State of New Jersey Common Pension Fund D Reduces Stock Position in Newmont Corporation $NEM

State of New Jersey Common Pension Fund D lessened its stake in Newmont Corporation (NYSE:NEM) by 1.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 385,586 shares of the basic materials company’s stock after selling 7,223 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Newmont were worth $38,501,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. increased its holdings in Newmont by 172.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 4,304,215 shares of the basic materials company’s stock valued at $362,888,000 after buying an additional 2,723,044 shares during the last quarter. Assetmark Inc. increased its holdings in Newmont by 398.3% in the 4th quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company’s stock worth $286,619,000 after acquiring an additional 2,294,396 shares in the last quarter. Boston Partners boosted its position in shares of Newmont by 49.3% in the third quarter. Boston Partners now owns 6,931,710 shares of the basic materials company’s stock worth $585,828,000 after purchasing an additional 2,288,653 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of Newmont by 106.9% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 4,155,210 shares of the basic materials company’s stock valued at $349,288,000 after purchasing an additional 2,146,905 shares during the period. Finally, Ameriprise Financial Inc. increased its stake in Newmont by 142.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 3,262,258 shares of the basic materials company’s stock worth $189,963,000 after buying an additional 1,914,286 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

Newmont stock opened at $109.58 on Thursday. The company has a market capitalization of $116.98 billion, a PE ratio of 14.24, a P/E/G ratio of 0.88 and a beta of 0.46. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. Newmont Corporation has a fifty-two week low of $48.27 and a fifty-two week high of $134.88. The company has a 50 day moving average price of $113.85 and a 200-day moving average price of $105.31.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.07 by $0.83. The firm had revenue of $7.31 billion for 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 company’s quarterly revenue was up 45.8% on a year-over-year basis. During the same period last year, the firm earned $1.25 earnings per share. As a group, equities analysts forecast that Newmont Corporation will post 8.97 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Wednesday, May 27th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, May 27th. Newmont’s dividend payout ratio is currently 13.49%.

Analysts Set New Price Targets

A number of research firms recently commented on NEM. Canadian Imperial Bank of Commerce lowered their price target on Newmont from $177.00 to $176.00 and set an “outperform” rating on the stock in a report on Tuesday, April 21st. Bank of America raised their price objective on Newmont from $134.00 to $151.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Jefferies Financial Group raised their price target on Newmont from $162.00 to $165.00 and gave the company a “buy” rating in a report on Friday, April 10th. UBS Group reduced their price target on shares of Newmont from $150.00 to $140.00 and set a “buy” rating on the stock in a research report on Friday, March 27th. Finally, DZ Bank upgraded shares of Newmont to a “strong-buy” rating in a research report on Monday, January 19th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $142.51.

Insider Transactions at Newmont

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 52,315 shares in the company, valued at $5,916,303.35. This trade represents a 5.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 directly owned 17,147 shares of the company’s stock, valued at approximately $1,911,033.15. This represents a 51.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 24,394 shares of company stock worth $2,713,281 in the last 90 days. Insiders own 0.06% of the company’s stock.

About Newmont

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.