Retirement Systems of Alabama Trims Stock Position in Newmont Corporation $NEM

Retirement Systems of Alabama decreased its stake in Newmont Corporation (NYSE:NEM) by 1.9% during the third quarter, Holdings Channel reports. 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 filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Whittier Trust Co. grew its stake in shares of Newmont by 37.0% during the 3rd quarter. Whittier Trust Co. now owns 2,952 shares of the basic materials company’s stock worth $256,000 after purchasing an additional 797 shares during the period. Sawgrass Asset Management LLC purchased a new position in Newmont in the third quarter valued at $352,000. CIBC Asset Management Inc raised its position in shares of Newmont by 6.2% in the third quarter. CIBC Asset Management Inc now owns 256,700 shares of the basic materials company’s stock worth $21,635,000 after acquiring an additional 15,051 shares during the period. Sagespring Wealth Partners LLC boosted its stake in shares of Newmont by 15.0% during the 3rd quarter. Sagespring Wealth Partners LLC now owns 14,662 shares of the basic materials company’s stock worth $1,236,000 after acquiring an additional 1,913 shares in the last quarter. Finally, PFG Investments LLC grew its position in shares of Newmont by 2.7% during the 3rd quarter. PFG Investments LLC now owns 7,701 shares of the basic materials company’s stock valued at $649,000 after acquiring an additional 206 shares during the period. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Stock Performance

NEM opened at $125.97 on Tuesday. Newmont Corporation has a twelve month low of $40.85 and a twelve month high of $129.25. The firm has a market capitalization of $137.46 billion, a PE ratio of 19.56, a PEG ratio of 0.95 and a beta of 0.41. The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17. The firm’s 50-day moving average price is $101.35 and its 200 day moving average price is $85.43.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NEM. Bank of America increased their price target on Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. BNP Paribas Exane lowered Newmont from an “outperform” rating to a “hold” rating and set a $97.00 target price on the stock. in a research report on Friday, December 5th. Argus boosted their price target on shares of Newmont from $75.00 to $94.00 in a report on Friday, November 21st. Zacks Research downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 18th. Finally, Citigroup reissued a “buy” rating on shares of Newmont in a research note on Monday, January 12th. Six investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $105.88.

Insider Buying and Selling

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $92.36, for a total value of $192,108.80. Following the completion of the sale, the director directly owned 32,709 shares in the company, valued at $3,021,003.24. This represents a 5.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction on Monday, November 3rd. The stock was 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 disclosure for this sale is available in the SEC filing. Insiders sold 9,160 shares of company stock valued at $767,206 over the last 90 days. Company insiders own 0.05% of the company’s stock.

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.