Arizona State Retirement System Raises Position in Newmont Corporation $NEM

Arizona State Retirement System raised its stake in Newmont Corporation (NYSE:NEM) by 3.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 341,037 shares of the basic materials company’s stock after purchasing an additional 11,427 shares during the period. Arizona State Retirement System’s holdings in Newmont were worth $28,753,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Norges Bank purchased a new stake in Newmont during the 2nd quarter worth about $919,170,000. Invesco Ltd. lifted its stake in Newmont by 45.0% in the second quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock valued at $908,152,000 after buying an additional 4,839,447 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of Newmont by 6.3% in the second quarter. Legal & General Group Plc now owns 7,444,729 shares of the basic materials company’s stock valued at $433,236,000 after acquiring an additional 438,748 shares during the period. Boston Partners boosted its holdings in shares of Newmont by 4,090.7% in the second quarter. Boston Partners now owns 4,643,057 shares of the basic materials company’s stock valued at $272,558,000 after acquiring an additional 4,532,263 shares during the period. Finally, Nordea Investment Management AB grew its position in shares of Newmont by 34.7% during the third quarter. Nordea Investment Management AB now owns 4,336,873 shares of the basic materials company’s stock worth $366,553,000 after acquiring an additional 1,116,811 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Stock Performance

NYSE:NEM opened at $127.00 on Friday. 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 company has a market capitalization of $138.59 billion, a P/E ratio of 19.72, a price-to-earnings-growth ratio of 1.01 and a beta of 0.41. The firm has a 50-day moving average price of $103.95 and a two-hundred day moving average price of $86.50. Newmont Corporation has a twelve month low of $41.23 and a twelve month high of $134.88.

Insider Buying and Selling at Newmont

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

Wall Street Analyst Weigh In

NEM has been the topic of several research reports. Wall Street Zen downgraded shares of Newmont from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 2nd. National Bankshares boosted their price target on shares of Newmont from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 9th. Macquarie upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, December 5th. Raymond James Financial boosted their target price on Newmont from $111.00 to $130.00 and gave the stock an “outperform” rating in a research report on Thursday, January 15th. Finally, TD Cowen raised their price target on Newmont from $89.00 to $120.00 and gave the company a “hold” rating in a report on Thursday, January 22nd. Six research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $105.88.

Newmont Company 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.