Public Employees Retirement System of Ohio Lowers Position in Newmont Co. (NYSE:NEM)

Public Employees Retirement System of Ohio cut its holdings in shares of Newmont Co. (NYSE:NEM) by 6.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 542,566 shares of the basic materials company’s stock after selling 39,637 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Newmont were worth $19,446,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of NEM. Raymond James & Associates boosted its holdings in Newmont by 25.0% during the 4th quarter. Raymond James & Associates now owns 663,133 shares of the basic materials company’s stock valued at $27,447,000 after acquiring an additional 132,568 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in Newmont by 18.3% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 310,852 shares of the basic materials company’s stock valued at $12,866,000 after acquiring an additional 48,122 shares during the period. Pacer Advisors Inc. boosted its holdings in Newmont by 70.5% during the 4th quarter. Pacer Advisors Inc. now owns 85,401 shares of the basic materials company’s stock valued at $3,535,000 after acquiring an additional 35,303 shares during the period. Blue Trust Inc. boosted its holdings in Newmont by 13.0% during the 4th quarter. Blue Trust Inc. now owns 3,993 shares of the basic materials company’s stock valued at $165,000 after acquiring an additional 460 shares during the period. Finally, State of Alaska Department of Revenue raised its position in Newmont by 27.5% in the 4th quarter. State of Alaska Department of Revenue now owns 170,138 shares of the basic materials company’s stock valued at $7,041,000 after purchasing an additional 36,645 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the completion of the transaction, the chief executive officer now directly 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 SEC, which is accessible through this hyperlink. 0.06% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on NEM. BMO Capital Markets increased their price target on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Citigroup cut their target price on Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, April 4th. BNP Paribas raised Newmont to a “strong-buy” rating in a research report on Friday, June 21st. CIBC raised Newmont from a “neutral” rating to a “sector outperform” rating and lifted their price target for the stock from $46.00 to $61.00 in a research report on Wednesday, July 10th. Finally, Jefferies Financial Group lifted their target price on Newmont from $50.00 to $54.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Seven investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $50.00.

Newmont Stock Up 0.3 %

Newmont stock opened at $47.44 on Tuesday. The stock’s 50 day moving average price is $43.45 and its 200 day moving average price is $38.85. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. The company has a market cap of $54.43 billion, a PE ratio of -17.71, a price-to-earnings-growth ratio of 0.37 and a beta of 0.47. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $48.97.

Newmont (NYSE:NEM) last posted its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. Newmont’s quarterly revenue was up 64.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.33 earnings per share. On average, sell-side analysts predict that Newmont Co. will post 2.67 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 5th will be given a dividend of $0.25 per share. The ex-dividend date is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 2.11%. Newmont’s payout ratio is -37.45%.

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.