Harvey Capital Management Inc. Makes New Investment in Newmont Co. (NYSE:NEM)

Harvey Capital Management Inc. acquired a new stake in Newmont Co. (NYSE:NEM) during the fourth quarter, Holdings Channel.com reports. The firm acquired 11,300 shares of the basic materials company’s stock, valued at approximately $421,000.

Several other institutional investors and hedge funds also recently made changes to their positions in NEM. Geode Capital Management LLC increased its holdings in Newmont by 1.4% in the third quarter. Geode Capital Management LLC now owns 23,484,382 shares of the basic materials company’s stock worth $1,253,457,000 after purchasing an additional 326,243 shares in the last quarter. FMR LLC lifted its position in shares of Newmont by 21.1% during the 3rd quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock valued at $376,953,000 after acquiring an additional 1,226,697 shares during the period. Ninety One UK Ltd boosted its stake in Newmont by 27.5% during the fourth quarter. Ninety One UK Ltd now owns 3,456,456 shares of the basic materials company’s stock worth $128,649,000 after acquiring an additional 744,718 shares in the last quarter. Swiss National Bank boosted its position in shares of Newmont by 0.3% during the 3rd quarter. Swiss National Bank now owns 3,422,605 shares of the basic materials company’s stock worth $182,938,000 after purchasing an additional 9,500 shares in the last quarter. Finally, National Pension Service grew its stake in Newmont by 27.9% in the third quarter. National Pension Service now owns 2,533,077 shares of the basic materials company’s stock valued at $135,393,000 after acquiring an additional 552,698 shares during the period. Institutional investors own 68.85% of the company’s stock.

Insider Buying and Selling at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the company’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $40.00, for a total value of $83,080.00. Following the transaction, the director now directly owns 52,070 shares in the company, valued at $2,082,800. This represents a 3.84 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business’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 $128,670.00. Following the transaction, the executive vice president now directly owns 79,596 shares of the company’s stock, valued at $3,413,872.44. The trade was a 3.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,154 shares of company stock valued at $1,166,843 in the last quarter. 0.06% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have weighed in on NEM shares. Royal Bank of Canada upped their price objective on shares of Newmont from $47.00 to $52.00 and gave the stock a “sector perform” rating in a report on Tuesday. Raymond James cut their price target on Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a research note on Monday, November 25th. Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. The Goldman Sachs Group started coverage on shares of Newmont in a research report on Monday, January 13th. They issued a “buy” rating and a $47.20 price objective for the company. Finally, CLSA began coverage on Newmont in a research report on Friday, November 29th. They set an “underperform” rating for the company. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Newmont has an average rating of “Moderate Buy” and an average target price of $53.37.

Newmont Stock Performance

Shares of NEM stock opened at $45.51 on Wednesday. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $58.72. The stock has a market capitalization of $51.81 billion, a P/E ratio of -29.94, a PEG ratio of 0.38 and a beta of 0.52. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The firm’s 50 day moving average is $40.66 and its 200 day moving average is $46.49.

About Newmont

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.