Public Sector Pension Investment Board Purchases 12,291 Shares of Newmont Corporation $NEM

Public Sector Pension Investment Board boosted its holdings in Newmont Corporation (NYSE:NEM) by 14.9% in the third quarter, HoldingsChannel reports. The institutional investor owned 95,000 shares of the basic materials company’s stock after purchasing an additional 12,291 shares during the quarter. Public Sector Pension Investment Board’s holdings in Newmont were worth $8,009,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in NEM. Norges Bank purchased a new position in shares of Newmont during the second quarter valued at about $919,170,000. Invesco Ltd. raised its position in Newmont by 45.0% during the second quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock valued at $908,152,000 after purchasing an additional 4,839,447 shares during the period. Legal & General Group Plc lifted its stake in shares of Newmont by 6.3% in 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 purchasing an additional 438,748 shares during the last quarter. Boston Partners increased its position in shares of Newmont by 4,090.7% during the 2nd quarter. Boston Partners now owns 4,643,057 shares of the basic materials company’s stock valued at $272,558,000 after purchasing an additional 4,532,263 shares during the last quarter. Finally, National Pension Service raised its holdings in Newmont by 2.7% during the 3rd quarter. National Pension Service now owns 4,354,264 shares of the basic materials company’s stock valued at $367,108,000 after buying an additional 114,949 shares during the period. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NEM. DZ Bank upgraded shares of Newmont to a “strong-buy” rating in a research report on Monday, January 19th. Weiss Ratings reissued a “buy (b-)” rating on shares of Newmont in a research report on Monday, December 29th. Zacks Research lowered Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 18th. Canaccord Genuity Group increased their price target on Newmont from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Friday, January 23rd. Finally, Royal Bank Of Canada lifted their price objective on shares of Newmont from $120.00 to $125.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 3rd. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Newmont presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.94.

Insider Activity at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $92.36, for a total value of $192,108.80. Following the transaction, the director directly owned 32,709 shares of the company’s stock, valued at approximately $3,021,003.24. This trade represents a 5.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.05% of the stock is owned by corporate insiders.

Newmont Stock Down 2.9%

Shares of NEM stock opened at $122.17 on Wednesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. The stock’s 50-day simple moving average is $111.51 and its 200-day simple moving average is $92.12. Newmont Corporation has a fifty-two week low of $41.23 and a fifty-two week high of $134.88. The firm has a market capitalization of $133.32 billion, a PE ratio of 18.97, a P/E/G ratio of 1.05 and a beta of 0.40.

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.