State of Wyoming Makes New $654,000 Investment in Newmont Corporation $NEM

State of Wyoming purchased a new position in shares of Newmont Corporation (NYSE:NEM) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 5,667 shares of the basic materials company’s stock, valued at approximately $654,000.

A number of other large investors have also made changes to their positions in the stock. CHICAGO TRUST Co NA purchased a new position in Newmont in the 3rd quarter valued at approximately $3,091,000. Glenview Trust Co acquired a new stake in Newmont in the third quarter valued at $262,000. Renaissance Investment Group LLC acquired a new stake in Newmont in the third quarter valued at $7,048,000. Parcion Private Wealth LLC purchased a new position in shares of Newmont in the third quarter valued at $1,240,000. Finally, Soltis Investment Advisors LLC purchased a new position in shares of Newmont in the third quarter valued at $4,766,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Trading Down 0.0%

Shares of NEM stock opened at $106.60 on Monday. Newmont Corporation has a twelve month low of $78.60 and a twelve month high of $135.29. The company has a market capitalization of $110.78 billion, a price-to-earnings ratio of 12.40, a PEG ratio of 1.95 and a beta of 0.51. The firm has a 50-day moving average price of $120.62 and a 200 day moving average price of $112.48. The company has a current ratio of 2.45, a quick ratio of 2.16 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.94 by $0.26. The business had revenue of $6.36 billion during the quarter, compared to analyst estimates of $6.27 billion. Newmont had a net margin of 34.73% and a return on equity of 29.81%. The company’s revenue was up 15.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.71 earnings per share. Research analysts forecast that Newmont Corporation will post 9.11 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 21st. Shareholders of record on Wednesday, November 25th will be issued a $0.26 dividend. The ex-dividend date is Wednesday, November 25th. This represents a $1.04 annualized dividend and a yield of 1.0%. Newmont’s payout ratio is 12.09%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Canaccord Genuity Group decreased their price objective on shares of Newmont from $160.00 to $130.00 and set a “buy” rating on the stock in a research report on Thursday, July 23rd. National Bank Financial dropped their target price on shares of Newmont from $140.00 to $135.00 and set a “sector perform” rating for the company in a report on Tuesday, October 20th. Canadian Imperial Bank of Commerce set a $154.00 target price on shares of Newmont in a research report on Friday, October 16th. Sanford C. Bernstein upped their price target on shares of Newmont from $144.00 to $150.00 in a report on Friday, October 16th. Finally, Argus set a $110.00 price target on shares of Newmont and gave the company a “buy” rating in a research report on Monday, August 3rd. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Newmont has a consensus rating of “Moderate Buy” and a consensus price target of $137.20.

Insiders Place Their Bets

In related news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $114.81, for a total value of $344,430.00. Following the completion of the transaction, the executive vice president directly owned 34,315 shares in the company, valued at approximately $3,939,705.15. This represents a 8.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the company’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the transaction, the chief financial officer owned 29,324 shares of the company’s stock, valued at $3,081,659.16. The trade was a 28.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 32,973 shares of company stock valued at $3,646,819 in the last quarter. 0.06% of the stock is currently owned by company insiders.

Newmont Profile

Newmont Corporation (NYSE:NEM) is a global mining company primarily engaged in the exploration, development, and production of gold. The company also produces copper, silver, zinc, and lead as byproducts of its mining operations. Its activities span the full mining life cycle, including resource discovery, project development, mine operations, processing, reclamation, and closure.

Founded in 1921, Newmont has grown into one of the world’s largest gold producers. The company operates and develops mines across several regions, including North America, South America, Australia, Africa, and Papua New Guinea.