Allspring Global Investments Holdings LLC Buys 39,045 Shares of Newmont Co. (NYSE:NEM)

Allspring Global Investments Holdings LLC lifted its stake in Newmont Co. (NYSE:NEM) by 8.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 512,789 shares of the basic materials company’s stock after acquiring an additional 39,045 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Newmont were worth $27,409,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Blue Trust Inc. raised its holdings in Newmont by 83.6% in the third quarter. Blue Trust Inc. now owns 18,797 shares of the basic materials company’s stock worth $1,005,000 after purchasing an additional 8,560 shares in the last quarter. Stratos Wealth Advisors LLC raised its stake in shares of Newmont by 394.6% during the 3rd quarter. Stratos Wealth Advisors LLC now owns 31,684 shares of the basic materials company’s stock worth $1,694,000 after acquiring an additional 25,278 shares in the last quarter. Aaron Wealth Advisors LLC purchased a new stake in Newmont during the third quarter valued at approximately $201,000. Claro Advisors LLC acquired a new stake in Newmont in the third quarter valued at approximately $845,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in Newmont by 5.0% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 156,132 shares of the basic materials company’s stock valued at $8,345,000 after acquiring an additional 7,478 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the transaction, the chief executive officer now owns 311,469 shares in the company, valued at approximately $15,420,830.19. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the sale, the chief executive officer now directly owns 311,469 shares in the company, valued at $15,420,830.19. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the transaction, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,000 shares of company stock worth $3,434,640. 0.06% of the stock is owned by company insiders.

Newmont Stock Down 1.6 %

Newmont stock opened at $57.75 on Thursday. The business’s 50-day moving average price is $53.43 and its 200 day moving average price is $46.74. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. The firm has a market cap of $66.59 billion, a price-to-earnings ratio of -21.63, a price-to-earnings-growth ratio of 0.43 and a beta of 0.50. Newmont Co. has a 52 week low of $29.42 and a 52 week high of $58.72.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.13 billion. During the same quarter last year, the company earned $0.33 EPS. The business’s revenue was up 64.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Newmont Co. will post 3.1 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently commented on the company. Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a report on Thursday, August 29th. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and upped their price objective for the company from $48.00 to $59.00 in a report on Monday, August 19th. Bank of America lifted their target price on shares of Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. Finally, Jefferies Financial Group raised their price target on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $53.46.

About Newmont

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.