State of Alaska Department of Revenue Lowers Holdings in Newmont Corporation $NEM

Key Points

• State of Alaska Department of Revenue cut its holdings by 8.3% in Newmont during Q4, selling 9,685 shares and leaving 107,704 shares valued at $10.754 million.
• Several large institutions materially increased stakes—Legal & General (+9.6% to 8.16M shares), Boston Partners (+49.3% to 6.93M), and Robeco (+16.1% to 4.997M)—and institutional investors now own 68.85% of the stock.
• Newmont beat Q earnings and revenue estimates with EPS $2.52 vs. $1.81 and revenue $6.82B (up 20.6% YoY); analysts rate the stock a Moderate Buy on average with a $133.91 price target.

State of Alaska Department of Revenue cut its holdings in Newmont Corporation (NYSE:NEM - Free Report) by 8.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 107,704 shares of the basic materials company's stock after selling 9,685 shares during the period. State of Alaska Department of Revenue's holdings in Newmont were worth $10,754,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Legal & General Group Plc raised its holdings in shares of Newmont by 9.6% during the 3rd quarter. Legal & General Group Plc now owns 8,156,669 shares of the basic materials company's stock worth $687,223,000 after acquiring an additional 711,940 shares in the last quarter. Boston Partners raised its holdings in shares of Newmont by 49.3% during the 3rd quarter. Boston Partners now owns 6,931,710 shares of the basic materials company's stock worth $585,828,000 after acquiring an additional 2,288,653 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in shares of Newmont by 16.1% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 4,996,775 shares of the basic materials company's stock worth $498,928,000 after acquiring an additional 692,560 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Newmont by 33.8% during the 3rd quarter. Victory Capital Management Inc. now owns 4,925,237 shares of the basic materials company's stock worth $414,270,000 after acquiring an additional 1,244,845 shares in the last quarter. Finally, Nordea Investment Management AB raised its holdings in shares of Newmont by 10.3% during the 4th quarter. Nordea Investment Management AB now owns 4,784,777 shares of the basic materials company's stock worth $482,162,000 after acquiring an additional 447,904 shares in the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on NEM. Royal Bank Of Canada upped their price objective on Newmont from $120.00 to $125.00 and gave the stock an "outperform" rating in a report on Tuesday, February 3rd. Canaccord Genuity Group upped their price objective on Newmont from $115.00 to $140.00 and gave the stock a "buy" rating in a report on Friday, January 23rd. The Goldman Sachs Group upped their price objective on Newmont from $122.30 to $123.20 and gave the stock a "buy" rating in a report on Thursday, April 9th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Newmont in a report on Monday, December 29th. Finally, Wall Street Zen cut Newmont from a "buy" rating to a "hold" rating in a report on Saturday, April 4th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $133.91.

Newmont Stock Performance

NYSE:NEM opened at $116.58 on Tuesday. The stock's fifty day moving average is $115.42 and its 200 day moving average is $103.13. Newmont Corporation has a fifty-two week low of $48.27 and a fifty-two week high of $134.88. The firm has a market capitalization of $125.90 billion, a PE ratio of 18.24, a PEG ratio of 0.92 and a beta of 0.46. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.02 and a current ratio of 2.29.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, February 19th. The basic materials company reported $2.52 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.71. Newmont had a return on equity of 23.28% and a net margin of 31.25%.The company had revenue of $6.82 billion for the quarter, compared to analyst estimates of $6.18 billion. During the same quarter in the prior year, the firm posted $1.40 EPS. Newmont's quarterly revenue was up 20.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 26th. Investors of record on Tuesday, March 3rd were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.9%. The ex-dividend date was Tuesday, March 3rd. This is a boost from Newmont's previous quarterly dividend of $0.25. Newmont's payout ratio is currently 16.28%.

Insider Buying and Selling at Newmont

In related news, insider David James Fry sold 18,394 shares of the 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 sale, the insider owned 17,147 shares in the company, valued at approximately $1,911,033.15. This represents a 51.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $113.09, for a total value of $339,270.00. Following the sale, the executive vice president owned 52,315 shares in the company, valued at $5,916,303.35. The trade was a 5.42% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 24,394 shares of company stock worth $2,713,281 in the last 90 days. 0.06% of the stock is currently owned by insiders.

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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