South Dakota Investment Council Sells 8,700 Shares of Newmont Corporation $NEM

South Dakota Investment Council decreased its stake in Newmont Corporation (NYSE:NEM) by 22.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,981 shares of the basic materials company’s stock after selling 8,700 shares during the period. South Dakota Investment Council’s holdings in Newmont were worth $2,528,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Level Four Advisory Services LLC increased its position in shares of Newmont by 48.1% during the 3rd quarter. Level Four Advisory Services LLC now owns 33,957 shares of the basic materials company’s stock worth $2,863,000 after purchasing an additional 11,034 shares during the last quarter. Victory Capital Management Inc. increased its stake in shares of Newmont by 33.8% during the 3rd quarter. Victory Capital Management Inc. now owns 4,925,237 shares of the basic materials company’s stock worth $414,270,000 after purchasing an additional 1,244,845 shares during the last quarter. Strive Asset Management LLC acquired a new stake in Newmont in the 3rd quarter valued at about $1,265,000. Sprott Inc. grew its holdings in Newmont by 64.9% during the third quarter. Sprott Inc. now owns 234,072 shares of the basic materials company’s stock worth $19,735,000 after purchasing an additional 92,126 shares during the period. Finally, Focus Partners Advisor Solutions LLC raised its stake in Newmont by 24.8% in the third quarter. Focus Partners Advisor Solutions LLC now owns 21,445 shares of the basic materials company’s stock valued at $1,851,000 after buying an additional 4,265 shares during the period. Institutional investors own 68.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Argus raised their price target on Newmont from $75.00 to $94.00 in a report on Friday, November 21st. BNP Paribas Exane increased their price objective on shares of Newmont from $97.00 to $123.00 and gave the company a “neutral” rating in a research report on Thursday, February 12th. Canaccord Genuity Group lifted their target price on shares of Newmont from $115.00 to $140.00 and gave the stock a “buy” rating in a report on Friday, January 23rd. Macquarie Infrastructure upped their price target on shares of Newmont from $115.00 to $126.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. Finally, Raymond James Financial increased their price target on shares of Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, January 15th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $133.68.

Newmont Trading Up 0.6%

Shares of NYSE:NEM opened at $119.20 on Thursday. The business’s 50 day simple moving average is $116.81 and its 200 day simple moving average is $96.27. Newmont Corporation has a 1 year low of $42.03 and a 1 year high of $134.88. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.29 and a quick ratio of 2.02. The company has a market capitalization 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 announced its quarterly earnings data on Thursday, February 19th. The basic materials company reported $2.52 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.71. The firm had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.18 billion. Newmont had a return on equity of 23.28% and a net margin of 31.25%.The company’s quarterly revenue was up 20.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.40 EPS. On average, research analysts anticipate that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Newmont Increases Dividend

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

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.