Texas Permanent School Fund Corp Reduces Holdings in Newmont Co. (NYSE:NEM)

Texas Permanent School Fund Corp cut its position in shares of Newmont Co. (NYSE:NEMFree Report) by 1.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 164,211 shares of the basic materials company’s stock after selling 2,433 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Newmont were worth $6,068,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Aptus Capital Advisors LLC bought a new position in Newmont during the 3rd quarter worth approximately $226,000. Choreo LLC bought a new position in Newmont during the 3rd quarter worth approximately $217,000. Huntington National Bank grew its position in Newmont by 62.7% during the 3rd quarter. Huntington National Bank now owns 6,589 shares of the basic materials company’s stock worth $243,000 after acquiring an additional 2,540 shares during the last quarter. Pathstone Family Office LLC grew its position in Newmont by 448.3% during the 3rd quarter. Pathstone Family Office LLC now owns 44,191 shares of the basic materials company’s stock worth $1,634,000 after acquiring an additional 36,131 shares during the last quarter. Finally, KCM Investment Advisors LLC grew its position in Newmont by 5.8% during the 3rd quarter. KCM Investment Advisors LLC now owns 8,945 shares of the basic materials company’s stock worth $331,000 after acquiring an additional 489 shares during the last quarter. 79.53% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

NEM has been the topic of several recent research reports. BMO Capital Markets reduced their price target on Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 17th. UBS Group dropped their price objective on Newmont from $42.00 to $40.00 and set a “neutral” rating for the company in a report on Wednesday, December 13th. Macquarie assumed coverage on Newmont in a report on Tuesday, November 21st. They issued an “outperform” rating and a $45.00 price objective for the company. TD Securities cut Newmont from a “buy” rating to a “hold” rating and set a $46.00 price objective for the company. in a report on Tuesday, January 9th. Finally, Raymond James dropped 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. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $54.76.

Get Our Latest Report on Newmont

Newmont Stock Down 1.6 %

Shares of NEM stock opened at $32.79 on Monday. The stock’s fifty day moving average price is $38.02 and its 200 day moving average price is $38.44. Newmont Co. has a 1-year low of $32.54 and a 1-year high of $52.76. The company has a market cap of $26.06 billion, a price-to-earnings ratio of -31.83, a price-to-earnings-growth ratio of 2.42 and a beta of 0.52. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.12 and a quick ratio of 1.72.

Insider Buying and Selling

In related news, COO Robert D. Atkinson sold 5,500 shares of Newmont stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $41.26, for a total value of $226,930.00. Following the completion of the sale, the chief operating officer now directly owns 54,251 shares in the company, valued at approximately $2,238,396.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.07% of the stock is owned by company insiders.

Newmont 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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