52,100 Newmont Corporation $NEM Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al trimmed its position in shares of Newmont Corporation (NYSE:NEM) by 11.0% during the 3rd quarter, Holdings Channel reports. The fund owned 420,119 shares of the basic materials company’s stock after selling 52,100 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Newmont were worth $48,457,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Newmont in the second quarter valued at $11,289,753,000. Van ECK Associates Corp bought a new stake in Newmont in the second quarter worth $671,197,000. Bank of New York Mellon Corp purchased a new stake in Newmont during the second quarter valued at $1,219,505,000. First Eagle Investment Management LLC purchased a new stake in Newmont during the second quarter valued at $241,820,000. Finally, Amundi purchased a new stake in Newmont during the second quarter valued at $209,411,000. 68.85% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have commented on NEM shares. TD Cowen lowered their price objective on shares of Newmont from $133.00 to $131.00 in a research report on Tuesday, October 20th. Canaccord Genuity Group reduced their target price on shares of Newmont from $160.00 to $130.00 and set a “buy” rating on the stock in a report on Thursday, July 23rd. Weiss Ratings upgraded shares of Newmont from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 16th. Raymond James Financial reaffirmed an “outperform” rating and issued a $140.00 price target (up from $131.00) on shares of Newmont in a report on Monday, August 24th. Finally, Freedom Broker downgraded shares of Newmont from a “buy” rating to a “hold” rating and lowered their price target for the company from $130.00 to $116.00 in a report on Thursday, October 22nd. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $137.20.

Insider Transactions at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $114.81, for a total transaction of $344,430.00. Following 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the completion of the sale, the chief financial officer directly owned 29,324 shares in the company, valued at $3,081,659.16. This trade represents a 28.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 35,973 shares of company stock worth $3,927,169. 0.06% of the stock is currently owned by insiders.

Newmont Stock Performance

NYSE:NEM opened at $106.60 on Friday. The firm has a market capitalization of $110.78 billion, a PE ratio of 12.40, a PEG ratio of 2.04 and a beta of 0.51. The stock’s fifty day moving average is $120.62 and its 200 day moving average is $112.48. Newmont Corporation has a fifty-two week low of $78.60 and a fifty-two week high of $135.29. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.16 and a current ratio of 2.45.

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

Newmont Dividend Announcement

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

About Newmont

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.