Federated Hermes Inc. Grows Holdings in Newmont Corporation $NEM

Federated Hermes Inc. lifted its position in shares of Newmont Corporation (NYSE:NEM) by 1.0% during the 3rd quarter, HoldingsChannel reports. The fund owned 947,142 shares of the basic materials company’s stock after purchasing an additional 9,119 shares during the period. Federated Hermes Inc.’s holdings in Newmont were worth $79,854,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of NEM. Norges Bank acquired a new position in Newmont in the 2nd quarter worth about $919,170,000. Invesco Ltd. raised its stake in shares of Newmont by 45.0% during the 2nd quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock worth $908,152,000 after buying an additional 4,839,447 shares during the period. Legal & General Group Plc lifted its position in shares of Newmont by 6.3% during 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 buying an additional 438,748 shares in the last quarter. Boston Partners grew its stake in Newmont by 4,090.7% in the 2nd quarter. Boston Partners now owns 4,643,057 shares of the basic materials company’s stock valued at $272,558,000 after acquiring an additional 4,532,263 shares during the period. Finally, Nordea Investment Management AB increased its holdings in Newmont by 34.7% in the 3rd quarter. Nordea Investment Management AB now owns 4,336,873 shares of the basic materials company’s stock worth $366,553,000 after acquiring an additional 1,116,811 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $92.36, for a total value of $192,108.80. Following the completion of the sale, the director directly owned 32,709 shares in the company, valued at $3,021,003.24. This represents a 5.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the transaction, the chief executive officer owned 279,923 shares in the company, valued at approximately $22,768,936.82. This represents a 1.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 9,160 shares of company stock worth $767,206 in the last three months. 0.05% of the stock is currently owned by corporate insiders.

Newmont Stock Up 3.9%

Shares of NYSE NEM opened at $132.01 on Thursday. The stock has a market cap of $144.05 billion, a PE ratio of 20.50, a P/E/G ratio of 0.97 and a beta of 0.41. The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17. Newmont Corporation has a 12-month low of $40.99 and a 12-month high of $132.40. The company has a 50-day moving average of $103.05 and a 200 day moving average of $86.22.

Analysts Set New Price Targets

NEM has been the topic of several recent analyst reports. Scotiabank increased their price objective on shares of Newmont from $114.00 to $152.00 and gave the company an “outperform” rating in a report on Monday. TD Securities raised their price target on shares of Newmont from $67.00 to $89.00 and gave the company a “hold” rating in a research note on Wednesday, October 8th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Newmont in a report on Monday, December 29th. Macquarie raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, December 5th. Finally, Canaccord Genuity Group raised their target price on Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Six investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Newmont has an average rating of “Buy” and an average price target of $105.88.

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.