Newmont Corporation $NEM Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al lessened its stake in Newmont Corporation (NYSE:NEM) by 11.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 420,119 shares of the basic materials company’s stock after selling 52,100 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Newmont were worth $48,457,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Hourglass Capital LLC bought a new position in shares of Newmont during the third quarter valued at $13,066,000. FARMERS & MERCHANTS TRUST Co OF LONG BEACH purchased a new stake in shares of Newmont during the third quarter valued at $814,000. Northwestern Mutual Wealth Management Co. bought a new stake in Newmont in the 2nd quarter worth about $36,180,000. Fifth Third Wealth Advisors LLC bought a new stake in Newmont in the 3rd quarter worth about $1,769,000. Finally, Asset One Wealth Management LLC bought a new stake in Newmont in the 2nd quarter worth about $2,866,000. Institutional investors own 68.85% of the company’s stock.

Insider Transactions at Newmont

In other news, CFO Brian Tabolt sold 11,445 shares of the firm’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the sale, the chief financial officer directly owned 29,324 shares in the company, valued at $3,081,659.16. This trade represents a 28.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total transaction of $344,430.00. Following the transaction, the executive vice president owned 34,315 shares in the company, valued at approximately $3,939,705.15. This trade represents a 8.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 35,973 shares of company stock valued at $3,927,169 over the last three months. Corporate insiders own 0.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on NEM shares. BNP Paribas Exane upped their target price on shares of Newmont from $102.00 to $112.00 and gave the company a “neutral” rating in a research note on Monday, August 17th. Canadian Imperial Bank of Commerce set a $154.00 price target on shares of Newmont in a research note on Friday, October 16th. Weiss Ratings raised shares of Newmont from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 16th. Freedom Broker downgraded shares of Newmont from a “buy” rating to a “hold” rating and lowered their price objective for the company from $130.00 to $116.00 in a research report on Thursday, October 22nd. Finally, TD raised their target price on shares of Newmont from $127.00 to $133.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Newmont presently has an average rating of “Moderate Buy” and a consensus target price of $137.20.

Newmont Trading Down 4.7%

Newmont stock opened at $106.60 on Friday. The firm has a 50 day moving average of $120.62 and a 200 day moving average of $112.48. The firm has a market capitalization of $110.78 billion, a price-to-earnings ratio of 12.40, a P/E/G ratio of 2.04 and a beta of 0.51. Newmont Corporation has a 12-month low of $78.60 and a 12-month high of $135.29. The company has a current ratio of 2.45, a quick ratio of 2.16 and a debt-to-equity ratio of 0.15.

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

Newmont Dividend Announcement

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

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.