Prospector Partners LLC Trims Holdings in Newmont Corporation $NEM

Prospector Partners LLC lessened its stake in Newmont Corporation (NYSE:NEM) by 6.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 81,325 shares of the basic materials company’s stock after selling 5,562 shares during the period. Prospector Partners LLC’s holdings in Newmont were worth $6,857,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Newmont during the second quarter worth about $919,170,000. Invesco Ltd. increased its holdings in shares of Newmont by 45.0% in the 2nd quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock valued at $908,152,000 after acquiring an additional 4,839,447 shares during the last quarter. Legal & General Group Plc raised its position in shares of Newmont by 6.3% during the 2nd quarter. Legal & General Group Plc now owns 7,444,729 shares of the basic materials company’s stock valued at $433,236,000 after acquiring an additional 438,748 shares in the last quarter. Boston Partners lifted its stake in Newmont by 4,090.7% during the second quarter. Boston Partners now owns 4,643,057 shares of the basic materials company’s stock worth $272,558,000 after purchasing an additional 4,532,263 shares during the last quarter. Finally, National Pension Service boosted its holdings in Newmont by 2.7% in the third quarter. National Pension Service now owns 4,354,264 shares of the basic materials company’s stock worth $367,108,000 after purchasing an additional 114,949 shares during the period. 68.85% of the stock is currently owned by institutional investors.

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 shares were sold at an average price of $92.36, for a total value 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. This trade represents a 5.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.05% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on NEM. Scotiabank raised their price target on shares of Newmont from $114.00 to $152.00 and gave the stock an “outperform” rating in a research report on Monday, January 26th. National Bank Financial raised their target price on shares of Newmont from $120.00 to $140.00 and gave the stock an “outperform” rating in a report on Wednesday, February 4th. Wall Street Zen lowered Newmont from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 2nd. Raymond James Financial increased their price target on Newmont from $111.00 to $130.00 and gave the stock an “outperform” rating in a research report on Thursday, January 15th. Finally, BNP Paribas Exane boosted their price objective on Newmont from $97.00 to $123.00 and gave the company a “neutral” rating in a research report on Thursday, February 12th. Two 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 stock. According to data from MarketBeat, Newmont has a consensus rating of “Moderate Buy” and an average target price of $131.94.

Newmont Price Performance

Shares of NYSE NEM opened at $124.84 on Thursday. The stock has a market cap of $136.23 billion, a P/E ratio of 19.39, a P/E/G ratio of 1.02 and a beta of 0.40. The firm’s 50-day simple moving average is $112.12 and its 200 day simple moving average is $92.35. Newmont Corporation has a fifty-two week low of $41.23 and a fifty-two week high of $134.88. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17.

About Newmont

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.