Public Employees Retirement System of Ohio Trims Stock Position in Newmont Co. (NYSE:NEM)

Public Employees Retirement System of Ohio trimmed its position in Newmont Co. (NYSE:NEM) by 6.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 542,566 shares of the basic materials company’s stock after selling 39,637 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Newmont were worth $19,446,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Meeder Advisory Services Inc. increased its holdings in Newmont by 3.8% in the 1st quarter. Meeder Advisory Services Inc. now owns 7,560 shares of the basic materials company’s stock worth $271,000 after acquiring an additional 278 shares in the last quarter. Moody National Bank Trust Division grew its holdings in Newmont by 1.7% during the 1st quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock valued at $647,000 after buying an additional 296 shares in the last quarter. Berkeley Capital Partners LLC grew its holdings in Newmont by 5.6% during the 4th quarter. Berkeley Capital Partners LLC now owns 5,960 shares of the basic materials company’s stock valued at $247,000 after buying an additional 318 shares in the last quarter. Crestmont Private Wealth LLC grew its holdings in Newmont by 4.9% during the 1st quarter. Crestmont Private Wealth LLC now owns 6,852 shares of the basic materials company’s stock valued at $246,000 after buying an additional 319 shares in the last quarter. Finally, Gulf International Bank UK Ltd grew its holdings in Newmont by 0.3% during the 1st quarter. Gulf International Bank UK Ltd now owns 98,992 shares of the basic materials company’s stock valued at $3,547,000 after buying an additional 338 shares in the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on NEM shares. Citigroup cut their price objective on shares of Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, April 4th. BNP Paribas raised shares of Newmont to a “strong-buy” rating in a report on Friday, June 21st. Scotiabank increased their price objective on shares of Newmont from $46.50 to $48.00 and gave the company a “sector perform” rating in a report on Thursday, May 23rd. UBS Group raised shares of Newmont from a “neutral” rating to a “buy” rating and increased their price objective for the company from $40.00 to $50.00 in a report on Monday, June 17th. Finally, Bank of America increased their target price on Newmont from $49.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. Seven analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.00.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the completion of the sale, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at $13,964,788.97. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.06% of the company’s stock.

Newmont Stock Up 0.3 %

NYSE NEM opened at $47.44 on Tuesday. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. The company has a fifty day moving average of $43.45 and a two-hundred day moving average of $38.85. The firm has a market capitalization of $54.43 billion, a price-to-earnings ratio of -17.71, a PEG ratio of 0.37 and a beta of 0.47. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $48.97.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.62 by $0.10. The company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. Newmont’s quarterly revenue was up 64.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.33 earnings per share. On average, analysts predict that Newmont Co. will post 2.67 earnings per share for the current year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 5th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.11%. The ex-dividend date is Thursday, September 5th. Newmont’s payout ratio is -37.45%.

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.