Newmont Corporation $NEM Shares Acquired by Varma Mutual Pension Insurance Co

Varma Mutual Pension Insurance Co raised its position in Newmont Corporation (NYSE:NEM) by 8.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 269,756 shares of the basic materials company’s stock after buying an additional 21,300 shares during the period. Varma Mutual Pension Insurance Co’s holdings in Newmont were worth $22,743,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Caisse Des Depots ET Consignations purchased a new position in Newmont in the third quarter valued at about $1,568,000. Westover Capital Advisors LLC purchased a new stake in Newmont during the 3rd quarter worth approximately $287,000. Savvy Advisors Inc. raised its position in shares of Newmont by 10.5% in the 3rd quarter. Savvy Advisors Inc. now owns 18,775 shares of the basic materials company’s stock valued at $1,583,000 after purchasing an additional 1,788 shares in the last quarter. LSV Asset Management boosted its stake in shares of Newmont by 26.3% during the 3rd quarter. LSV Asset Management now owns 4,057,939 shares of the basic materials company’s stock valued at $342,125,000 after buying an additional 844,660 shares during the last quarter. Finally, Plan A Wealth LLC purchased a new position in shares of Newmont during the 3rd quarter valued at approximately $234,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the sale, the director directly owned 32,709 shares in the company, valued at approximately $3,021,003.24. This represents a 5.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.05% of the company’s stock.

Newmont Trading Up 2.5%

NYSE NEM opened at $124.60 on Thursday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. Newmont Corporation has a one year low of $41.23 and a one year high of $134.88. The company has a 50-day simple moving average of $108.94 and a 200-day simple moving average of $90.23. The firm has a market capitalization of $135.97 billion, a PE ratio of 19.35, a price-to-earnings-growth ratio of 1.07 and a beta of 0.40.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NEM. 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. Citigroup reissued a “buy” rating on shares of Newmont in a research report on Monday, January 12th. Jefferies Financial Group upped their target price on shares of Newmont from $120.00 to $136.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Scotiabank lifted their price target on Newmont from $114.00 to $152.00 and gave the stock an “outperform” rating in a research note on Monday, January 26th. Finally, Bank of America boosted their price objective on Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $130.49.

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.