State of Alaska Department of Revenue Boosts Stock Position in Newmont Co. (NYSE:NEM)

State of Alaska Department of Revenue raised its position in shares of Newmont Co. (NYSE:NEMGet Rating) by 35.2% during the 2nd quarter, Holdings Channel reports. The firm owned 151,651 shares of the basic materials company’s stock after buying an additional 39,495 shares during the quarter. State of Alaska Department of Revenue’s holdings in Newmont were worth $9,048,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in NEM. GQG Partners LLC grew its stake in Newmont by 182.0% during the 1st quarter. GQG Partners LLC now owns 32,070,891 shares of the basic materials company’s stock valued at $2,547,688,000 after purchasing an additional 20,699,677 shares during the last quarter. Norges Bank purchased a new stake in Newmont during the 4th quarter valued at about $489,639,000. Caisse DE Depot ET Placement DU Quebec grew its stake in Newmont by 103.3% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 4,489,270 shares of the basic materials company’s stock valued at $356,749,000 after purchasing an additional 2,281,418 shares during the last quarter. Capital World Investors grew its stake in Newmont by 70.6% during the 1st quarter. Capital World Investors now owns 4,305,094 shares of the basic materials company’s stock valued at $342,040,000 after purchasing an additional 1,781,294 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Newmont by 19.4% during the 1st quarter. Bank of New York Mellon Corp now owns 7,639,050 shares of the basic materials company’s stock valued at $606,921,000 after purchasing an additional 1,239,223 shares during the last quarter. Hedge funds and other institutional investors own 81.11% of the company’s stock.

Newmont Stock Performance

NYSE NEM opened at $43.71 on Monday. The stock has a market capitalization of $34.69 billion, a price-to-earnings ratio of 44.15 and a beta of 0.29. Newmont Co. has a twelve month low of $40.27 and a twelve month high of $86.37. The company has a current ratio of 2.82, a quick ratio of 2.44 and a debt-to-equity ratio of 0.28. The stock has a 50-day moving average of $46.24 and a 200 day moving average of $62.61.

Newmont (NYSE:NEMGet Rating) last announced its earnings results on Monday, July 25th. The basic materials company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.14). Newmont had a net margin of 6.40% and a return on equity of 9.13%. The firm had revenue of $3.06 billion for the quarter, compared to analyst estimates of $3.04 billion. During the same period in the previous year, the company earned $0.83 EPS. Newmont’s revenue was down .2% compared to the same quarter last year. Sell-side analysts anticipate that Newmont Co. will post 2.61 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 22nd. Shareholders of record on Thursday, September 8th will be issued a dividend of $0.55 per share. The ex-dividend date of this dividend is Wednesday, September 7th. This represents a $2.20 dividend on an annualized basis and a dividend yield of 5.03%. Newmont’s payout ratio is currently 222.22%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Raymond James decreased their price objective on Newmont from $71.00 to $69.00 and set an “outperform” rating for the company in a report on Friday. Barclays decreased their price objective on Newmont from $58.00 to $57.00 and set an “equal weight” rating for the company in a report on Friday. TD Securities decreased their price objective on Newmont from $64.00 to $52.00 and set a “hold” rating for the company in a report on Tuesday, July 26th. Fundamental Research decreased their price objective on Newmont from $79.52 to $63.91 and set a “buy” rating for the company in a report on Tuesday, August 9th. Finally, The Goldman Sachs Group assumed coverage on Newmont in a report on Monday, September 12th. They issued a “buy” rating and a $53.00 price objective for the company. Eleven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, Newmont has a consensus rating of “Hold” and a consensus price target of $66.94.

Insider Buying and Selling at Newmont

In other Newmont news, COO Robert D. Atkinson sold 3,000 shares of the stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $45.35, for a total transaction of $136,050.00. Following the completion of the transaction, the chief operating officer now owns 48,947 shares of the company’s stock, valued at $2,219,746.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Thomas Ronald Palmer sold 11,000 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $45.35, for a total value of $498,850.00. Following the completion of the sale, the chief executive officer now directly owns 254,949 shares in the company, valued at $11,561,937.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Robert D. Atkinson sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $45.35, for a total value of $136,050.00. Following the completion of the sale, the chief operating officer now owns 48,947 shares of the company’s stock, valued at $2,219,746.45. The disclosure for this sale can be found here. Insiders sold 38,000 shares of company stock valued at $2,081,920 over the last quarter. 0.11% of the stock is currently owned by insiders.

Newmont Profile

(Get Rating)

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, and Ghana. As of December 31, 2021, it had proven and probable gold reserves of 92.8 million ounces and land position of 62,800 square kilometers.

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Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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