Oregon Public Employees Retirement Fund Buys New Shares in Newmont Corporation $NEM

Oregon Public Employees Retirement Fund purchased a new stake in shares of Newmont Corporation (NYSE:NEM) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 129,516 shares of the basic materials company’s stock, valued at approximately $14,938,000.

A number of other hedge funds have also bought and sold shares of NEM. BlackRock Inc. purchased a new stake in shares of Newmont during the 2nd quarter valued at $11,289,753,000. State Street Corp boosted its holdings in shares of Newmont by 3.1% in the 2nd quarter. State Street Corp now owns 52,396,702 shares of the basic materials company’s stock worth $4,893,852,000 after buying an additional 1,565,716 shares during the last quarter. Bank of New York Mellon Corp grew its position in Newmont by 5.3% during the first quarter. Bank of New York Mellon Corp now owns 12,237,940 shares of the basic materials company’s stock valued at $1,324,757,000 after buying an additional 615,461 shares during the period. Dimensional Fund Advisors LP grew its position in Newmont by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 9,359,524 shares of the basic materials company’s stock valued at $1,012,792,000 after buying an additional 184,586 shares during the period. Finally, Amundi grew its position in Newmont by 4.4% during the first quarter. Amundi now owns 8,780,775 shares of the basic materials company’s stock valued at $950,519,000 after buying an additional 372,415 shares during the period. 68.85% of the stock is currently owned by institutional investors.

Newmont Stock Performance

NYSE:NEM opened at $107.48 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.16 and a current ratio of 2.45. Newmont Corporation has a 52-week low of $78.60 and a 52-week high of $135.29. The firm has a market cap of $111.70 billion, a price-to-earnings ratio of 12.50, a PEG ratio of 1.99 and a beta of 0.56. The business’s fifty day moving average is $119.68 and its 200 day moving average is $112.42.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, October 22nd. The basic materials company reported $2.20 EPS for the quarter, topping the consensus estimate of $1.94 by $0.26. The business had revenue of $6.36 billion during the quarter, compared to the consensus estimate of $6.27 billion. Newmont had a return on equity of 29.81% and a net margin of 34.73%. The firm’s revenue was up 15.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.71 EPS. Research analysts predict that Newmont Corporation will post 9.11 EPS for the current year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 21st. Stockholders of record on Wednesday, November 25th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Wednesday, November 25th. Newmont’s dividend payout ratio is presently 12.09%.

Insider Transactions at Newmont

In related news, CEO Natascha Viljoen sold 3,882 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $108.04, for a total transaction of $419,411.28. Following the completion of the transaction, the chief executive officer owned 101,691 shares of the company’s stock, valued at approximately $10,986,695.64. The trade was a 3.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $108.04, for a total transaction of $324,120.00. Following the sale, the executive vice president directly owned 31,315 shares in the company, valued at $3,383,272.60. This trade represents a 8.74% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 20,646 shares of company stock worth $2,380,140. Insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on NEM. Wall Street Zen downgraded shares of Newmont from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Freedom Broker cut shares of Newmont from a “buy” rating to a “hold” rating and dropped their target price for the company from $130.00 to $116.00 in a research note on Thursday, October 22nd. Scotiabank reduced their target price on shares of Newmont from $149.00 to $148.00 and set an “outperform” rating for the company in a research report on Tuesday, October 27th. Sanford C. Bernstein raised their price target on shares of Newmont from $144.00 to $150.00 in a research note on Friday, October 16th. Finally, Bank of America raised their price target on shares of Newmont from $135.00 to $145.00 in a research note on Monday, August 17th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $137.20.

About Newmont

Newmont Corporation (NYSE:NEM) is a global mining company primarily engaged in the exploration, development, and production of gold. The company also produces copper, silver, zinc, and lead as byproducts of its mining operations. Its activities span the full mining life cycle, including resource discovery, project development, mine operations, processing, reclamation, and closure.

Founded in 1921, Newmont has grown into one of the world’s largest gold producers. The company operates and develops mines across several regions, including North America, South America, Australia, Africa, and Papua New Guinea.