New York State Common Retirement Fund Sells 23,600 Shares of Newmont Co. (NYSE:NEM)

New York State Common Retirement Fund cut its stake in Newmont Co. (NYSE:NEM) by 1.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,376,541 shares of the basic materials company’s stock after selling 23,600 shares during the quarter. New York State Common Retirement Fund’s holdings in Newmont were worth $51,235,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Van ECK Associates Corp increased its stake in shares of Newmont by 1.6% in the 4th quarter. Van ECK Associates Corp now owns 49,747,598 shares of the basic materials company’s stock valued at $1,851,606,000 after acquiring an additional 797,445 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Newmont by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 23,484,382 shares of the basic materials company’s stock valued at $1,253,457,000 after acquiring an additional 326,243 shares during the last quarter. FMR LLC increased its stake 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 valued at $376,953,000 after acquiring an additional 1,226,697 shares during the last quarter. Ninety One UK Ltd increased its stake in shares of Newmont by 27.5% in the 4th quarter. Ninety One UK Ltd now owns 3,456,456 shares of the basic materials company’s stock valued at $128,649,000 after acquiring an additional 744,718 shares during the last quarter. Finally, Swiss National Bank increased its stake in shares of Newmont by 0.3% in the 3rd quarter. Swiss National Bank now owns 3,422,605 shares of the basic materials company’s stock valued at $182,938,000 after acquiring an additional 9,500 shares during the last quarter. 68.85% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on NEM. CLSA began coverage on Newmont in a research note on Friday, November 29th. They issued an “underperform” rating for the company. Royal Bank of Canada increased their target price on Newmont from $47.00 to $52.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 11th. Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Scotiabank lowered their target price on Newmont from $52.00 to $50.00 and set a “sector perform” rating for the company in a research note on Tuesday, January 21st. Finally, CIBC cut Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Newmont has an average rating of “Moderate Buy” and a consensus target price of $53.37.

Newmont Trading Down 0.2 %

NYSE:NEM opened at $47.42 on Thursday. Newmont Co. has a twelve month low of $29.42 and a twelve month 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 business has a 50 day moving average price of $41.33 and a two-hundred day moving average price of $46.46. The company has a market cap of $53.99 billion, a P/E ratio of -31.20, a price-to-earnings-growth ratio of 0.39 and a beta of 0.52.

Insider Activity

In related news, Director Harry M. Iv Conger acquired 9,498 shares of the business’s stock in a transaction dated Wednesday, November 27th. The stock was bought at an average price of $42.15 per share, with a total value of $400,340.70. Following the acquisition, the director now owns 14,498 shares in the company, valued at $611,090.70. This represents a 189.96 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $40.00, for a total value of $83,080.00. Following the completion of the sale, the director now directly owns 52,070 shares of the company’s stock, valued at approximately $2,082,800. The trade was a 3.84 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,154 shares of company stock valued at $1,166,843. 0.06% of the stock is 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.