Kentucky Retirement Systems Insurance Trust Fund Has $1.82 Million Position in Newmont Co. (NYSE:NEM)

Kentucky Retirement Systems Insurance Trust Fund cut its stake in Newmont Co. (NYSE:NEM) by 8.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 33,972 shares of the basic materials company’s stock after selling 3,221 shares during the quarter. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Newmont were worth $1,816,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. LRI Investments LLC acquired a new position in Newmont in the 1st quarter worth about $25,000. Strategic Financial Concepts LLC bought a new position in Newmont during the second quarter valued at approximately $25,000. Meeder Asset Management Inc. acquired a new stake in Newmont in the second quarter valued at approximately $27,000. Hoese & Co LLP bought a new stake in Newmont in the third quarter worth approximately $27,000. Finally, Highline Wealth Partners LLC acquired a new position in shares of Newmont during the 3rd quarter worth $32,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Stock Performance

Shares of NEM opened at $40.93 on Friday. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $58.72. The company has a 50-day simple moving average of $51.11 and a 200-day simple moving average of $47.40. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The firm had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. During the same period last year, the company earned $0.36 EPS. The company’s revenue was up 84.7% on a year-over-year basis. On average, equities research analysts forecast that Newmont Co. will post 3.15 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a yield of 2.44%. Newmont’s dividend payout ratio is currently -65.79%.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. This trade represents a 3.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $1,049,400.00. Following the completion of the sale, the chief executive officer now owns 291,469 shares in the company, valued at approximately $15,293,378.43. This represents a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,000 shares of company stock valued at $2,444,440 in the last 90 days. 0.06% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on NEM. Bernstein Bank upped their price objective on shares of Newmont from $55.00 to $58.00 in a report on Monday, November 11th. BMO Capital Markets upped their price target on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Scotiabank lowered Newmont from a “sector outperform” rating to a “sector perform” rating and lowered their price objective for the company from $59.00 to $55.00 in a report on Friday, October 25th. UBS Group lowered Newmont from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. Finally, Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Thursday, August 29th. Nine analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.14.

About Newmont

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, Papua New Guinea, Ecuador, Fiji, and Ghana.