California State Teachers Retirement System Sells 45,615 Shares of Newmont Corporation $NEM

California State Teachers Retirement System lowered its stake in shares of Newmont Corporation (NYSE:NEM) by 2.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,704,667 shares of the basic materials company’s stock after selling 45,615 shares during the quarter. California State Teachers Retirement System’s holdings in Newmont were worth $184,530,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Pinnacle Bancorp Inc. bought a new position in Newmont in the first quarter valued at $25,000. Cedar Mountain Advisors LLC purchased a new stake in Newmont during the first quarter valued at about $25,000. Swiss RE Ltd. bought a new stake in Newmont during the fourth quarter worth about $26,000. Cornerstone Planning Group LLC boosted its holdings in shares of Newmont by 312.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 206 shares in the last quarter. Finally, JPL Wealth Management LLC purchased a new position in shares of Newmont in the 3rd quarter worth about $27,000. 68.85% of the stock is owned by institutional investors.

Analyst Ratings Changes

NEM has been the topic of a number of research reports. Canadian Imperial Bank of Commerce reissued an “outperform” rating and set a $168.00 price objective on shares of Newmont in a report on Tuesday. Scotiabank decreased their price target on shares of Newmont from $151.00 to $147.00 and set a “sector outperform” rating on the stock in a research note on Tuesday, July 14th. Raymond James Financial cut their price objective on shares of Newmont from $139.00 to $137.00 and set an “outperform” rating for the company in a research note on Tuesday, June 30th. Citigroup lowered their price target on shares of Newmont from $150.00 to $125.00 and set a “buy” rating for the company in a research note on Monday, July 20th. Finally, TD raised Newmont from a “hold” rating to a “buy” rating and reduced their price objective for the company from $129.00 to $127.00 in a research note on Tuesday, July 14th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Newmont has an average rating of “Moderate Buy” and an average target price of $132.83.

Insider Activity at Newmont

In other Newmont news, CEO Natascha Viljoen sold 3,882 shares of Newmont stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $105.32, for a total transaction of $408,852.24. Following the sale, the chief executive officer directly owned 142,999 shares of the company’s stock, valued at approximately $15,060,654.68. The trade was a 2.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Wexler sold 13,378 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $1,473,051.58. Following the transaction, the executive vice president owned 67,865 shares in the company, valued at $7,472,615.15. This trade represents a 16.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 28,556 shares of company stock worth $3,058,146 over the last ninety days. Corporate insiders own 0.06% of the company’s stock.

Newmont Price Performance

Shares of Newmont stock opened at $91.54 on Wednesday. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15. The company has a market cap of $96.45 billion, a PE ratio of 11.56, a P/E/G ratio of 1.11 and a beta of 0.46. The business has a 50 day moving average of $99.34 and a 200 day moving average of $109.76. Newmont Corporation has a 52 week low of $61.76 and a 52 week high of $134.88.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.05. The business had revenue of $6.12 billion for the quarter, compared to analysts’ expectations of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same quarter in the previous year, the business posted $1.43 earnings per share. As a group, equities research analysts forecast that Newmont Corporation will post 8.92 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.1%. Newmont’s payout ratio is presently 13.13%.

Newmont Profile

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.