Skandinaviska Enskilda Banken AB publ Reduces Stake in Newmont Corporation $NEM

Skandinaviska Enskilda Banken AB publ lessened its stake in shares of Newmont Corporation (NYSE:NEM) by 4.4% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 318,213 shares of the basic materials company’s stock after selling 14,634 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Newmont were worth $26,829,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new stake in Newmont during the second quarter valued at $919,170,000. Invesco Ltd. increased its holdings in shares of Newmont by 45.0% in the second quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock worth $908,152,000 after buying an additional 4,839,447 shares during the period. Legal & General Group Plc grew its holdings in shares of Newmont by 6.3% in the second 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 during the last quarter. Boston Partners boosted its holdings 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 worth $272,558,000 after purchasing an additional 4,532,263 shares during the period. Finally, National Pension Service raised its holdings in Newmont by 2.7% in the 3rd quarter. National Pension Service now owns 4,354,264 shares of the basic materials company’s stock worth $367,108,000 after purchasing an additional 114,949 shares in the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

NEM has been the subject of several recent research reports. UBS Group reissued a “buy” rating and set a $160.00 price objective on shares of Newmont in a research report on Friday, January 30th. Raymond James Financial lifted their price target 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. Royal Bank Of Canada upped 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. National Bank Financial raised their target price on shares of Newmont from $120.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, February 4th. Finally, Canaccord Genuity Group boosted their price target on Newmont from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Friday, January 23rd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $131.94.

Newmont Trading Down 2.9%

Newmont stock opened at $122.17 on Wednesday. The business’s fifty day moving average is $111.51 and its 200 day moving average is $92.12. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. The stock has a market capitalization of $133.32 billion, a PE ratio of 18.97, a price-to-earnings-growth ratio of 1.05 and a beta of 0.40. Newmont Corporation has a one year low of $41.23 and a one year high of $134.88.

Insider Buying and Selling

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