AlTi Global Inc. Raises Stock Holdings in Newmont Corporation $NEM

AlTi Global Inc. raised its holdings in shares of Newmont Corporation (NYSE:NEM) by 85.5% in the third quarter, Holdings Channel.com reports. The firm owned 40,009 shares of the basic materials company’s stock after buying an additional 18,441 shares during the period. AlTi Global Inc.’s holdings in Newmont were worth $3,373,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Physician Wealth Advisors Inc. grew its position in shares of Newmont by 327.8% during the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock worth $26,000 after buying an additional 236 shares in the last quarter. Harbor Capital Advisors Inc. boosted its stake in Newmont by 53.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 399 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 139 shares during the last quarter. Concord Wealth Partners grew its holdings in Newmont by 534.7% during the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 385 shares in the last quarter. Evermay Wealth Management LLC increased its position in shares of Newmont by 408.2% in the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 400 shares during the last quarter. Finally, Salomon & Ludwin LLC bought a new stake in shares of Newmont in the 3rd quarter worth about $44,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction that occurred 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 transaction, the director directly owned 32,709 shares of the company’s stock, valued at $3,021,003.24. This represents a 5.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.05% of the company’s stock.

Newmont Stock Up 0.6%

NEM stock opened at $121.40 on Wednesday. The stock has a market cap of $132.48 billion, a PE ratio of 18.85, a price-to-earnings-growth ratio of 0.93 and a beta of 0.40. The firm’s 50-day simple moving average is $108.24 and its 200 day simple moving average is $89.99. Newmont Corporation has a fifty-two week low of $41.23 and a fifty-two week high of $134.88. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Macquarie Infrastructure lifted their price target on Newmont from $115.00 to $126.00 and gave the stock an “outperform” rating in a research note on Friday, February 6th. Jefferies Financial Group increased their target price on Newmont from $120.00 to $136.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating and issued a $177.00 target price on shares of Newmont in a research report on Wednesday, February 4th. Stifel Nicolaus boosted their price target on Newmont from $120.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Royal Bank Of Canada raised their price objective on Newmont from $120.00 to $125.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 3rd. Three analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $130.49.

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.