Illinois Municipal Retirement Fund Sells 75,491 Shares of Newmont Co. (NYSE:NEM)

Illinois Municipal Retirement Fund reduced its holdings in Newmont Co. (NYSE:NEMGet Rating) by 74.0% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 26,587 shares of the basic materials company’s stock after selling 75,491 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Newmont were worth $1,117,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Keating Investment Counselors Inc. increased its stake in Newmont by 6.5% in the 3rd quarter. Keating Investment Counselors Inc. now owns 12,627 shares of the basic materials company’s stock worth $531,000 after acquiring an additional 775 shares during the last quarter. Mutual Advisors LLC increased its position in shares of Newmont by 47.9% during the 3rd quarter. Mutual Advisors LLC now owns 18,255 shares of the basic materials company’s stock valued at $767,000 after purchasing an additional 5,910 shares during the last quarter. Kornitzer Capital Management Inc. KS increased its position in shares of Newmont by 7.5% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 143,070 shares of the basic materials company’s stock valued at $6,013,000 after purchasing an additional 9,925 shares during the last quarter. Strengthening Families & Communities LLC increased its position in shares of Newmont by 11.1% during the 3rd quarter. Strengthening Families & Communities LLC now owns 23,626 shares of the basic materials company’s stock valued at $992,000 after purchasing an additional 2,360 shares during the last quarter. Finally, Teacher Retirement System of Texas increased its position in shares of Newmont by 76.8% during the 3rd quarter. Teacher Retirement System of Texas now owns 473,377 shares of the basic materials company’s stock valued at $19,896,000 after purchasing an additional 205,696 shares during the last quarter. 77.60% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 11,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 1st. The stock was sold at an average price of $48.42, for a total value of $532,620.00. Following the completion of the transaction, the chief executive officer now owns 210,949 shares in the company, valued at approximately $10,214,150.58. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Thomas Ronald Palmer sold 11,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 1st. The stock was sold at an average price of $48.42, for a total value of $532,620.00. Following the completion of the transaction, the chief executive officer now owns 210,949 shares in the company, valued at approximately $10,214,150.58. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Robert D. Atkinson sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $48.23, for a total value of $144,690.00. Following the completion of the transaction, the chief operating officer now owns 33,947 shares of the company’s stock, valued at approximately $1,637,263.81. The disclosure for this sale can be found here. Insiders sold a total of 46,890 shares of company stock worth $2,160,662 in the last quarter. 0.11% of the stock is owned by company insiders.

Newmont Trading Up 0.5 %

NYSE NEM opened at $53.63 on Tuesday. Newmont Co. has a fifty-two week low of $37.45 and a fifty-two week high of $86.37. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.29 and a current ratio of 2.72. The stock has a 50 day simple moving average of $48.46 and a two-hundred day simple moving average of $46.01. The stock has a market cap of $42.57 billion, a P/E ratio of 42.56 and a beta of 0.27.

Newmont (NYSE:NEMGet Rating) last released its quarterly earnings data on Tuesday, November 1st. The basic materials company reported $0.27 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.02). Newmont had a return on equity of 8.07% and a net margin of 8.28%. The business had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.79 billion. On average, analysts forecast that Newmont Co. will post 1.82 earnings per share for the current year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 29th. Stockholders of record on Thursday, December 8th were paid a $0.55 dividend. This represents a $2.20 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date of this dividend was Wednesday, December 7th. Newmont’s payout ratio is presently 174.60%.

Analysts Set New Price Targets

Several brokerages have recently commented on NEM. Fundamental Research reiterated a “buy” rating and set a $52.00 price objective (down from $63.91) on shares of Newmont in a research report on Tuesday, November 15th. StockNews.com began coverage on Newmont in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. Canaccord Genuity Group reiterated a “hold” rating and set a $56.00 price objective (up from $50.00) on shares of Newmont in a research report on Thursday, January 19th. Barclays dropped their target price on Newmont from $55.00 to $54.00 and set an “equal weight” rating for the company in a report on Monday, November 21st. Finally, Credit Suisse Group increased their target price on Newmont to $54.00 in a report on Monday, November 21st. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $63.63.

Newmont Company Profile

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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, and Ghana. As of December 31, 2021, it had proven and probable gold reserves of 92.8 million ounces and land position of 62,800 square kilometers.

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Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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