March 28, 2024

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Newmont Co. (NYSE:NEM) Shares Acquired by Louisiana State Employees Retirement System

5 min read

Louisiana State Employees Retirement System grew its position in Newmont Co. (NYSE:NEM) by 22.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 49,900 shares of the basic materials company’s stock after acquiring an additional 9,100 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Newmont were worth $2,989,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of NEM. First Horizon Advisors Inc. increased its position in shares of Newmont by 14.1% during the third quarter. First Horizon Advisors Inc. now owns 1,318 shares of the basic materials company’s stock worth $83,000 after purchasing an additional 163 shares in the last quarter. Smithfield Trust Co. raised its position in shares of Newmont by 3.5% in the third quarter. Smithfield Trust Co. now owns 5,165 shares of the basic materials company’s stock valued at $328,000 after buying an additional 175 shares during the last quarter. BTR Capital Management Inc. lifted its stake in shares of Newmont by 3.6% in the third quarter. BTR Capital Management Inc. now owns 5,700 shares of the basic materials company’s stock worth $362,000 after buying an additional 200 shares in the last quarter. Van Hulzen Asset Management LLC boosted its position in Newmont by 2.8% during the third quarter. Van Hulzen Asset Management LLC now owns 7,350 shares of the basic materials company’s stock worth $466,000 after acquiring an additional 200 shares during the last quarter. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its stake in Newmont by 0.8% during the 3rd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 27,013 shares of the basic materials company’s stock valued at $1,714,000 after acquiring an additional 204 shares in the last quarter. 75.69% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities research analysts have recently issued reports on NEM shares. National Bank Financial restated an “outperform” rating on shares of Newmont in a research report on Monday. TD Securities upped their price objective on shares of Newmont from $85.00 to $86.00 and gave the company a “buy” rating in a report on Wednesday, December 9th. Raymond James boosted their target price on shares of Newmont from $88.00 to $90.00 and gave the company an “outperform” rating in a report on Wednesday, December 9th. Zacks Investment Research lowered shares of Newmont from a “buy” rating to a “hold” rating and set a $62.00 price target on the stock. in a research report on Wednesday, November 25th. Finally, ValuEngine cut Newmont from a “hold” rating to a “sell” rating in a research note on Wednesday, November 18th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $72.51.

NYSE NEM opened at $62.49 on Wednesday. Newmont Co. has a 52 week low of $33.00 and a 52 week high of $72.22. The firm has a 50 day moving average of $60.28 and a two-hundred day moving average of $63.14. The company has a quick ratio of 2.47, a current ratio of 2.83 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $50.20 billion, a PE ratio of 19.65 and a beta of 0.15.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, October 29th. The basic materials company reported $0.86 EPS for the quarter, beating the consensus estimate of $0.79 by $0.07. The firm had revenue of $3.17 billion for the quarter, compared to analyst estimates of $3.24 billion. Newmont had a return on equity of 7.37% and a net margin of 23.19%. Newmont’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.36 earnings per share. On average, equities research analysts expect that Newmont Co. will post 2.59 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, December 28th. Shareholders of record on Friday, December 11th were paid a $0.40 dividend. This is a positive change from Newmont’s previous quarterly dividend of $0.25. This represents a $1.60 annualized dividend and a yield of 2.56%. The ex-dividend date of this dividend was Thursday, December 10th. Newmont’s dividend payout ratio is currently 121.21%.

In other news, CAO John Kitlen sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $63.25, for a total transaction of $126,500.00. Following the completion of the sale, the chief accounting officer now owns 35,742 shares in the company, valued at $2,260,681.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Robert D. Atkinson sold 1,347 shares of the stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $63.25, for a total value of $85,197.75. Following the sale, the chief operating officer now directly owns 86,947 shares of the company’s stock, valued at $5,499,397.75. The disclosure for this sale can be found here. Insiders have sold a total of 42,815 shares of company stock valued at $2,641,618 in the last 90 days. Insiders own 0.28% of the company’s stock.

About Newmont

Newmont Corporation engages in the production and exploration of gold, 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, 2019, it had proven and probable gold reserves of 100.2 million ounces and land position of 68,300 square kilometers.

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Institutional Ownership by Quarter for Newmont (NYSE:NEM)



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