State of Alaska Department of Revenue Sells 10,650 Shares of Newmont Co. (NYSE:NEM)

State of Alaska Department of Revenue cut its stake in Newmont Co. (NYSE:NEM) by 6.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 159,488 shares of the basic materials company’s stock after selling 10,650 shares during the quarter. State of Alaska Department of Revenue’s holdings in Newmont were worth $5,715,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. American International Group Inc. increased its stake in shares of Newmont by 24.8% in the 4th quarter. American International Group Inc. now owns 292,735 shares of the basic materials company’s stock valued at $12,116,000 after acquiring an additional 58,217 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Newmont by 34.1% in the 4th quarter. Principal Financial Group Inc. now owns 1,280,730 shares of the basic materials company’s stock valued at $53,009,000 after acquiring an additional 325,320 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Newmont by 13.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 795,517 shares of the basic materials company’s stock valued at $32,926,000 after acquiring an additional 94,692 shares during the last quarter. Premier Fund Managers Ltd bought a new stake in shares of Newmont in the 4th quarter valued at about $1,276,000. Finally, KLCM Advisors Inc. increased its stake in shares of Newmont by 4.3% in the 4th quarter. KLCM Advisors Inc. now owns 427,826 shares of the basic materials company’s stock valued at $17,708,000 after acquiring an additional 17,791 shares during the last quarter. 68.85% of the stock is owned by institutional investors.

Insider Activity

In other Newmont news, CEO Thomas Ronald Palmer sold 13,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $42.13, for a total transaction of $547,690.00. Following the completion of the sale, the chief executive officer now owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.06% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

NEM has been the subject of a number of research reports. Bank of America increased their target price on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. TD Securities increased their target price on Newmont from $43.00 to $48.00 and gave the stock a “hold” rating in a research note on Friday, April 26th. National Bank Financial cut Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research note on Tuesday, April 30th. Citigroup lowered their target price on Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a research note on Thursday, April 4th. Finally, Sanford C. Bernstein lowered their target price on Newmont from $46.00 to $45.00 and set a “market perform” rating for the company in a research note on Thursday, May 16th. Seven research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $49.13.

Newmont Trading Up 4.1 %

NYSE NEM opened at $43.42 on Thursday. The company has a market cap of $50.07 billion, a PE ratio of -16.26, a PEG ratio of 0.35 and a beta of 0.47. The company has a current ratio of 2.15, a quick ratio of 1.90 and a debt-to-equity ratio of 0.32. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $45.92. The stock has a 50 day moving average of $41.83 and a 200-day moving average of $38.11.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.35 by $0.20. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.66 billion. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The firm’s revenue for the quarter was up 50.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.40 EPS. On average, equities research analysts anticipate that Newmont Co. will post 2.48 EPS for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Tuesday, June 4th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.30%. The ex-dividend date was Tuesday, June 4th. Newmont’s payout ratio is presently -37.45%.

Newmont Company 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.