Louisiana State Employees Retirement System Acquires Shares of 55,600 Newmont Corporation $NEM

Louisiana State Employees Retirement System bought a new position in Newmont Corporation (NYSE:NEM) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 55,600 shares of the basic materials company’s stock, valued at approximately $6,019,000.

A number of other institutional investors also recently modified their holdings of the stock. CWM LLC grew its position in Newmont by 64.6% in the fourth quarter. CWM LLC now owns 202,892 shares of the basic materials company’s stock worth $20,259,000 after acquiring an additional 79,617 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Newmont by 24.1% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 280,920 shares of the basic materials company’s stock valued at $30,775,000 after purchasing an additional 54,530 shares in the last quarter. AustralianSuper Pty Ltd lifted its stake in shares of Newmont by 124.8% in the 3rd quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company’s stock valued at $27,843,000 after purchasing an additional 183,360 shares during the last quarter. Leonteq Securities AG bought a new stake in Newmont in the fourth quarter worth $9,018,000. Finally, Waverton Investment Management Ltd increased its position in Newmont by 3.4% during the third quarter. Waverton Investment Management Ltd now owns 704,331 shares of the basic materials company’s stock worth $59,365,000 after buying an additional 23,139 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Wall Street Analyst Weigh In

NEM has been the topic of several recent research reports. BNP Paribas Exane cut their target price on Newmont from $128.00 to $111.00 and set a “neutral” rating on the stock in a report on Thursday, June 18th. The Goldman Sachs Group cut their price objective on Newmont from $125.10 to $122.50 and set a “buy” rating on the stock in a research note on Thursday, June 4th. Argus boosted their target price on Newmont from $94.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, April 23rd. Citigroup upped their target price on Newmont from $118.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, March 3rd. Finally, Sanford C. Bernstein raised shares of Newmont from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $121.00 to $157.00 in a research report on Friday, February 27th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $140.50.

Newmont Trading Up 0.8%

Shares of NYSE:NEM opened at $96.09 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. The stock’s 50-day moving average is $107.94 and its 200-day moving average is $110.78. The company has a market cap of $102.58 billion, a P/E ratio of 12.46, a P/E/G ratio of 1.58 and a beta of 0.42. Newmont Corporation has a 52-week low of $55.37 and a 52-week high of $134.88.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share 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 in the previous year, the firm earned $1.25 EPS. The firm’s revenue was up 45.8% compared to the same quarter last year. Equities research analysts predict that Newmont Corporation will post 9.91 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Wednesday, May 27th were issued a dividend of $0.26 per share. The ex-dividend date was Wednesday, May 27th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.1%. Newmont’s payout ratio is 13.49%.

Insiders Place Their Bets

In other news, insider David John Thornton sold 2,296 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $252,812.56. Following the completion of the sale, the insider directly owned 23,163 shares of the company’s stock, valued at approximately $2,550,477.93. This represents a 9.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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. Also, EVP Peter Wexler sold 13,378 shares of the firm’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the completion of the sale, the executive vice president owned 67,865 shares in the company, valued at approximately $7,472,615.15. The trade was a 16.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 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 28,556 shares of company stock valued at $3,120,276 in the last three months. 0.06% of the stock is owned by corporate insiders.

About Newmont

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.