Eagle Rock Investment Company LLC Acquires New Shares in Newmont Corporation $NEM

by · The Markets Daily

Eagle Rock Investment Company LLC acquired a new position in Newmont Corporation (NYSE:NEM – Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,887 shares of the basic materials company’s stock, valued at approximately $1,948,000.

Several other large investors also recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in Newmont during the 2nd quarter worth $11,289,753,000. State Street Corp raised its position in Newmont by 3.1% in the second quarter. State Street Corp now owns 52,396,702 shares of the basic materials company’s stock valued at $4,893,852,000 after purchasing an additional 1,565,716 shares during the period. Van ECK Associates Corp purchased a new position in Newmont in the second quarter valued at about $671,197,000. Bank of New York Mellon Corp purchased a new position in Newmont in the second quarter valued at about $1,219,505,000. Finally, First Eagle Investment Management LLC acquired a new position in shares of Newmont during the second quarter worth about $241,820,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. The Goldman Sachs Group decreased their target price on Newmont from $122.50 to $111.40 and set a “buy” rating for the company in a research report on Wednesday, July 1st. National Bank Financial dropped their target price on Newmont from $140.00 to $135.00 and set a “sector perform” rating on the stock in a report on Tuesday. TD raised their target price on Newmont from $127.00 to $133.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Sanford C. Bernstein reduced their price target on Newmont from $147.00 to $144.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 9th. Finally, UBS Group reduced their price target on Newmont from $140.00 to $120.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $133.92.

View Our Latest Analysis on Newmont

Insider Buying and Selling at Newmont

In other news, CEO Natascha Viljoen sold 7,764 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total transaction of $807,456.00. Following the completion of the sale, the chief executive officer directly owned 135,235 shares in the company, valued at $14,064,440. This trade represents a 5.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $114.81, for a total value of $344,430.00. Following the sale, the executive vice president owned 34,315 shares of the company’s stock, valued at $3,939,705.15. This represents a 8.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 35,973 shares of company stock valued at $3,927,169 in the last ninety days. Insiders own 0.06% of the company’s stock.

Newmont Price Performance

NEM opened at $117.09 on Thursday. The company has a fifty day simple moving average of $122.06 and a 200 day simple moving average of $111.00. The firm has a market cap of $123.37 billion, a price-to-earnings ratio of 12.65, a PEG ratio of 2.16 and a beta of 0.51. Newmont Corporation has a twelve month low of $76.05 and a twelve month high of $135.29. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM – Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The firm had revenue of $6.12 billion for the quarter, compared to the consensus estimate of $6.35 billion. During the same quarter in the previous year, the firm posted $1.43 EPS. Equities research analysts expect that Newmont Corporation will post 9.04 EPS for the current fiscal year.

Newmont Company Profile

(Free Report)

Newmont Corporation (NYSE:NEM) is a global mining company primarily engaged in the exploration, development, and production of gold. The company also produces copper, silver, zinc, and lead as byproducts of its mining operations. Its activities span the full mining life cycle, including resource discovery, project development, mine operations, processing, reclamation, and closure.

Founded in 1921, Newmont has grown into one of the world’s largest gold producers. The company operates and develops mines across several regions, including North America, South America, Australia, Africa, and Papua New Guinea.

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