Sound Shore Management Inc CT Sells 173,245 Shares of Newmont Corporation $NEM

Sound Shore Management Inc CT cut its position in Newmont Corporation (NYSE:NEM) by 66.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 88,665 shares of the basic materials company’s stock after selling 173,245 shares during the quarter. Sound Shore Management Inc CT’s holdings in Newmont were worth $7,475,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new stake in Newmont in the 2nd quarter valued at about $919,170,000. Invesco Ltd. increased its stake 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 purchasing an additional 4,839,447 shares in the last quarter. Boston Partners raised its position in shares of Newmont by 4,090.7% in 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. LSV Asset Management purchased a new stake in shares of Newmont during the 2nd quarter valued at approximately $187,206,000. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in Newmont by 172.2% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 4,304,215 shares of the basic materials company’s stock worth $362,888,000 after buying an additional 2,723,044 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

NYSE NEM opened at $124.60 on Thursday. Newmont Corporation has a 52-week low of $41.23 and a 52-week high of $134.88. The company has a fifty day moving average of $108.94 and a 200-day moving average of $90.23. The company has a market capitalization of $135.97 billion, a P/E ratio of 19.35, a P/E/G ratio of 1.07 and a beta of 0.40. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04.

Insider Transactions at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the sale, the director owned 32,709 shares of the company’s stock, valued at $3,021,003.24. The trade was a 5.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.05% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on NEM. Stifel Nicolaus raised their price target on Newmont from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Tuesday. The Goldman Sachs Group lifted their target price on Newmont from $99.90 to $123.90 and gave the company a “buy” rating in a report on Monday, January 12th. Raymond James Financial upped their price target on Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a research report 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 for the company. in a research report on Friday, December 5th. Finally, Wall Street Zen cut shares of Newmont from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $130.49.

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.