Banyan Capital Management Inc. Makes New Investment in Newmont Corporation $NEM

Banyan Capital Management Inc. purchased a new position in shares of Newmont Corporation (NYSE:NEM) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 7,050 shares of the basic materials company’s stock, valued at approximately $594,000. Newmont comprises approximately 0.3% of Banyan Capital Management Inc.’s investment portfolio, making the stock its 27th largest holding.

A number of other hedge funds and other institutional investors have also modified their holdings of NEM. Concord Wealth Partners boosted its position in Newmont by 534.7% during the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 385 shares during the last quarter. Evermay Wealth Management LLC lifted its stake in shares of Newmont by 408.2% during the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 400 shares during the period. Capital A Wealth Management LLC boosted its holdings in shares of Newmont by 1,648.3% during the second quarter. Capital A Wealth Management LLC now owns 507 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 478 shares during the last quarter. Caldwell Trust Co acquired a new stake in shares of Newmont during the second quarter worth $31,000. Finally, Country Trust Bank purchased a new stake in shares of Newmont in the second quarter valued at $32,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Scotiabank increased their target price on Newmont from $114.00 to $152.00 and gave the stock an “outperform” rating in a research report on Monday. Raymond James Financial upped their price objective on shares of Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a research note on Thursday, January 15th. BNP Paribas Exane lowered shares of Newmont from an “outperform” rating to a “hold” rating and set a $97.00 price objective on the stock. in a report on Friday, December 5th. Citigroup reissued a “buy” rating on shares of Newmont in a research report on Monday, January 12th. Finally, Royal Bank Of Canada upped their price target on shares of Newmont from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Monday, October 27th. Six investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Newmont presently has an average rating of “Buy” and a consensus target price of $105.88.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction of $406,700.00. Following the transaction, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at $22,768,936.82. The trade was a 1.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction that occurred 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 sale, the director owned 32,709 shares of the company’s stock, valued at approximately $3,021,003.24. This represents a 5.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 9,160 shares of company stock worth $767,206 in the last 90 days. 0.05% of the stock is currently owned by insiders.

Newmont Stock Performance

Newmont stock opened at $127.00 on Friday. The company has a market cap of $138.59 billion, a price-to-earnings ratio of 19.72, a price-to-earnings-growth ratio of 1.01 and a beta of 0.41. Newmont Corporation has a 12 month low of $41.23 and a 12 month high of $134.88. 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’s 50-day moving average is $103.95 and its 200-day moving average is $86.50.

Newmont Company 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.