Envestnet Asset Management Inc. Buys 293,901 Shares of Newmont Corporation $NEM

Envestnet Asset Management Inc. grew its position in Newmont Corporation (NYSE:NEM) by 65.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 741,861 shares of the basic materials company’s stock after purchasing an additional 293,901 shares during the period. Envestnet Asset Management Inc.’s holdings in Newmont were worth $62,546,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Estate Counselors LLC bought a new stake in Newmont during the third quarter worth about $4,182,000. AustralianSuper Pty Ltd boosted its holdings in shares of Newmont by 124.8% in the 3rd quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company’s stock worth $27,843,000 after acquiring an additional 183,360 shares in the last quarter. Knights of Columbus Asset Advisors LLC grew its position in Newmont by 286.5% during the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 60,499 shares of the basic materials company’s stock worth $5,101,000 after acquiring an additional 44,846 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its holdings in Newmont by 172.2% during the 3rd 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 purchasing an additional 2,723,044 shares in the last quarter. Finally, Live Oak Investment Partners bought a new position in Newmont in the 3rd quarter valued at $2,232,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insider Transactions 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 transaction, the director directly 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.05% of the company’s stock.

Newmont Stock Up 6.2%

Shares of NYSE NEM opened at $115.27 on Monday. Newmont Corporation has a 1 year low of $41.23 and a 1 year high of $134.88. The firm’s 50-day moving average is $107.05 and its 200-day moving average is $89.18. 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 firm has a market capitalization of $125.79 billion, a PE ratio of 17.90, a price-to-earnings-growth ratio of 0.88 and a beta of 0.40.

Analyst Upgrades and Downgrades

NEM has been the topic of several research analyst reports. Macquarie Infrastructure increased their target price on Newmont from $115.00 to $126.00 and gave the stock an “outperform” rating in a report on Friday. Royal Bank Of Canada increased their price objective on shares of Newmont from $120.00 to $125.00 and gave the stock an “outperform” rating in a report on Tuesday, February 3rd. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating and issued a $177.00 target price on shares of Newmont in a research note on Wednesday. Scotiabank increased their price target on shares of Newmont from $114.00 to $152.00 and gave the company an “outperform” rating in a research note on Monday, January 26th. Finally, UBS Group restated a “buy” rating and issued a $160.00 price objective on shares of Newmont in a research report on Friday, January 30th. Four analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Newmont has a consensus rating of “Buy” and an average price target of $124.83.

About Newmont

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.