Strategic Financial Concepts LLC Makes New Investment in Newmont Co. (NYSE:NEM)

Strategic Financial Concepts LLC bought a new position in Newmont Co. (NYSE:NEM) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 43,622 shares of the basic materials company’s stock, valued at approximately $1,624,000.

Several other hedge funds have also made changes to their positions in NEM. Zurich Insurance Group Ltd FI bought a new position in shares of Newmont in the 3rd quarter worth $98,011,000. Nordea Investment Management AB raised its position in shares of Newmont by 173.0% in the 4th quarter. Nordea Investment Management AB now owns 2,491,126 shares of the basic materials company’s stock worth $92,832,000 after acquiring an additional 1,578,545 shares in the last quarter. FMR LLC raised its position in shares of Newmont by 21.1% in the 3rd quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock worth $376,953,000 after acquiring an additional 1,226,697 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Newmont by 262.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company’s stock worth $80,960,000 after acquiring an additional 1,096,905 shares in the last quarter. Finally, International Assets Investment Management LLC raised its position in shares of Newmont by 6,387.0% in the 3rd quarter. International Assets Investment Management LLC now owns 979,921 shares of the basic materials company’s stock worth $52,377,000 after acquiring an additional 964,815 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on NEM. CLSA began coverage on Newmont in a research report on Friday, November 29th. They issued an “underperform” rating for the company. The Goldman Sachs Group began coverage on Newmont in a research report on Monday, January 13th. They set a “buy” rating and a $47.20 target price on the stock. Raymond James reduced their target price on Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a research report on Monday, November 25th. Royal Bank of Canada reduced their target price on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 24th. Finally, UBS Group lowered Newmont from a “buy” rating to a “neutral” rating and reduced their target price for the company from $67.00 to $54.00 in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.44.

Newmont Stock Up 3.6 %

Shares of NEM opened at $46.44 on Tuesday. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $58.72. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $52.86 billion, a price-to-earnings ratio of -30.55, a PEG ratio of 0.38 and a beta of 0.52. The stock’s 50-day moving average price is $40.47 and its 200-day moving average price is $46.50.

Insider Transactions at Newmont

In other news, Director Bruce R. Brook sold 2,077 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $42.89, for a total value of $89,082.53. Following the sale, the director now owns 49,993 shares in the company, valued at $2,144,199.77. This represents a 3.99 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Harry M. Iv Conger bought 9,498 shares of the stock in a transaction dated Wednesday, November 27th. The stock was bought at an average price of $42.15 per share, for a total transaction of $400,340.70. Following the purchase, the director now directly owns 14,498 shares of the company’s stock, valued at approximately $611,090.70. The trade was a 189.96 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 28,154 shares of company stock worth $1,166,843 over the last quarter. 0.06% of the stock is currently owned by insiders.

Newmont Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.