State of Michigan Retirement System grew its position in shares of Newmont Goldcorp Corp (NYSE:NEM) by 9.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 205,026 shares of the basic materials company’s stock after buying an additional 17,071 shares during the quarter. State of Michigan Retirement System’s holdings in Newmont Goldcorp were worth $12,658,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently modified their holdings of the company. Harwood Advisory Group LLC bought a new position in Newmont Goldcorp in the first quarter valued at $25,000. Tarbox Family Office Inc. grew its position in Newmont Goldcorp by 73.8% in the first quarter. Tarbox Family Office Inc. now owns 570 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 242 shares in the last quarter. Lenox Wealth Management Inc. grew its position in Newmont Goldcorp by 608.2% in the first quarter. Lenox Wealth Management Inc. now owns 602 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 517 shares in the last quarter. Allworth Financial LP grew its position in Newmont Goldcorp by 3,200.0% in the first quarter. Allworth Financial LP now owns 825 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 800 shares in the last quarter. Finally, Verus Capital Partners LLC bought a new position in Newmont Goldcorp in the fourth quarter valued at $43,000. 81.29% of the stock is currently owned by hedge funds and other institutional investors.

NEM has been the subject of a number of recent analyst reports. UBS Group increased their price target on shares of Newmont Goldcorp from $46.00 to $58.00 and gave the company a “neutral” rating in a research note on Friday, April 17th. Barclays increased their price target on shares of Newmont Goldcorp from $58.00 to $61.00 and gave the company an “equal weight” rating in a research note on Monday, July 20th. JPMorgan Chase & Co. increased their price target on shares of Newmont Goldcorp from $70.00 to $73.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Raymond James raised their target price on shares of Newmont Goldcorp from $78.00 to $80.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Deutsche Bank lifted their price objective on shares of Newmont Goldcorp from $70.00 to $74.00 and gave the stock a “buy” rating in a research note on Wednesday, June 17th. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Newmont Goldcorp has an average rating of “Buy” and an average target price of $71.08.

Shares of Newmont Goldcorp stock traded up $3.54 during trading on Friday, reaching $69.20. 8,989,396 shares of the company traded hands, compared to its average volume of 7,490,420. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.81 and a quick ratio of 2.81. Newmont Goldcorp Corp has a 1-year low of $33.00 and a 1-year high of $70.30. The company has a 50 day moving average price of $61.12 and a 200-day moving average price of $54.20. The firm has a market capitalization of $55.54 billion, a PE ratio of 41.56 and a beta of 0.34.

Newmont Goldcorp (NYSE:NEM) last released its earnings results on Thursday, July 30th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.02). Newmont Goldcorp had a net margin of 36.79% and a return on equity of 5.70%. The company had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.37 billion. Equities research analysts expect that Newmont Goldcorp Corp will post 2.52 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be given a dividend of $0.25 per share. The ex-dividend date is Wednesday, September 9th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.45%. Newmont Goldcorp’s payout ratio is presently 75.76%.

In other Newmont Goldcorp news, EVP Stephen P. Gottesfeld sold 12,000 shares of the business’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $69.00, for a total transaction of $828,000.00. Following the completion of the sale, the executive vice president now owns 138,944 shares in the company, valued at approximately $9,587,136. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas Ronald Palmer sold 4,000 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $58.81, for a total transaction of $235,240.00. Following the sale, the chief executive officer now owns 278,597 shares of the company’s stock, valued at approximately $16,384,289.57. The disclosure for this sale can be found here. Insiders have sold a total of 127,745 shares of company stock worth $8,155,009 in the last quarter. 0.28% of the stock is owned by corporate insiders.

Newmont Goldcorp Company Profile

Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of December 31, 2018, the company had proven and probable gold reserves of 65.4 million ounces and an aggregate land position of approximately 24,000 square miles.

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Institutional Ownership by Quarter for Newmont Goldcorp (NYSE:NEM)

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