Retirement Systems of Alabama Sells 4,505 Shares of Newmont Corporation $NEM

Retirement Systems of Alabama reduced its position in Newmont Corporation (NYSE:NEM) by 1.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 234,320 shares of the basic materials company’s stock after selling 4,505 shares during the quarter. Retirement Systems of Alabama’s holdings in Newmont were worth $19,756,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Concord Wealth Partners lifted its position in shares of Newmont by 534.7% in the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 385 shares during the period. Evermay Wealth Management LLC lifted its holdings in Newmont by 408.2% during the second quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock worth $29,000 after buying an additional 400 shares during the period. Capital A Wealth Management LLC boosted its position in Newmont by 1,648.3% during the 2nd quarter. Capital A Wealth Management LLC now owns 507 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 478 shares in the last quarter. Caldwell Trust Co purchased a new position in shares of Newmont in the 2nd quarter valued at $31,000. Finally, Country Trust Bank bought a new position in shares of Newmont in the 2nd quarter worth $32,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on NEM. National Bankshares lifted their target price on Newmont from $110.00 to $120.00 and gave the company an “outperform” rating in a research note on Tuesday, December 9th. TD Cowen lifted their price objective on shares of Newmont from $89.00 to $120.00 and gave the stock a “hold” rating in a research report on Thursday, January 22nd. BNP Paribas Exane downgraded shares of Newmont from an “outperform” rating to a “hold” rating and set a $97.00 target price for the company. in a research note on Friday, December 5th. Macquarie raised Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, December 5th. Finally, UBS Group raised their price objective on Newmont from $105.50 to $125.00 and gave the stock a “buy” rating in a research report on Monday, December 1st. Six equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $105.88.

Insider Transactions at Newmont

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of the stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total value of $406,700.00. Following the transaction, the chief executive officer owned 279,923 shares in the company, valued at approximately $22,768,936.82. This represents a 1.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $92.36, for a total transaction of $192,108.80. Following the sale, the director owned 32,709 shares of the company’s stock, valued at approximately $3,021,003.24. The trade was a 5.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 9,160 shares of company stock worth $767,206 over the last three months. Corporate insiders own 0.05% of the company’s stock.

Newmont Price Performance

Shares of NEM opened at $125.97 on Tuesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. The company’s fifty day moving average price is $101.35 and its 200-day moving average price is $85.43. Newmont Corporation has a 1-year low of $40.85 and a 1-year high of $129.25. The firm has a market capitalization of $137.46 billion, a PE ratio of 19.56, a price-to-earnings-growth ratio of 0.95 and a beta of 0.41.

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.