State of New Jersey Common Pension Fund D Has $18.39 Million Stock Holdings in Newmont Corporation (NYSE:NEM)

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Newmont Corporation by 11.2%, now owning 380,811 shares valued at approximately $18.39 million.
• Newmont recently reported quarterly earnings of $1.43 per share, exceeding expectations and demonstrating a 20.8% year-over-year revenue increase.
• The company declared a quarterly dividend of $0.25 per share, yielding an annualized dividend of 1.4%, with plans to distribute this on September 29th.

State of New Jersey Common Pension Fund D decreased its position in Newmont Corporation (NYSE:NEM - Free Report) by 11.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 380,811 shares of the basic materials company's stock after selling 47,825 shares during the period. State of New Jersey Common Pension Fund D's holdings in Newmont were worth $18,386,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC increased its position in shares of Newmont by 15.7% during the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock valued at $506,000 after purchasing an additional 1,847 shares during the period. Townsquare Capital LLC boosted its stake in Newmont by 31.4% during the fourth quarter. Townsquare Capital LLC now owns 30,613 shares of the basic materials company's stock worth $1,139,000 after buying an additional 7,314 shares in the last quarter. CreativeOne Wealth LLC acquired a new stake in Newmont during the fourth quarter worth $417,000. Marshall Wace LLP increased its holdings in Newmont by 60.3% in the 4th quarter. Marshall Wace LLP now owns 1,437,333 shares of the basic materials company's stock valued at $53,498,000 after buying an additional 540,786 shares during the period. Finally, Farringdon Capital Ltd. acquired a new position in shares of Newmont in the 4th quarter valued at $386,000. Institutional investors and hedge funds own 68.85% of the company's stock.

Newmont Price Performance

Shares of NEM stock opened at $69.32 on Friday. Newmont Corporation has a 52 week low of $36.86 and a 52 week high of $70.29. The stock has a market capitalization of $76.14 billion, a PE ratio of 12.45, a PEG ratio of 0.81 and a beta of 0.30. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The stock's fifty day moving average is $61.00 and its 200-day moving average is $53.11.

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. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter in the prior year, the company earned $0.72 EPS. The firm's quarterly revenue was up 20.8% on a year-over-year basis. Equities research analysts expect that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Thursday, September 4th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Thursday, September 4th. Newmont's dividend payout ratio is 17.95%.

Insider Activity

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of the 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 directly owned 32,615 shares in the company, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction on Friday, August 1st. The shares were sold at an average price of $63.66, for a total value of $132,221.82. Following the completion of the sale, the director directly owned 41,026 shares of the company's stock, valued at $2,611,715.16. This trade represents a 4.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 22,246 shares of company stock valued at $1,373,251 over the last three months. 0.05% of the stock is owned by insiders.

Wall Street Analyst Weigh In

NEM has been the subject of a number of analyst reports. National Bankshares raised shares of Newmont from a "sector perform" rating to an "outperform" rating in a report on Friday, July 25th. National Bank Financial upgraded shares of Newmont from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 25th. Stifel Nicolaus assumed coverage on Newmont in a report on Wednesday, July 9th. They set a "buy" rating and a $73.00 price objective on the stock. Cfra Research upgraded Newmont to a "strong-buy" rating in a research note on Friday, April 25th. Finally, Stifel Canada upgraded Newmont to a "strong-buy" rating in a research report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, six have given a hold rating, nine have assigned a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $64.58.

Newmont Company 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.

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