Van ECK Associates Corp Has $1.85 Billion Stock Holdings in Newmont Co. (NYSE:NEM)

Van ECK Associates Corp lifted its holdings in shares of Newmont Co. (NYSE:NEM) by 1.6% during the 4th quarter, Holdings Channel reports. The firm owned 49,747,598 shares of the basic materials company’s stock after purchasing an additional 797,445 shares during the period. Newmont makes up 2.4% of Van ECK Associates Corp’s holdings, making the stock its 4th largest holding. Van ECK Associates Corp’s holdings in Newmont were worth $1,851,606,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Heathbridge Capital Management Ltd. lifted its position in Newmont by 2.0% during the third quarter. Heathbridge Capital Management Ltd. now owns 10,300 shares of the basic materials company’s stock worth $551,000 after purchasing an additional 200 shares during the period. E. Ohman J or Asset Management AB raised its position in shares of Newmont by 0.4% in the 3rd quarter. E. Ohman J or Asset Management AB now owns 47,942 shares of the basic materials company’s stock valued at $2,562,000 after buying an additional 200 shares in the last quarter. Carmel Capital Partners LLC lifted its holdings in shares of Newmont by 4.5% during the 3rd quarter. Carmel Capital Partners LLC now owns 5,221 shares of the basic materials company’s stock worth $279,000 after acquiring an additional 226 shares during the period. Good Life Advisors LLC boosted its position in shares of Newmont by 4.6% during the 3rd quarter. Good Life Advisors LLC now owns 5,182 shares of the basic materials company’s stock worth $277,000 after acquiring an additional 229 shares in the last quarter. Finally, Studio Investment Management LLC increased its stake in Newmont by 29.4% in the third quarter. Studio Investment Management LLC now owns 1,149 shares of the basic materials company’s stock valued at $61,000 after acquiring an additional 261 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Newmont Stock Performance

NEM stock opened at $46.83 on Thursday. The company has a fifty day moving average price of $40.66 and a 200-day moving average price of $46.49. 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 Co. has a 52-week low of $29.42 and a 52-week high of $58.72.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on NEM. CLSA initiated coverage on Newmont in a research note on Friday, November 29th. They set an “underperform” rating for the company. Scotiabank dropped their price objective on Newmont from $52.00 to $50.00 and set a “sector perform” rating for the company in a research report on Tuesday, January 21st. Raymond James decreased their target price on Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a research report on Monday, November 25th. Cibc World Mkts downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Finally, JPMorgan Chase & Co. upgraded shares of Newmont from a “neutral” rating to an “overweight” rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $53.37.

Insider Buying and Selling

In related news, Director Bruce R. Brook sold 2,077 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $40.00, for a total value of $83,080.00. Following the sale, the director now directly owns 52,070 shares in the company, valued at $2,082,800. This represents a 3.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Harry M. Iv Conger purchased 9,498 shares of the stock in a transaction on Wednesday, November 27th. The shares were purchased at an average price of $42.15 per share, with a total value of $400,340.70. Following the acquisition, the director now owns 14,498 shares in the company, valued at approximately $611,090.70. The trade was a 189.96 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 28,154 shares of company stock valued at $1,166,843 in the last three months. Insiders own 0.06% of the company’s stock.

About Newmont

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.