during the second quarter, valuing their holdings at approximately $26.45 million.
• Newmont's second quarter earnings exceeded expectations, reporting $1.43 EPS compared to analysts' estimates of $0.95, with revenue coming in at $5.32 billion.
• The company announced a quarterly dividend of $0.25 per share, which translates to an annual yield of 1.2%, with a payout ratio of 17.95%.

Public Employees Retirement System of Ohio reduced its position in shares of Newmont Corporation (NYSE:NEM - Free Report) by 4.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 454,049 shares of the basic materials company's stock after selling 18,757 shares during the period. Public Employees Retirement System of Ohio's holdings in Newmont were worth $26,453,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. SOA Wealth Advisors LLC. increased its stake in Newmont by 64.0% during the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock worth $25,000 after buying an additional 201 shares in the last quarter. Cloud Capital Management LLC purchased a new stake in Newmont during the 1st quarter worth approximately $26,000. Colonial Trust Advisors increased its stake in Newmont by 315.4% during the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock worth $27,000 after buying an additional 429 shares in the last quarter. Financial Management Professionals Inc. increased its stake in Newmont by 274.1% during the 2nd quarter. Financial Management Professionals Inc. now owns 606 shares of the basic materials company's stock worth $35,000 after buying an additional 444 shares in the last quarter. Finally, Private Trust Co. NA increased its stake in Newmont by 122.6% during the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock worth $30,000 after buying an additional 347 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Trading Down 1.4%

NEM opened at $83.45 on Thursday. Newmont Corporation has a one year low of $36.86 and a one year high of $86.62. The stock has a market capitalization of $91.66 billion, a PE ratio of 14.98, a P/E/G ratio of 0.98 and a beta of 0.34. The business's 50 day moving average price is $70.97 and its 200 day moving average price is $59.15. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23.

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

Newmont Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Thursday, September 4th will be issued a $0.25 dividend. The ex-dividend date is Thursday, September 4th. This represents a $1.00 dividend on an annualized basis and a yield of 1.2%. Newmont's dividend payout ratio is currently 17.95%.

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,077 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $74.59, for a total value of $154,923.43. Following the transaction, the director directly owned 38,949 shares in the company, valued at approximately $2,905,205.91. This represents a 5.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Brian Tabolt sold 7,015 shares of the company's stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the transaction, the chief accounting officer 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 19,246 shares of company stock worth $1,253,559. Insiders own 0.05% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. National Bank Financial upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. Wall Street Zen upgraded Newmont from a "hold" rating to a "buy" rating in a research report on Friday, May 30th. Royal Bank Of Canada upgraded Newmont from a "sector perform" rating to an "outperform" rating and upped their price target for the company from $66.00 to $95.00 in a research report on Wednesday, September 10th. Stifel Nicolaus assumed coverage on Newmont in a research report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price target for the company. Finally, National Bankshares restated an "outperform" rating on shares of Newmont in a research report on Monday. Four analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Newmont presently has a consensus rating of "Moderate Buy" and a consensus target price of $73.38.

About Newmont

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.

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