New York State Common Retirement Fund Cuts Position in Newmont Goldcorp Corp (NYSE:NEM)

New York State Common Retirement Fund lessened its holdings in Newmont Goldcorp Corp (NYSE:NEM) by 4.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,455,450 shares of the basic materials company’s stock after selling 61,400 shares during the quarter. New York State Common Retirement Fund owned about 0.18% of Newmont Goldcorp worth $63,239,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cedar Capital LLC purchased a new stake in shares of Newmont Goldcorp during the fourth quarter valued at approximately $257,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its holdings in shares of Newmont Goldcorp by 12.8% during the fourth quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 214,427 shares of the basic materials company’s stock valued at $9,184,000 after buying an additional 24,409 shares during the last quarter. WealthTrust Axiom LLC grew its holdings in shares of Newmont Goldcorp by 1.4% during the fourth quarter. WealthTrust Axiom LLC now owns 42,879 shares of the basic materials company’s stock valued at $1,863,000 after buying an additional 600 shares during the last quarter. Bessemer Group Inc. grew its holdings in shares of Newmont Goldcorp by 1.5% during the fourth quarter. Bessemer Group Inc. now owns 485,486 shares of the basic materials company’s stock valued at $21,094,000 after buying an additional 7,046 shares during the last quarter. Finally, CAPROCK Group Inc. grew its holdings in shares of Newmont Goldcorp by 18.9% during the fourth quarter. CAPROCK Group Inc. now owns 12,527 shares of the basic materials company’s stock valued at $544,000 after buying an additional 1,992 shares during the last quarter. Institutional investors and hedge funds own 80.76% of the company’s stock.

Shares of NEM stock opened at $43.89 on Thursday. Newmont Goldcorp Corp has a 12-month low of $29.77 and a 12-month high of $45.71. The company has a current ratio of 2.18, a quick ratio of 1.76 and a debt-to-equity ratio of 0.30. The firm’s 50 day moving average is $43.59 and its 200 day moving average is $40.02. The stock has a market capitalization of $36.25 billion, a P/E ratio of 15.79 and a beta of 0.16.

Newmont Goldcorp declared that its board has authorized a stock buyback program on Monday, December 2nd that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the basic materials company to purchase up to 3.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

In related news, CFO Nancy Buese sold 7,500 shares of the firm’s stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $37.83, for a total value of $283,725.00. Following the sale, the chief financial officer now owns 44,944 shares in the company, valued at $1,700,231.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $38.30, for a total transaction of $153,200.00. Following the completion of the sale, the chief executive officer now owns 242,073 shares in the company, valued at approximately $9,271,395.90. The disclosure for this sale can be found here. Insiders sold 42,320 shares of company stock worth $1,780,262 in the last 90 days. 0.44% of the stock is currently owned by corporate insiders.

A number of research firms have recently commented on NEM. Royal Bank of Canada began coverage on shares of Newmont Goldcorp in a report on Wednesday, December 4th. They set a “hold” rating and a $45.00 price target on the stock. BMO Capital Markets cut their price target on shares of Newmont Goldcorp from $50.00 to $47.00 and set an “outperform” rating on the stock in a report on Tuesday, December 3rd. They noted that the move was a valuation call. National Bank Financial reiterated an “outperform market weight” rating on shares of Newmont Goldcorp in a report on Wednesday, October 23rd. TheStreet upgraded shares of Newmont Goldcorp from a “c+” rating to a “b” rating in a report on Tuesday, November 5th. Finally, UBS Group began coverage on shares of Newmont Goldcorp in a report on Thursday, February 6th. They set a “neutral” rating and a $46.00 price target on the stock. Seven analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Newmont Goldcorp presently has a consensus rating of “Buy” and an average price target of $44.42.

About Newmont Goldcorp

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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