South Dakota Investment Council Has $2.53 Million Stock Position in Newmont Corporation $NEM

South Dakota Investment Council cut its holdings in Newmont Corporation (NYSE:NEM) by 22.5% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,981 shares of the basic materials company’s stock after selling 8,700 shares during the quarter. South Dakota Investment Council’s holdings in Newmont were worth $2,528,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of NEM. Norges Bank bought a new stake in shares of Newmont during the 2nd quarter valued at approximately $919,170,000. Invesco Ltd. increased its holdings in shares of Newmont by 45.0% during the second quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock worth $908,152,000 after buying an additional 4,839,447 shares in the last quarter. Boston Partners lifted its stake in shares of Newmont by 4,090.7% in the 2nd quarter. Boston Partners now owns 4,643,057 shares of the basic materials company’s stock valued at $272,558,000 after acquiring an additional 4,532,263 shares during the last quarter. LSV Asset Management acquired a new stake in shares of Newmont during the 2nd quarter valued at $187,206,000. Finally, Robeco Institutional Asset Management B.V. increased its holdings in Newmont by 172.2% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 4,304,215 shares of the basic materials company’s stock worth $362,888,000 after purchasing an additional 2,723,044 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

Newmont Trading Up 0.6%

NYSE:NEM opened at $119.20 on Thursday. Newmont Corporation has a 52 week low of $42.03 and a 52 week high of $134.88. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.02 and a current ratio of 2.29. The firm’s fifty day moving average is $116.81 and its 200-day moving average is $96.27. The firm has a market cap of $129.67 billion, a P/E ratio of 18.65, a P/E/G ratio of 0.96 and a beta of 0.39.

Newmont (NYSE:NEM) last released its earnings results on Thursday, February 19th. The basic materials company reported $2.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.81 by $0.71. Newmont had a net margin of 31.25% and a return on equity of 23.28%. The business had revenue of $6.82 billion for the quarter, compared to analyst estimates of $6.18 billion. During the same quarter in the previous year, the business earned $1.40 earnings per share. Newmont’s revenue for the quarter was up 20.6% on a year-over-year basis. Equities analysts expect that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Tuesday, March 3rd will be paid a dividend of $0.26 per share. This is an increase from Newmont’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Tuesday, March 3rd. Newmont’s payout ratio is 16.28%.

Analysts Set New Price Targets

A number of brokerages have recently commented on NEM. Bank of America lifted their price target on Newmont from $134.00 to $151.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Wall Street Zen downgraded shares of Newmont from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. UBS Group reduced their target price on shares of Newmont from $160.00 to $150.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. Royal Bank Of Canada upped their price target on shares of Newmont from $120.00 to $125.00 and gave the company an “outperform” rating in a research report on Tuesday, February 3rd. Finally, Zacks Research downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 18th. Two research 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 data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $133.68.

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.