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

PNC Financial Services Group Inc. increased its stake in shares of Newmont Corporation (NYSE:NEM) by 10.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 169,077 shares of the basic materials company’s stock after acquiring an additional 16,012 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Newmont were worth $14,255,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Physician Wealth Advisors Inc. lifted its holdings in shares of Newmont by 327.8% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 236 shares during the last quarter. Harbor Capital Advisors Inc. increased its position in Newmont by 53.5% during the third quarter. Harbor Capital Advisors Inc. now owns 399 shares of the basic materials company’s stock worth $34,000 after buying an additional 139 shares during the period. Salomon & Ludwin LLC purchased a new stake in Newmont in the third quarter valued at approximately $44,000. Capital A Wealth Management LLC lifted its stake in Newmont by 1,648.3% in the second quarter. Capital A Wealth Management LLC now owns 507 shares of the basic materials company’s stock valued at $30,000 after buying an additional 478 shares during the last quarter. Finally, Caldwell Trust Co acquired a new stake in shares of Newmont in the second quarter valued at approximately $31,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Price Performance

Shares of NEM 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 stock’s 50 day moving average is $112.12 and its two-hundred day moving average is $92.35. Newmont Corporation has a twelve month low of $41.23 and a twelve month high of $134.88. The firm has a market capitalization of $136.23 billion, a PE ratio of 19.39, a P/E/G ratio of 1.02 and a beta of 0.40.

Analyst Ratings Changes

A number of brokerages have recently commented on NEM. Canaccord Genuity Group lifted their target price on shares of Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a report on Friday, January 23rd. Raymond James Financial lifted their price objective on shares of Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a research note on Thursday, January 15th. Royal Bank Of Canada increased their target price on shares of Newmont from $120.00 to $125.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 3rd. Jefferies Financial Group raised their price target on Newmont from $120.00 to $136.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Finally, Scotiabank upped their price objective on Newmont from $114.00 to $152.00 and gave the company an “outperform” rating in a research note on Monday, January 26th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $131.94.

Insiders Place Their Bets

In related 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 transaction of $192,108.80. Following the transaction, the director owned 32,709 shares of the company’s stock, valued at $3,021,003.24. This represents a 5.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.05% of the stock is owned by corporate insiders.

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.