New York State Teachers Retirement System Sells 4,051 Shares of Newmont Co. (NYSE:NEM)

New York State Teachers Retirement System trimmed its position in Newmont Co. (NYSE:NEM) by 0.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 856,375 shares of the basic materials company’s stock after selling 4,051 shares during the period. New York State Teachers Retirement System’s holdings in Newmont were worth $35,856,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Jacobsen Capital Management lifted its stake in Newmont by 11.1% in the second quarter. Jacobsen Capital Management now owns 12,259 shares of the basic materials company’s stock valued at $513,000 after purchasing an additional 1,223 shares during the last quarter. Benin Management CORP bought a new position in shares of Newmont during the second quarter valued at about $225,000. Shelton Wealth Management LLC boosted its holdings in shares of Newmont by 22.0% during the second quarter. Shelton Wealth Management LLC now owns 10,261 shares of the basic materials company’s stock worth $430,000 after purchasing an additional 1,853 shares during the period. Fifth Third Wealth Advisors LLC boosted its holdings in shares of Newmont by 136.6% during the second quarter. Fifth Third Wealth Advisors LLC now owns 15,472 shares of the basic materials company’s stock worth $648,000 after purchasing an additional 8,932 shares during the period. Finally, Centennial Wealth Advisory LLC purchased a new stake in Newmont in the second quarter worth about $249,000. 68.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on NEM. TD Securities raised their price target on shares of Newmont from $43.00 to $48.00 and gave the company a “hold” rating in a research report on Friday, April 26th. BMO Capital Markets raised their target price on shares of Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. National Bank Financial cut shares of Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research report on Tuesday, April 30th. JPMorgan Chase & Co. cut shares of Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. Finally, StockNews.com raised shares of Newmont from a “sell” rating to a “hold” rating in a research note on Friday, April 26th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.92.

Insider Activity

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the transaction, the chief executive officer now owns 311,469 shares in the company, valued at approximately $15,420,830.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.06% of the company’s stock.

Newmont Stock Up 1.2 %

Shares of NEM opened at $52.04 on Friday. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $52.40. The company has a market capitalization of $60.01 billion, a PE ratio of -19.49, a price-to-earnings-growth ratio of 0.37 and a beta of 0.47. The stock has a fifty day simple moving average of $46.36 and a two-hundred day simple moving average of $40.67. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.10. The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. Newmont’s revenue was up 64.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.33 EPS. As a group, equities analysts forecast that Newmont Co. will post 2.76 EPS for the current year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be issued a $0.25 dividend. The ex-dividend date is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.92%. Newmont’s payout ratio is currently -37.45%.

About Newmont

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.