State Street Corp Acquires 480,223 Shares of Newmont Corporation $NEM

State Street Corp increased its holdings in shares of Newmont Corporation (NYSE:NEM) by 1.0% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 49,959,850 shares of the basic materials company’s stock after purchasing an additional 480,223 shares during the period. State Street Corp’s holdings in Newmont were worth $4,988,491,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank bought a new position in Newmont in the fourth quarter valued at about $1,443,128,000. Van ECK Associates Corp raised its position in Newmont by 23.4% in the fourth quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock valued at $2,973,539,000 after purchasing an additional 5,643,496 shares during the last quarter. Assetmark Inc. raised its position in Newmont by 398.3% in the fourth quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company’s stock valued at $286,619,000 after purchasing an additional 2,294,396 shares during the last quarter. Boston Partners raised its position in Newmont by 49.3% in the third quarter. Boston Partners now owns 6,931,710 shares of the basic materials company’s stock valued at $585,828,000 after purchasing an additional 2,288,653 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in Newmont by 106.9% in the third quarter. Arrowstreet Capital Limited Partnership now owns 4,155,210 shares of the basic materials company’s stock valued at $349,288,000 after purchasing an additional 2,146,905 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

Newmont Trading Up 2.6%

NYSE NEM opened at $100.10 on Friday. The business has a 50 day simple moving average of $110.94 and a 200 day simple moving average of $109.98. Newmont Corporation has a one year low of $55.37 and a one year high of $134.88. The stock has a market capitalization of $106.86 billion, a P/E ratio of 12.98, a P/E/G ratio of 1.62 and a beta of 0.42. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17.

Newmont (NYSE:NEM) last released its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, topping the consensus estimate of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The business had revenue of $7.31 billion during the quarter, compared to analysts’ expectations of $6.83 billion. During the same quarter last year, the firm posted $1.25 earnings per share. The firm’s revenue was up 45.8% on a year-over-year basis. Research analysts expect that Newmont Corporation will post 9.91 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Wednesday, May 27th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $1.04 annualized dividend and a yield of 1.0%. Newmont’s dividend payout ratio (DPR) is currently 13.49%.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $105.32, for a total value of $315,960.00. Following the completion of the sale, the executive vice president owned 46,315 shares of the company’s stock, valued at approximately $4,877,895.80. This trade represents a 6.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Wexler sold 13,378 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $1,473,051.58. Following the completion of the sale, the executive vice president directly owned 67,865 shares of the company’s stock, valued at $7,472,615.15. This trade represents a 16.47% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 49,950 shares of company stock valued at $5,494,288 over the last ninety days. Insiders own 0.06% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on NEM shares. TD Securities reaffirmed a “hold” rating and issued a $129.00 price objective on shares of Newmont in a research note on Monday, April 27th. BMO Capital Markets lifted their price objective on Newmont from $140.00 to $145.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th. UBS Group cut their price objective on Newmont from $150.00 to $140.00 and set a “buy” rating on the stock in a research note on Friday, March 27th. Zacks Research lowered Newmont from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 3rd. Finally, Scotiabank cut their price objective on Newmont from $152.00 to $151.00 and set a “sector outperform” rating on the stock in a research note on Friday, March 20th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Newmont presently has a consensus rating of “Moderate Buy” and an average target price of $142.26.

Newmont Company Profile

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.