PNC Financial Services Group Inc. Raises Holdings in Newmont Corporation $NEM

PNC Financial Services Group Inc. raised its holdings in Newmont Corporation (NYSE:NEM) by 10.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 169,077 shares of the basic materials company’s stock after purchasing an additional 16,012 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Newmont were worth $14,255,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Norges Bank purchased a new stake in shares of Newmont in the 2nd quarter valued at approximately $919,170,000. Invesco Ltd. increased its holdings in Newmont by 45.0% in the 2nd 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 last quarter. Boston Partners raised its position in Newmont by 4,090.7% in the second 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 period. LSV Asset Management acquired a new position in Newmont during the second quarter worth $187,206,000. Finally, Robeco Institutional Asset Management B.V. grew its stake 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 valued at $362,888,000 after buying an additional 2,723,044 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Price Performance

Newmont stock opened at $124.84 on Thursday. 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 company has a fifty day simple moving average of $112.12 and a 200-day simple moving average of $92.35. The stock has a market cap of $136.23 billion, a P/E ratio of 19.39, a price-to-earnings-growth ratio of 1.02 and a beta of 0.40. Newmont Corporation has a 12-month low of $41.23 and a 12-month high of $134.88.

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 stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the sale, the director 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.05% of the company’s stock.

Analyst Upgrades and Downgrades

NEM has been the subject of a number of research analyst reports. Argus raised their target price on Newmont from $75.00 to $94.00 in a report on Friday, November 21st. Canadian Imperial Bank of Commerce reissued an “outperform” rating and issued a $177.00 price objective on shares of Newmont in a research note on Wednesday, February 4th. Canaccord Genuity Group lifted their price objective on shares of Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a report on Friday, January 23rd. BNP Paribas Exane increased their target price on shares of Newmont from $97.00 to $123.00 and gave the stock a “neutral” rating in a report on Thursday, February 12th. Finally, Scotiabank raised their price target on shares of Newmont from $114.00 to $152.00 and gave the company an “outperform” rating in a research report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.94.

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.