Peterson Wealth Services Boosts Stock Position in Newmont Corporation $NEM

Peterson Wealth Services boosted its position in shares of Newmont Corporation (NYSE:NEM) by 199.0% during the third quarter, Holdings Channel.com reports. The fund owned 10,892 shares of the basic materials company’s stock after acquiring an additional 7,249 shares during the quarter. Peterson Wealth Services’ holdings in Newmont were worth $918,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of NEM. Estate Counselors LLC purchased a new position in Newmont during the third quarter valued at $4,182,000. AustralianSuper Pty Ltd lifted its stake in Newmont by 124.8% in the 3rd quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company’s stock worth $27,843,000 after purchasing an additional 183,360 shares in the last quarter. Knights of Columbus Asset Advisors LLC boosted its holdings in shares of Newmont by 286.5% during the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 60,499 shares of the basic materials company’s stock valued at $5,101,000 after purchasing an additional 44,846 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of Newmont by 176.4% during the second quarter. Envestnet Asset Management Inc. now owns 447,960 shares of the basic materials company’s stock valued at $26,098,000 after purchasing an additional 285,897 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its holdings 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 purchasing an additional 2,723,044 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

Newmont Stock Up 0.4%

NYSE NEM opened at $112.83 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. Newmont Corporation has a 52 week low of $41.23 and a 52 week high of $134.88. The firm has a market capitalization of $123.12 billion, a price-to-earnings ratio of 17.52, a PEG ratio of 0.86 and a beta of 0.40. The company has a fifty day moving average of $105.05 and a two-hundred day moving average of $87.66.

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $92.36, for a total transaction of $192,108.80. Following the transaction, 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 SEC, which is accessible through this hyperlink. Corporate insiders own 0.05% of the company’s stock.

Analysts Set New Price Targets

NEM has been the subject of a number of research reports. TD Securities increased their price target on Newmont from $67.00 to $89.00 and gave the company a “hold” rating in a research note on Wednesday, October 8th. DZ Bank upgraded Newmont to a “strong-buy” rating in a research report on Monday, January 19th. Canaccord Genuity Group raised their target price on shares of Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a report on Friday, January 23rd. Scotiabank upped their price target on shares of Newmont from $114.00 to $152.00 and gave the company an “outperform” rating in a research note on Monday, January 26th. Finally, TD Cowen lifted their price objective on shares of Newmont from $89.00 to $120.00 and gave the stock a “hold” rating in a research note on Thursday, January 22nd. Six investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $112.38.

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.