Kornitzer Capital Management Inc. KS Lowers Position in Newmont Corporation $NEM

Kornitzer Capital Management Inc. KS cut its stake in shares of Newmont Corporation (NYSE:NEM) by 2.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 279,420 shares of the basic materials company’s stock after selling 8,005 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Newmont were worth $23,558,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in NEM. Estate Counselors LLC bought a new position in Newmont in the 3rd quarter valued at $4,182,000. Envestnet Asset Management Inc. raised its position in Newmont by 176.4% in the second quarter. Envestnet Asset Management Inc. now owns 447,960 shares of the basic materials company’s stock worth $26,098,000 after acquiring an additional 285,897 shares during the period. Knights of Columbus Asset Advisors LLC boosted its stake in Newmont by 59.6% in the second quarter. Knights of Columbus Asset Advisors LLC now owns 15,653 shares of the basic materials company’s stock valued at $912,000 after acquiring an additional 5,848 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its position in shares of Newmont by 172.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 4,304,215 shares of the basic materials company’s stock valued at $362,888,000 after acquiring an additional 2,723,044 shares during the period. Finally, Farther Finance Advisors LLC raised its holdings in shares of Newmont by 73.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 30,056 shares of the basic materials company’s stock worth $2,534,000 after purchasing an additional 12,717 shares during the period. Institutional investors own 68.85% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on NEM shares. CIBC set a $112.00 price objective on Newmont and gave the company an “outperformer” rating in a report on Friday, October 10th. Weiss Ratings reissued a “buy (b-)” rating on shares of Newmont in a report on Monday, December 29th. Citigroup reaffirmed a “buy” rating on shares of Newmont in a report on Monday, January 12th. The Goldman Sachs Group increased their target price on shares of Newmont from $99.90 to $123.90 and gave the stock a “buy” rating in a research report on Monday, January 12th. Finally, Canaccord Genuity Group boosted their price target on shares of Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Friday. Six research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $105.88.

Newmont Stock Up 1.3%

Shares of NYSE NEM opened at $125.97 on Tuesday. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. The company has a market cap of $137.46 billion, a P/E ratio of 19.56, a P/E/G ratio of 0.95 and a beta of 0.41. Newmont Corporation has a 52 week low of $40.85 and a 52 week high of $129.25. The business has a 50-day simple moving average of $101.35 and a two-hundred day simple moving average of $85.43.

Insider Activity at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the transaction, the director directly owned 32,709 shares in the company, valued at $3,021,003.24. The trade was a 5.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the sale, the chief executive officer owned 279,923 shares in the company, valued at $22,768,936.82. This trade represents a 1.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 9,160 shares of company stock valued at $767,206. 0.05% of the stock is owned by corporate 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.