Newmont Co. (NYSE:NEM) Stake Boosted by Retirement Systems of Alabama

Retirement Systems of Alabama lifted its stake in Newmont Co. (NYSE:NEM) by 0.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 254,371 shares of the basic materials company’s stock after acquiring an additional 372 shares during the quarter. Retirement Systems of Alabama’s holdings in Newmont were worth $9,117,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of NEM. Vanguard Group Inc. lifted its holdings in shares of Newmont by 43.8% during the 4th quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock valued at $4,915,059,000 after buying an additional 36,170,995 shares during the last quarter. Van ECK Associates Corp grew its position in Newmont by 57.2% in the fourth quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock worth $2,122,913,000 after acquiring an additional 18,664,614 shares in the last quarter. Norges Bank bought a new position in shares of Newmont in the 4th quarter valued at approximately $604,516,000. Charles Schwab Investment Management Inc. lifted its holdings in Newmont by 44.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock worth $1,019,813,000 after purchasing an additional 7,635,657 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Newmont by 39.8% during the first quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock worth $832,354,000 after purchasing an additional 6,617,145 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Price Performance

NEM traded up $1.06 during midday trading on Friday, hitting $44.51. The company had a trading volume of 10,217,705 shares, compared to its average volume of 11,729,585. Newmont Co. has a twelve month low of $29.42 and a twelve month high of $45.92. The company has a market capitalization of $51.33 billion, a PE ratio of -16.27, a P/E/G ratio of 0.37 and a beta of 0.47. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.90 and a current ratio of 2.15. The firm’s 50-day simple moving average is $41.93 and its 200-day simple moving average is $38.18.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.20. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.66 billion. During the same quarter last year, the business posted $0.40 earnings per share. Newmont’s revenue for the quarter was up 50.2% compared to the same quarter last year. Equities research analysts predict that Newmont Co. will post 2.48 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Tuesday, June 4th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, June 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.25%. Newmont’s payout ratio is currently -37.45%.

Wall Street Analysts Forecast Growth

NEM has been the topic of several recent analyst reports. Sanford C. Bernstein dropped their target price on shares of Newmont from $46.00 to $45.00 and set a “market perform” rating on the stock in a report on Thursday, May 16th. National Bank Financial cut Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research report on Tuesday, April 30th. Citigroup lowered their target price on Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. Scotiabank upped their price target on Newmont from $46.50 to $48.00 and gave the stock a “sector perform” rating in a report on Thursday, May 23rd. Finally, Bank of America raised their price objective on shares of Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. Seven research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Newmont presently has an average rating of “Moderate Buy” and an average target price of $49.13.

Insider Activity

In related news, CEO Thomas Ronald Palmer sold 13,000 shares of Newmont stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the completion of the sale, the chief executive officer now directly owns 331,469 shares in the company, valued at $13,964,788.97. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.06% of the stock is currently owned by insiders.

Newmont Profile

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.