AustralianSuper Pty Ltd Increases Position in Newmont Corporation $NEM

AustralianSuper Pty Ltd increased its position in shares of Newmont Corporation (NYSE:NEM) by 124.8% during the third quarter, Holdings Channel reports. The fund owned 330,250 shares of the basic materials company’s stock after acquiring an additional 183,360 shares during the quarter. AustralianSuper Pty Ltd’s holdings in Newmont were worth $27,843,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Concord Wealth Partners lifted its stake in shares of Newmont by 534.7% during the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 385 shares during the period. Evermay Wealth Management LLC increased its stake in Newmont by 408.2% in the second quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 400 shares during the last quarter. Capital A Wealth Management LLC lifted its position in Newmont by 1,648.3% during the second quarter. Capital A Wealth Management LLC now owns 507 shares of the basic materials company’s stock worth $30,000 after buying an additional 478 shares during the period. Caldwell Trust Co purchased a new position in Newmont during the second quarter worth about $31,000. Finally, Country Trust Bank acquired a new stake in Newmont in the 2nd quarter worth about $32,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on NEM shares. Royal Bank Of Canada upped their price objective on shares of Newmont from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday, October 27th. UBS Group increased their price target on shares of Newmont from $105.50 to $125.00 and gave the stock a “buy” rating in a research note on Monday, December 1st. TD Securities lifted their price target on shares of Newmont from $67.00 to $89.00 and gave the company a “hold” rating in a report on Wednesday, October 8th. TD Cowen upped their price objective on Newmont from $89.00 to $120.00 and gave the stock a “hold” rating in a report on Thursday, January 22nd. Finally, Argus lifted their target price on Newmont from $75.00 to $94.00 in a report on Friday, November 21st. 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. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $105.88.

Newmont Stock Performance

NYSE:NEM opened at $127.00 on Friday. The firm’s fifty day simple moving average is $103.95 and its 200 day simple moving average is $86.50. The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17. Newmont Corporation has a twelve month low of $41.23 and a twelve month high of $134.88. The firm has a market capitalization of $138.59 billion, a price-to-earnings ratio of 19.72, a PEG ratio of 1.01 and a beta of 0.41.

Insider Transactions at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $81.34, for a total transaction of $406,700.00. Following the transaction, the chief executive officer owned 279,923 shares in the company, valued at $22,768,936.82. The trade was a 1.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at $3,021,003.24. The trade was a 5.98% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 9,160 shares of company stock worth $767,206. 0.05% of the stock is currently owned by insiders.

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.