North Dakota State Investment Board Acquires New Position in Newmont Corporation $NEM

North Dakota State Investment Board bought a new position in shares of Newmont Corporation (NYSE:NEM) during the fourth quarter, HoldingsChannel.com reports. The firm bought 37,679 shares of the basic materials company’s stock, valued at approximately $3,762,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Elyxium Wealth LLC acquired a new stake in shares of Newmont during the fourth quarter worth $124,000. Soltis Investment Advisors LLC increased its stake in Newmont by 74.4% in the fourth quarter. Soltis Investment Advisors LLC now owns 6,064 shares of the basic materials company’s stock valued at $606,000 after purchasing an additional 2,586 shares during the last quarter. Independent Solutions Wealth Management LLC lifted its position in Newmont by 4.4% during the fourth quarter. Independent Solutions Wealth Management LLC now owns 15,647 shares of the basic materials company’s stock worth $1,562,000 after buying an additional 659 shares during the period. ARS Investment Partners LLC lifted its position in Newmont by 3.6% during the fourth quarter. ARS Investment Partners LLC now owns 697,063 shares of the basic materials company’s stock worth $69,602,000 after buying an additional 23,900 shares during the period. Finally, iA Global Asset Management Inc. boosted its stake in Newmont by 156.9% in the 4th quarter. iA Global Asset Management Inc. now owns 221,790 shares of the basic materials company’s stock worth $22,146,000 after buying an additional 135,446 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. Canaccord Genuity Group lifted their price target on Newmont from $150.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Canadian Imperial Bank of Commerce decreased their target price on shares of Newmont from $177.00 to $176.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 21st. Sanford C. Bernstein upgraded shares of Newmont from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $121.00 to $157.00 in a report on Friday, February 27th. BMO Capital Markets upped their price target on shares of Newmont from $140.00 to $145.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Finally, Citigroup increased their target price on Newmont from $118.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, March 3rd. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $142.51.

Newmont Price Performance

NEM opened at $108.93 on Monday. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. Newmont Corporation has a 52-week low of $48.61 and a 52-week high of $134.88. The company has a 50 day moving average of $111.96 and a two-hundred day moving average of $107.24. The company has a market cap of $116.29 billion, a P/E ratio of 14.13, a P/E/G ratio of 1.52 and a beta of 0.43.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating analysts’ consensus estimates of $2.07 by $0.83. The business had revenue of $7.31 billion for the quarter, compared to the consensus estimate of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business’s revenue for the quarter was up 45.8% compared to the same quarter last year. During the same quarter last year, the firm posted $1.25 EPS. On average, analysts expect that Newmont Corporation will post 9.72 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Wednesday, May 27th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Wednesday, May 27th. Newmont’s payout ratio is currently 13.49%.

Insider Buying and Selling

In other news, EVP Peter Wexler sold 13,378 shares of the stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $1,473,051.58. Following the completion of the sale, the executive vice president owned 67,865 shares in the company, valued at approximately $7,472,615.15. This trade represents a 16.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider David James Fry sold 18,394 shares of the firm’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $111.45, for a total value of $2,050,011.30. Following the sale, the insider owned 17,147 shares in the company, valued at approximately $1,911,033.15. The trade was a 51.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 43,068 shares of company stock worth $4,769,475 over the last three months. 0.06% of the stock is currently owned by corporate insiders.

About Newmont

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.