State of Alaska Department of Revenue Sells 9,685 Shares of Newmont Corporation $NEM

State of Alaska Department of Revenue lessened its holdings in Newmont Corporation (NYSE:NEM) by 8.3% during the 4th quarter, HoldingsChannel.com reports. The fund owned 107,704 shares of the basic materials company’s stock after selling 9,685 shares during the period. State of Alaska Department of Revenue’s holdings in Newmont were worth $10,754,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the business. Apella Capital LLC grew its position in Newmont by 4.1% in the 4th quarter. Apella Capital LLC now owns 2,198 shares of the basic materials company’s stock valued at $219,000 after acquiring an additional 86 shares during the last quarter. New Wave Wealth Advisors LLC grew its position in Newmont by 1.3% in the 4th quarter. New Wave Wealth Advisors LLC now owns 6,849 shares of the basic materials company’s stock valued at $684,000 after acquiring an additional 88 shares during the last quarter. Norden Group LLC grew its position in Newmont by 0.7% in the 4th quarter. Norden Group LLC now owns 12,367 shares of the basic materials company’s stock valued at $1,235,000 after acquiring an additional 90 shares during the last quarter. Brown Miller Wealth Management LLC grew its position in Newmont by 2.7% in the 4th quarter. Brown Miller Wealth Management LLC now owns 4,268 shares of the basic materials company’s stock valued at $426,000 after acquiring an additional 113 shares during the last quarter. Finally, Colonial Trust Advisors grew its position in Newmont by 20.8% in the 3rd quarter. Colonial Trust Advisors now owns 684 shares of the basic materials company’s stock valued at $58,000 after acquiring an additional 118 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Newmont Price Performance

Shares of NEM stock opened at $116.58 on Tuesday. Newmont Corporation has a 1-year low of $48.27 and a 1-year high of $134.88. The stock’s 50-day moving average is $115.42 and its 200 day moving average is $103.13. The company has a market cap of $125.90 billion, a P/E ratio of 18.24, a PEG ratio of 0.92 and a beta of 0.46. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.29 and a quick ratio of 2.02.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, February 19th. The basic materials company reported $2.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.81 by $0.71. Newmont had a return on equity of 23.28% and a net margin of 31.25%.The company had revenue of $6.82 billion for the quarter, compared to the consensus estimate of $6.18 billion. During the same quarter last year, the company earned $1.40 earnings per share. The firm’s revenue for the quarter was up 20.6% compared to the same quarter last year. Research analysts predict that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 26th. Investors of record on Tuesday, March 3rd were given a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, March 3rd. This is an increase from Newmont’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 0.9%. Newmont’s dividend payout ratio is 16.28%.

Insider Transactions at Newmont

In related news, insider David James Fry sold 18,394 shares of the firm’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the sale, the insider owned 17,147 shares of the company’s stock, valued at $1,911,033.15. This trade represents a 51.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $113.09, for a total value of $339,270.00. Following the sale, the executive vice president directly owned 52,315 shares in the company, valued at approximately $5,916,303.35. The trade was a 5.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 24,394 shares of company stock worth $2,713,281. 0.06% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on NEM. Wall Street Zen downgraded Newmont from a “buy” rating to a “hold” rating in a research report on Saturday, April 4th. BNP Paribas Exane increased their price target on Newmont from $123.00 to $128.00 and gave the stock a “neutral” rating in a research report on Monday, March 2nd. The Goldman Sachs Group increased their price target on Newmont from $122.30 to $123.20 and gave the stock a “buy” rating in a research report on Thursday, April 9th. Canadian Imperial Bank of Commerce dropped their price target on Newmont from $71.00 to $67.00 in a research report on Friday, February 27th. Finally, Sanford C. Bernstein raised Newmont from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $121.00 to $157.00 in a research report on Friday, February 27th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Newmont currently has an average rating of “Moderate Buy” and an average target price of $133.91.

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.