Kornitzer Capital Management Inc. KS Increases Stock Holdings in Newmont Co. (NYSE:NEM)

Kornitzer Capital Management Inc. KS grew its holdings in Newmont Co. (NYSE:NEM) by 0.7% in the 4th quarter, Holdings Channel reports. The institutional investor owned 276,273 shares of the basic materials company’s stock after buying an additional 1,875 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Newmont were worth $10,283,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Van ECK Associates Corp lifted its holdings in shares of Newmont by 1.6% in the 4th quarter. Van ECK Associates Corp now owns 49,747,598 shares of the basic materials company’s stock valued at $1,851,606,000 after buying an additional 797,445 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Newmont by 1.4% in the 3rd 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 buying an additional 326,243 shares during the period. FMR LLC lifted its holdings in shares of Newmont by 21.1% in the 3rd quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock valued at $376,953,000 after buying an additional 1,226,697 shares during the period. Ninety One UK Ltd lifted its holdings in shares of Newmont by 27.5% in the 4th quarter. Ninety One UK Ltd now owns 3,456,456 shares of the basic materials company’s stock valued at $128,649,000 after buying an additional 744,718 shares during the period. Finally, Swiss National Bank lifted 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 valued at $182,938,000 after buying an additional 9,500 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. The Goldman Sachs Group started coverage on Newmont in a report on Monday, January 13th. They issued a “buy” rating and a $47.20 price target for the company. Bernstein Bank lifted their price objective on Newmont from $55.00 to $58.00 in a report on Monday, November 11th. CIBC cut Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Royal Bank of Canada lifted their price objective on Newmont from $47.00 to $52.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 11th. Finally, Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $53.37.

Newmont Stock Performance

NYSE NEM opened at $47.53 on Wednesday. Newmont Co. has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The stock has a market cap of $54.10 billion, a price-to-earnings ratio of -31.27, a price-to-earnings-growth ratio of 0.38 and a beta of 0.52. The business has a fifty day moving average of $41.23 and a 200-day moving average of $46.45. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

Insider Activity

In other news, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction on Friday, January 10th. The stock was sold at an average price of $40.00, for a total value of $83,080.00. Following the completion of the sale, the director now owns 52,070 shares of the company’s stock, valued at $2,082,800. The trade was a 3.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Natascha Viljoen sold 9,000 shares of Newmont stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $42.89, for a total value of $386,010.00. Following the completion of the sale, the chief operating officer now directly owns 136,967 shares of the company’s stock, valued at approximately $5,874,514.63. This represents a 6.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,154 shares of company stock valued at $1,166,843 over the last quarter. Company insiders own 0.06% of the company’s stock.

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.