Strategic Financial Concepts LLC Makes New Investment in Newmont Co. (NYSE:NEM)

Strategic Financial Concepts LLC purchased a new position in shares of Newmont Co. (NYSE:NEM) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 43,622 shares of the basic materials company’s stock, valued at approximately $1,624,000.

Other hedge funds also recently bought and sold shares of the company. Waverton Investment Management Ltd boosted its position in Newmont by 14.0% during the third quarter. Waverton Investment Management Ltd now owns 531,041 shares of the basic materials company’s stock worth $28,379,000 after purchasing an additional 65,075 shares in the last quarter. Sanctuary Advisors LLC raised its holdings in shares of Newmont by 117.3% during the third quarter. Sanctuary Advisors LLC now owns 34,686 shares of the basic materials company’s stock valued at $1,854,000 after acquiring an additional 18,722 shares during the last quarter. Nordea Investment Management AB raised its holdings in shares of Newmont by 173.0% during the fourth quarter. Nordea Investment Management AB now owns 2,491,126 shares of the basic materials company’s stock valued at $92,832,000 after acquiring an additional 1,578,545 shares during the last quarter. Assenagon Asset Management S.A. raised its holdings in shares of Newmont by 57.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,379,901 shares of the basic materials company’s stock valued at $88,580,000 after acquiring an additional 865,213 shares during the last quarter. Finally, Red Cedar Investment Management LLC acquired a new position in shares of Newmont during the third quarter valued at approximately $1,263,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Wall Street Analyst Weigh In

NEM has been the subject of a number of research analyst reports. UBS Group cut Newmont from a “buy” rating to a “neutral” rating and reduced their target price for the company from $67.00 to $54.00 in a report on Wednesday, October 30th. Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. CIBC cut Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Raymond James cut their price target on Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a report on Monday, November 25th. Finally, Royal Bank of Canada cut their price target on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a report on Thursday, October 24th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $53.44.

Insider Transactions at Newmont

In other news, Director Harry M. Iv Conger purchased 9,498 shares of the stock in a transaction dated Wednesday, November 27th. The stock was acquired at an average cost of $42.15 per share, for a total transaction of $400,340.70. Following the completion of the transaction, the director now directly owns 14,498 shares in the company, valued at approximately $611,090.70. This represents a 189.96 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $42.89, for a total value of $128,670.00. Following the completion of the transaction, the executive vice president now owns 79,596 shares of the company’s stock, valued at approximately $3,413,872.44. This trade represents a 3.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 28,154 shares of company stock worth $1,166,843 over the last ninety days. Company insiders own 0.06% of the company’s stock.

Newmont Price Performance

NEM stock opened at $46.44 on Tuesday. Newmont Co. has a 52-week low of $29.42 and a 52-week high of $58.72. The business has a fifty day moving average of $40.47 and a two-hundred day moving average of $46.50. The stock has a market cap of $52.86 billion, a price-to-earnings ratio of -30.55, a price-to-earnings-growth ratio of 0.38 and a beta of 0.52. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.