RFG Advisory LLC Grows Stock Holdings in Newmont Corporation $NEM

RFG Advisory LLC increased its stake in Newmont Corporation (NYSE:NEM) by 82.4% during the 3rd quarter, HoldingsChannel reports. The firm owned 46,510 shares of the basic materials company’s stock after buying an additional 21,016 shares during the period. RFG Advisory LLC’s holdings in Newmont were worth $3,921,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in NEM. Norges Bank bought a new stake in shares of Newmont in the second quarter worth $919,170,000. Invesco Ltd. grew 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 valued at $908,152,000 after purchasing an additional 4,839,447 shares during the period. Boston Partners grew its stake in shares of Newmont by 4,090.7% during the 2nd 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 purchased a new stake in shares of Newmont during the 2nd quarter valued at about $187,206,000. Finally, Robeco Institutional Asset Management B.V. lifted its stake in shares of Newmont by 172.2% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 4,304,215 shares of the basic materials company’s stock worth $362,888,000 after purchasing an additional 2,723,044 shares during the period. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Price Performance

Shares of NYSE:NEM opened at $120.80 on Tuesday. The firm has a market cap of $131.82 billion, a price-to-earnings ratio of 18.76, a P/E/G ratio of 0.88 and a beta of 0.40. The firm has a fifty day moving average price of $107.62 and a 200 day moving average price of $89.60. Newmont Corporation has a fifty-two week low of $41.23 and a fifty-two week high of $134.88. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. National Bankshares upped their target price on shares of Newmont from $120.00 to $140.00 and gave the company an “outperform” rating in a report on Wednesday, February 4th. Weiss Ratings restated a “buy (b-)” rating on shares of Newmont in a research note on Monday, December 29th. Wall Street Zen downgraded Newmont from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 2nd. Bank of America boosted their price target on Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Finally, Argus raised their price objective on Newmont from $75.00 to $94.00 in a research note on Friday, November 21st. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Newmont has a consensus rating of “Buy” and an average target price of $124.83.

Insider Activity

In related news, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $92.36, for a total value of $192,108.80. Following the sale, the director directly owned 32,709 shares in the company, valued at approximately $3,021,003.24. The trade was a 5.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.05% of the company’s stock.

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.