State of Michigan Retirement System Acquires 12,000 Shares of Newmont Corporation $NEM

State of Michigan Retirement System lifted its holdings in Newmont Corporation (NYSE:NEM) by 3.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 320,845 shares of the basic materials company’s stock after purchasing an additional 12,000 shares during the period. State of Michigan Retirement System’s holdings in Newmont were worth $18,692,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Bank of New York Mellon Corp increased its stake in shares of Newmont by 8.9% in the first quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company’s stock worth $773,159,000 after purchasing an additional 1,306,783 shares during the period. Northern Trust Corp increased its stake in Newmont by 1.5% during the first quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company’s stock valued at $624,458,000 after acquiring an additional 191,940 shares during the period. Amundi increased its stake in Newmont by 2.8% during the first quarter. Amundi now owns 12,646,114 shares of the basic materials company’s stock valued at $611,187,000 after acquiring an additional 343,535 shares during the period. Invesco Ltd. increased its stake in Newmont by 2.2% during the first quarter. Invesco Ltd. now owns 10,748,470 shares of the basic materials company’s stock valued at $518,936,000 after acquiring an additional 228,116 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Newmont by 15.9% during the first quarter. Dimensional Fund Advisors LP now owns 8,772,477 shares of the basic materials company’s stock valued at $423,572,000 after acquiring an additional 1,201,237 shares during the period. 68.85% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on NEM. UBS Group boosted their price target on Newmont from $92.00 to $105.50 and gave the company a “buy” rating in a research note on Thursday, October 16th. Stifel Canada upgraded Newmont to a “strong-buy” rating in a research note on Tuesday, July 8th. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their price target for the company from $71.50 to $114.00 in a research note on Thursday, October 23rd. Zacks Research upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Finally, National Bankshares restated an “outperform” rating on shares of Newmont in a research note on Monday, September 22nd. Five analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $86.92.

Newmont Trading Down 1.8%

NEM stock opened at $80.85 on Monday. Newmont Corporation has a 1-year low of $36.86 and a 1-year high of $98.58. The firm has a market cap of $88.23 billion, a P/E ratio of 12.55, a P/E/G ratio of 0.53 and a beta of 0.34. The business’s 50 day moving average is $82.25 and its 200-day moving average is $66.70. The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.44. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The company had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the prior year, the company posted $0.81 EPS. The company’s revenue was up 20.0% compared to the same quarter last year. Equities analysts anticipate that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Wednesday, November 26th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Wednesday, November 26th. Newmont’s payout ratio is presently 15.53%.

Insider Activity at Newmont

In other news, CAO Brian Tabolt sold 7,015 shares of the business’s stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the transaction, the chief accounting officer directly owned 32,615 shares of the company’s stock, valued at $2,218,472.30. The trade was a 17.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total value of $176,779.20. Following the completion of the transaction, the director directly owned 36,869 shares in the company, valued at $3,133,496.31. The trade was a 5.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 11,172 shares of company stock worth $808,863 over the last three months. 0.05% of the stock is owned by company 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.