Swiss National Bank Sells 313,300 Shares of Newmont Co. (NYSE:NEM)

Swiss National Bank lessened its holdings in Newmont Co. (NYSE:NEMFree Report) by 10.9% in the third quarter, HoldingsChannel reports. The fund owned 2,556,160 shares of the basic materials company’s stock after selling 313,300 shares during the period. Swiss National Bank’s holdings in Newmont were worth $94,450,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Cadence Wealth Management LLC lifted its position in Newmont by 37.1% during the third quarter. Cadence Wealth Management LLC now owns 13,204 shares of the basic materials company’s stock worth $488,000 after purchasing an additional 3,574 shares during the period. Milestone Investment Advisors LLC acquired a new position in shares of Newmont in the third quarter valued at approximately $74,000. J.P. Morgan Private Wealth Advisors LLC acquired a new stake in Newmont during the 3rd quarter valued at approximately $597,000. Western Wealth Management LLC increased its position in Newmont by 14.1% during the 3rd quarter. Western Wealth Management LLC now owns 7,588 shares of the basic materials company’s stock valued at $280,000 after purchasing an additional 938 shares during the period. Finally, Bryn Mawr Capital Management LLC acquired a new stake in Newmont during the 3rd quarter valued at approximately $247,000. Institutional investors own 79.53% of the company’s stock.

Insider Transactions at Newmont

In related news, COO Robert D. Atkinson sold 5,500 shares of the business’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $40.25, for a total transaction of $221,375.00. Following the completion of the transaction, the chief operating officer now owns 59,751 shares in the company, valued at approximately $2,404,977.75. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.07% of the company’s stock.

Analysts Set New Price Targets

NEM has been the topic of a number of research analyst reports. Macquarie initiated coverage on Newmont in a report on Tuesday, November 21st. They set an “outperform” rating and a $45.00 price target on the stock. BMO Capital Markets dropped their price objective on Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 17th. TD Securities lowered Newmont from a “buy” rating to a “hold” rating and set a $46.00 target price for the company. in a research report on Tuesday, January 9th. Raymond James decreased their price objective on Newmont from $59.00 to $57.00 and set an “outperform” rating for the company in a report on Friday, October 27th. Finally, National Bank Financial reissued an “outperform overweight” rating on shares of Newmont in a report on Wednesday, January 3rd. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Newmont currently has an average rating of “Moderate Buy” and an average target price of $55.47.

Read Our Latest Analysis on Newmont

Newmont Trading Down 3.1 %

NYSE:NEM opened at $33.36 on Tuesday. The company has a quick ratio of 1.72, a current ratio of 2.12 and a debt-to-equity ratio of 0.31. Newmont Co. has a 1 year low of $33.35 and a 1 year high of $52.76. The stock’s 50 day simple moving average is $38.59 and its two-hundred day simple moving average is $38.72.

Newmont Company Profile

(Free Report)

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, and Ghana. As of December 31, 2022, it had proven and probable gold reserves of 96.1 million ounces and land position of 61,500 square kilometers.

Further Reading

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Institutional Ownership by Quarter for Newmont (NYSE:NEM)

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