Texas Permanent School Fund Corp Has $8.54 Million Stock Holdings in Newmont Co. (NYSE:NEM)

Texas Permanent School Fund Corp lifted its position in shares of Newmont Co. (NYSE:NEM) by 0.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 238,230 shares of the basic materials company’s stock after purchasing an additional 276 shares during the period. Texas Permanent School Fund Corp’s holdings in Newmont were worth $8,538,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of NEM. Vanguard Group Inc. increased its stake in shares of Newmont by 43.8% during the 4th quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock worth $4,915,059,000 after purchasing an additional 36,170,995 shares during the last quarter. Van ECK Associates Corp grew its stake in Newmont by 57.2% in the 4th quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock valued at $2,122,913,000 after buying an additional 18,664,614 shares during the last quarter. Norges Bank acquired a new position in Newmont in the 4th quarter valued at about $604,516,000. Charles Schwab Investment Management Inc. grew its stake in Newmont by 44.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock valued at $1,019,813,000 after buying an additional 7,635,657 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Newmont by 39.8% in the 1st quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock valued at $832,354,000 after buying an additional 6,617,145 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NEM has been the topic of a number of research reports. UBS Group upgraded shares of Newmont from a “neutral” rating to a “buy” rating and upped their price target for the company from $40.00 to $50.00 in a research note on Monday, June 17th. BNP Paribas upgraded shares of Newmont to a “strong-buy” rating in a research report on Friday, June 21st. CIBC upgraded shares of Newmont from a “neutral” rating to a “sector outperform” rating and increased their target price for the stock from $46.00 to $61.00 in a research report on Wednesday. Sanford C. Bernstein decreased their target price on shares of Newmont from $46.00 to $45.00 and set a “market perform” rating on the stock in a research report on Thursday, May 16th. Finally, Scotiabank increased their target price on shares of Newmont from $46.50 to $48.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 23rd. Seven research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $49.07.

Insider Activity at Newmont

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the completion of the transaction, the chief executive officer now owns 331,469 shares of the company’s stock, valued at $13,964,788.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.06% of the stock is owned by insiders.

Newmont Price Performance

NYSE:NEM traded up $1.71 on Thursday, hitting $47.17. The company had a trading volume of 11,428,685 shares, compared to its average volume of 11,608,982. The stock has a market capitalization of $54.39 billion, a price-to-earnings ratio of -17.67, a PEG ratio of 0.37 and a beta of 0.47. The company has a current ratio of 2.15, a quick ratio of 1.90 and a debt-to-equity ratio of 0.32. The firm has a 50 day moving average of $42.29 and a two-hundred day moving average of $38.30. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $47.21.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.35 by $0.20. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.66 billion. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The firm’s revenue was up 50.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.40 EPS. On average, research analysts anticipate that Newmont Co. will post 2.48 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Tuesday, June 4th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.12%. The ex-dividend date was Tuesday, June 4th. Newmont’s payout ratio is -37.45%.

Newmont 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.