Newmont Co. (NYSE:NEM) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System decreased its position in Newmont Co. (NYSE:NEM) by 1.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 308,945 shares of the basic materials company’s stock after selling 3,500 shares during the period. State of Michigan Retirement System’s holdings in Newmont were worth $11,499,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also added to or reduced their stakes in NEM. Intact Investment Management Inc. purchased a new stake in Newmont in the third quarter valued at approximately $75,000. QRG Capital Management Inc. lifted its stake in Newmont by 3.5% during the 3rd quarter. QRG Capital Management Inc. now owns 21,005 shares of the basic materials company’s stock valued at $1,123,000 after acquiring an additional 706 shares during the period. Catalyst Capital Advisors LLC purchased a new stake in shares of Newmont in the 3rd quarter valued at $176,000. Cary Street Partners Asset Management LLC acquired a new stake in shares of Newmont in the third quarter worth $210,000. Finally, Catalina Capital Group LLC purchased a new position in shares of Newmont during the third quarter worth $262,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $43.71, for a total value of $131,130.00. Following the completion of the sale, the executive vice president now directly owns 86,526 shares in the company, valued at $3,782,051.46. This represents a 3.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $40.00, for a total value of $83,080.00. Following the transaction, the director now owns 52,070 shares in the company, valued at approximately $2,082,800. The trade was a 3.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,231 shares of company stock worth $1,388,758 over the last three months. Insiders own 0.06% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Bernstein Bank upped their price target on shares of Newmont from $55.00 to $58.00 in a report on Monday, November 11th. Royal Bank of Canada upped their target price on Newmont from $47.00 to $52.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 11th. JPMorgan Chase & Co. upgraded Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. Raymond James lowered their price objective on Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a research report on Monday, November 25th. Finally, The Goldman Sachs Group began coverage on shares of Newmont in a report on Monday, January 13th. They set a “buy” rating and a $47.20 target price for the company. One research analyst has rated the stock with a sell rating, seven have given a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $53.16.

Newmont Trading Up 3.3 %

Shares of Newmont stock opened at $43.89 on Thursday. Newmont Co. has a twelve month low of $33.29 and a twelve month high of $58.72. The firm’s 50-day moving average price is $42.29 and its 200 day moving average price is $46.14. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $49.46 billion, a PE ratio of 14.98, a P/E/G ratio of 0.41 and a beta of 0.52.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, February 20th. The basic materials company reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.11 by $0.29. Newmont had a return on equity of 13.52% and a net margin of 17.92%. The firm had revenue of $5.65 billion for the quarter, compared to analyst estimates of $5.32 billion. On average, sell-side analysts predict that Newmont Co. will post 3.45 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Stockholders of record on Tuesday, March 4th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date is Tuesday, March 4th. Newmont’s payout ratio is 34.13%.

About Newmont

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, Papua New Guinea, Ecuador, Fiji, and Ghana.