Alberta Investment Management Corp Buys 89,201 Shares of Newmont Co. (NYSE:NEM)

Alberta Investment Management Corp grew its holdings in shares of Newmont Co. (NYSE:NEM) by 35.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 341,601 shares of the basic materials company’s stock after purchasing an additional 89,201 shares during the period. Alberta Investment Management Corp’s holdings in Newmont were worth $12,714,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of NEM. Zurich Insurance Group Ltd FI bought a new stake in shares of Newmont during the 3rd quarter valued at about $98,011,000. Nordea Investment Management AB boosted 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 valued at $92,832,000 after acquiring an additional 1,578,545 shares during the last quarter. FMR LLC boosted its position in shares of Newmont by 21.1% during the 3rd quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock valued at $376,953,000 after acquiring an additional 1,226,697 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Newmont by 262.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company’s stock valued at $80,960,000 after acquiring an additional 1,096,905 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its position in shares of Newmont by 6,387.0% during the 3rd quarter. International Assets Investment Management LLC now owns 979,921 shares of the basic materials company’s stock valued at $52,377,000 after acquiring an additional 964,815 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Newmont Price Performance

Shares of NEM stock opened at $47.53 on Wednesday. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The business’s 50 day moving average price is $41.23 and its 200-day moving average price is $46.45.

Insider Activity at Newmont

In related news, 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 sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the sale, the executive vice president now owns 82,596 shares in the company, valued at $3,303,840. This represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,154 shares of company stock worth $1,166,843 over the last ninety days. 0.06% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on NEM. Royal Bank of Canada raised their price objective on Newmont from $47.00 to $52.00 and gave the company a “sector perform” rating in a report on Tuesday, February 11th. CLSA began coverage on Newmont in a report on Friday, November 29th. They set an “underperform” rating on the stock. JPMorgan Chase & Co. raised Newmont from a “neutral” rating to an “overweight” rating in a report on Tuesday, November 19th. The Goldman Sachs Group initiated coverage on Newmont in a report on Monday, January 13th. They set a “buy” rating and a $47.20 price objective on the stock. Finally, Bernstein Bank lifted their price target on Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $53.37.

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.