abrdn plc Sells 157,324 Shares of Newmont Co. (NYSE:NEM)

abrdn plc lowered its holdings in shares of Newmont Co. (NYSE:NEM) by 9.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,581,417 shares of the basic materials company’s stock after selling 157,324 shares during the period. abrdn plc owned about 0.14% of Newmont worth $58,576,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Geode Capital Management LLC increased its stake in Newmont by 1.4% in the third quarter. Geode Capital Management LLC now owns 23,484,382 shares of the basic materials company’s stock valued at $1,253,457,000 after acquiring an additional 326,243 shares during the period. FMR LLC boosted its holdings in Newmont by 21.1% during the third quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock valued at $376,953,000 after purchasing an additional 1,226,697 shares in the last quarter. Swiss National Bank raised its holdings in shares of Newmont by 0.3% in the 3rd quarter. Swiss National Bank now owns 3,422,605 shares of the basic materials company’s stock worth $182,938,000 after buying an additional 9,500 shares in the last quarter. National Pension Service raised its holdings in shares of Newmont by 27.9% in the 3rd quarter. National Pension Service now owns 2,533,077 shares of the basic materials company’s stock worth $135,393,000 after buying an additional 552,698 shares in the last quarter. Finally, Nordea Investment Management AB lifted its position in shares of Newmont by 173.0% during the 4th quarter. Nordea Investment Management AB now owns 2,491,126 shares of the basic materials company’s stock worth $92,832,000 after buying an additional 1,578,545 shares during the period. Institutional investors own 68.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. CLSA initiated coverage on Newmont in a research note on Friday, November 29th. They set an “underperform” rating for the company. CIBC downgraded shares of Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Royal Bank of Canada decreased their price objective on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 24th. Cibc World Mkts lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Finally, Raymond James reduced their target price on Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.44.

Insider Activity

In related news, Director Harry M. Iv Conger purchased 9,498 shares of the stock in a transaction dated Wednesday, November 27th. The stock was bought at an average cost of $42.15 per share, with a total value of $400,340.70. Following the purchase, the director now directly owns 14,498 shares in the company, valued at $611,090.70. The trade was a 189.96 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $83,080.00. Following the transaction, the director now directly owns 52,070 shares in the company, valued at $2,082,800. The trade was a 3.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,077 shares of company stock valued at $563,080 in the last 90 days. 0.06% of the stock is owned by company insiders.

Newmont Trading Up 0.6 %

Shares of NYSE NEM opened at $43.37 on Wednesday. The company’s 50 day simple moving average is $40.27 and its 200 day simple moving average is $46.58. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The firm has a market capitalization of $49.37 billion, a P/E ratio of -28.53, a P/E/G ratio of 0.36 and a beta of 0.52.

Newmont Profile

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.