Bessemer Group Inc. Buys 5,210 Shares of Newmont Corporation $NEM

Bessemer Group Inc. grew its stake in shares of Newmont Corporation (NYSE:NEM) by 40.3% in the third quarter, Holdings Channel reports. The institutional investor owned 18,144 shares of the basic materials company’s stock after purchasing an additional 5,210 shares during the period. Bessemer Group Inc.’s holdings in Newmont were worth $1,530,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Norges Bank bought a new position in Newmont during the second quarter valued at about $919,170,000. Invesco Ltd. grew its holdings 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 worth $908,152,000 after purchasing an additional 4,839,447 shares in the last quarter. Legal & General Group Plc grew its holdings in shares of Newmont by 6.3% during the 2nd quarter. Legal & General Group Plc now owns 7,444,729 shares of the basic materials company’s stock worth $433,236,000 after purchasing an additional 438,748 shares in the last quarter. Boston Partners increased its position in shares of Newmont by 4,090.7% during the second 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. Finally, National Pension Service raised its stake in shares of Newmont by 2.7% in the third quarter. National Pension Service now owns 4,354,264 shares of the basic materials company’s stock valued at $367,108,000 after purchasing an additional 114,949 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Up 6.2%

NYSE NEM opened at $115.27 on Monday. The stock’s 50 day simple moving average is $107.05 and its 200 day simple moving average is $89.18. Newmont Corporation has a one year low of $41.23 and a one year high of $134.88. The firm has a market cap of $125.79 billion, a PE ratio of 17.90, a price-to-earnings-growth ratio of 0.88 and a beta of 0.40. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74.

Insider Activity at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $92.36, for a total value of $192,108.80. Following the completion of the sale, the director directly owned 32,709 shares in the company, valued at approximately $3,021,003.24. This trade represents a 5.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.05% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NEM. UBS Group reiterated a “buy” rating and set a $160.00 price target on shares of Newmont in a research note on Friday, January 30th. Royal Bank Of Canada raised their price objective on shares of Newmont from $120.00 to $125.00 and gave the stock an “outperform” rating in a report on Tuesday, February 3rd. Raymond James Financial lifted their target price on shares of Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday, January 15th. Wall Street Zen cut shares of Newmont from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 2nd. Finally, Bank of America raised their price target on shares of Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Four research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Newmont has an average rating of “Buy” and an average price target of $124.83.

About Newmont

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.