Intact Investment Management Inc. Grows Position in Newmont Corporation $NEM

Intact Investment Management Inc. grew its stake in Newmont Corporation (NYSE:NEM) by 164.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,500 shares of the basic materials company’s stock after buying an additional 31,400 shares during the period. Intact Investment Management Inc.’s holdings in Newmont were worth $4,258,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Newmont during the 2nd quarter valued at about $919,170,000. Invesco Ltd. boosted its position in Newmont by 45.0% in the second quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock valued at $908,152,000 after buying an additional 4,839,447 shares during the last quarter. Legal & General Group Plc increased its holdings in 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 worth $433,236,000 after buying an additional 438,748 shares during the period. Boston Partners raised its position in Newmont by 4,090.7% during the 2nd quarter. Boston Partners now owns 4,643,057 shares of the basic materials company’s stock worth $272,558,000 after buying an additional 4,532,263 shares during the last quarter. Finally, Nordea Investment Management AB lifted its stake in Newmont by 34.7% during the 3rd quarter. Nordea Investment Management AB now owns 4,336,873 shares of the basic materials company’s stock valued at $366,553,000 after acquiring an additional 1,116,811 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Stock Up 1.3%

Shares of Newmont stock opened at $125.97 on Tuesday. The stock has a market capitalization of $137.46 billion, a price-to-earnings ratio of 19.56, a PEG ratio of 0.95 and a beta of 0.41. Newmont Corporation has a twelve month low of $40.85 and a twelve month high of $129.25. The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17. The business’s 50 day simple moving average is $101.35 and its 200-day simple moving average is $85.43.

Insider Buying and Selling at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the firm’s 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 sale, the director owned 32,709 shares in the company, valued at approximately $3,021,003.24. This trade represents a 5.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total value of $406,700.00. Following the sale, the chief executive officer directly owned 279,923 shares in the company, valued at approximately $22,768,936.82. This trade represents a 1.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 9,160 shares of company stock valued at $767,206. Corporate insiders own 0.05% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on NEM shares. Jefferies Financial Group increased their price objective on shares of Newmont from $120.00 to $136.00 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Newmont in a research note on Monday, December 29th. The Goldman Sachs Group upped their target price on Newmont from $99.90 to $123.90 and gave the stock a “buy” rating in a research note on Monday, January 12th. CIBC set a $112.00 target price on Newmont and gave the stock an “outperformer” rating in a report on Friday, October 10th. Finally, Canaccord Genuity Group boosted their price target on Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a report on Friday. Six equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $105.88.

Newmont Company 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.