Public Sector Pension Investment Board Acquires 18,823 Shares of Newmont Co. (NYSE:NEM)

Public Sector Pension Investment Board lifted its holdings in Newmont Co. (NYSE:NEM) by 73.8% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 44,338 shares of the basic materials company’s stock after buying an additional 18,823 shares during the quarter. Public Sector Pension Investment Board’s holdings in Newmont were worth $1,856,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Meeder Asset Management Inc. acquired a new position in shares of Newmont during the second quarter worth approximately $27,000. LRI Investments LLC bought a new position in Newmont in the 1st quarter valued at $25,000. Heritage Wealth Advisors increased its stake in shares of Newmont by 1,310.4% in the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after buying an additional 878 shares during the period. Crewe Advisors LLC bought a new stake in shares of Newmont during the first quarter worth $35,000. Finally, Rise Advisors LLC lifted its stake in shares of Newmont by 2,373.2% during the first quarter. Rise Advisors LLC now owns 1,014 shares of the basic materials company’s stock valued at $36,000 after acquiring an additional 973 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insider Buying and Selling at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the transaction, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at $15,420,830.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the sale, the chief executive officer now owns 311,469 shares of the company’s stock, valued at $15,420,830.19. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the transaction, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The disclosure for this sale can be found here. Insiders have sold 43,000 shares of company stock valued at $2,197,010 in the last 90 days. 0.06% of the stock is currently owned by company insiders.

Newmont Trading Down 0.8 %

NYSE:NEM opened at $53.48 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. The business’s 50-day simple moving average is $50.96 and its 200-day simple moving average is $44.48. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $56.30. The stock has a market capitalization of $61.67 billion, a PE ratio of -20.03, a price-to-earnings-growth ratio of 0.47 and a beta of 0.49.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.10. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. During the same quarter in the previous year, the firm posted $0.33 earnings per share. The business’s revenue was up 64.1% on a year-over-year basis. Sell-side analysts expect that Newmont Co. will post 2.88 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 5th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date was Thursday, September 5th. Newmont’s dividend payout ratio (DPR) is presently -37.45%.

Analyst Ratings Changes

A number of analysts recently commented on NEM shares. Bank of America lifted their price objective on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a research note on Thursday, August 29th. BMO Capital Markets upped their target price on shares of Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Finally, UBS Group raised their price target on Newmont from $50.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, September 17th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $52.62.

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.