Lockheed Martin Investment Management Co. Makes New $2.38 Million Investment in Newmont Corporation $NEM

Lockheed Martin Investment Management Co. bought a new position in Newmont Corporation (NYSE:NEM) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 28,200 shares of the basic materials company’s stock, valued at approximately $2,378,000.

Several other hedge funds have also modified their holdings of the stock. Envestnet Asset Management Inc. boosted its position in Newmont by 176.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 447,960 shares of the basic materials company’s stock valued at $26,098,000 after buying an additional 285,897 shares during the last quarter. Knights of Columbus Asset Advisors LLC increased its position in shares of Newmont by 59.6% during the second quarter. Knights of Columbus Asset Advisors LLC now owns 15,653 shares of the basic materials company’s stock worth $912,000 after acquiring an additional 5,848 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its stake in shares of Newmont by 172.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 4,304,215 shares of the basic materials company’s stock worth $362,888,000 after acquiring an additional 2,723,044 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in Newmont by 73.3% in the third quarter. Farther Finance Advisors LLC now owns 30,056 shares of the basic materials company’s stock valued at $2,534,000 after purchasing an additional 12,717 shares during the last quarter. Finally, Live Oak Investment Partners acquired a new stake in Newmont during the 3rd quarter valued at approximately $2,232,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer owned 279,923 shares of the company’s stock, valued at approximately $22,768,936.82. This trade represents a 1.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction on 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 in the company, valued at $3,021,003.24. This represents a 5.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 9,160 shares of company stock worth $767,206 over the last quarter. Insiders own 0.05% of the company’s stock.

Newmont Stock Up 2.3%

NEM stock opened at $121.67 on Friday. The firm has a fifty day moving average price of $99.84 and a two-hundred day moving average price of $84.14. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. Newmont Corporation has a 1-year low of $40.85 and a 1-year high of $123.04. The firm has a market cap of $132.77 billion, a price-to-earnings ratio of 18.89, a PEG ratio of 0.90 and a beta of 0.41.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.44. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The business had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same quarter in the prior year, the firm earned $0.81 EPS. The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. Research analysts predict that Newmont Corporation will post 3.45 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. National Bankshares lifted their price objective on Newmont from $110.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday, December 9th. BNP Paribas Exane lowered shares of Newmont from an “outperform” rating to a “hold” rating and set a $97.00 price target for the company. in a research note on Friday, December 5th. Bank of America upped their price target on shares of Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Argus raised their price objective on shares of Newmont from $75.00 to $94.00 in a report on Friday, November 21st. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Newmont in a research report on Monday, December 29th. Six analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $99.49.

Newmont Company 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.