Illinois Municipal Retirement Fund Sells 75,491 Shares of Newmont Co. (NYSE:NEM)

Illinois Municipal Retirement Fund cut its stake in Newmont Co. (NYSE:NEMGet Rating) by 74.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,587 shares of the basic materials company’s stock after selling 75,491 shares during the period. Illinois Municipal Retirement Fund’s holdings in Newmont were worth $1,117,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in NEM. FMR LLC grew its holdings in shares of Newmont by 16.6% in the second quarter. FMR LLC now owns 26,859,545 shares of the basic materials company’s stock worth $1,602,709,000 after purchasing an additional 3,819,167 shares during the last quarter. GQG Partners LLC lifted its stake in Newmont by 8.5% in the second quarter. GQG Partners LLC now owns 34,781,848 shares of the basic materials company’s stock worth $2,076,250,000 after acquiring an additional 2,710,957 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its stake in Newmont by 103.3% in the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 4,489,270 shares of the basic materials company’s stock worth $356,749,000 after acquiring an additional 2,281,418 shares during the period. Capital World Investors lifted its stake in Newmont by 70.6% in the first quarter. Capital World Investors now owns 4,305,094 shares of the basic materials company’s stock worth $342,040,000 after acquiring an additional 1,781,294 shares during the period. Finally, Barclays PLC lifted its stake in Newmont by 64.9% in the third quarter. Barclays PLC now owns 4,180,152 shares of the basic materials company’s stock worth $175,693,000 after acquiring an additional 1,645,165 shares during the period. 77.60% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Fundamental Research reaffirmed a “buy” rating and issued a $52.00 price objective (down from $63.91) on shares of Newmont in a research note on Tuesday, November 15th. Raymond James decreased their price target on shares of Newmont from $58.00 to $57.00 and set an “outperform” rating for the company in a research report on Friday, January 13th. Canaccord Genuity Group reissued a “hold” rating and set a $56.00 price target (up from $50.00) on shares of Newmont in a research report on Thursday, January 19th. National Bank Financial increased their price target on shares of Newmont from C$76.00 to C$86.00 in a research report on Friday, January 13th. Finally, Eight Capital decreased their price target on shares of Newmont to $58.00 in a research report on Thursday, October 27th. Nine investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $63.63.

Insider Buying and Selling

In other news, CEO Thomas Ronald Palmer sold 11,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 1st. The shares were sold at an average price of $43.02, for a total transaction of $473,220.00. Following the sale, the chief executive officer now owns 221,949 shares of the company’s stock, valued at approximately $9,548,245.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Thomas Ronald Palmer sold 11,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 1st. The shares were sold at an average price of $43.02, for a total transaction of $473,220.00. Following the sale, the chief executive officer now owns 221,949 shares of the company’s stock, valued at approximately $9,548,245.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Robert D. Atkinson sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 1st. The stock was sold at an average price of $43.02, for a total transaction of $129,060.00. Following the sale, the chief operating officer now directly owns 39,947 shares in the company, valued at approximately $1,718,519.94. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,890 shares of company stock worth $2,160,662. 0.11% of the stock is owned by company insiders.

Newmont Price Performance

Shares of NYSE:NEM opened at $53.63 on Tuesday. Newmont Co. has a twelve month low of $37.45 and a twelve month high of $86.37. The company’s 50 day moving average is $48.46 and its 200 day moving average is $46.01. The company has a current ratio of 2.72, a quick ratio of 2.29 and a debt-to-equity ratio of 0.28. The company has a market cap of $42.57 billion, a PE ratio of 42.56 and a beta of 0.27.

Newmont (NYSE:NEMGet Rating) last issued its quarterly earnings results on Tuesday, November 1st. The basic materials company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.02). Newmont had a return on equity of 8.07% and a net margin of 8.28%. The business had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.79 billion. On average, sell-side analysts forecast that Newmont Co. will post 1.82 EPS for the current year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 29th. Investors of record on Thursday, December 8th were issued a $0.55 dividend. The ex-dividend date was Wednesday, December 7th. This represents a $2.20 annualized dividend and a yield of 4.10%. Newmont’s dividend payout ratio (DPR) is presently 174.60%.

Newmont Company 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.

See Also

Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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