Lockheed Martin Investment Management Co. Takes Position in Newmont Corporation $NEM

Lockheed Martin Investment Management Co. purchased a new position in shares of Newmont Corporation (NYSE:NEM) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 28,200 shares of the basic materials company’s stock, valued at approximately $2,378,000.

Other large investors have also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. lifted its holdings in shares of Newmont by 53.5% in the third quarter. Harbor Capital Advisors Inc. now owns 399 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 139 shares in the last quarter. HHM Wealth Advisors LLC raised its position in shares of Newmont by 26.4% during the 3rd quarter. HHM Wealth Advisors LLC now owns 670 shares of the basic materials company’s stock worth $56,000 after purchasing an additional 140 shares during the last quarter. Summit Financial Wealth Advisors LLC lifted its stake in Newmont by 2.3% in the 3rd quarter. Summit Financial Wealth Advisors LLC now owns 6,584 shares of the basic materials company’s stock valued at $566,000 after buying an additional 145 shares in the last quarter. Welch Group LLC lifted its stake in Newmont by 1.3% in the 3rd quarter. Welch Group LLC now owns 12,187 shares of the basic materials company’s stock valued at $1,027,000 after buying an additional 153 shares in the last quarter. Finally, Resonant Capital Advisors LLC grew its holdings in Newmont by 3.8% during the 3rd quarter. Resonant Capital Advisors LLC now owns 4,401 shares of the basic materials company’s stock valued at $371,000 after buying an additional 163 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Trading Up 2.3%

NEM stock opened at $121.67 on Friday. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. The company has a market cap of $132.77 billion, a price-to-earnings ratio of 18.89, a PEG ratio of 0.90 and a beta of 0.41. The business has a fifty day simple moving average of $99.84 and a 200-day simple moving average of $84.14. Newmont Corporation has a 52 week low of $40.85 and a 52 week high of $123.04.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.44. The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.14 billion. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The firm’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.81 earnings per share. On average, equities research analysts expect that Newmont Corporation will post 3.45 EPS for the current year.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $81.34, for a total transaction of $406,700.00. Following the completion of the sale, the chief executive officer owned 279,923 shares in the company, valued at approximately $22,768,936.82. The trade was a 1.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the transaction, the director owned 32,709 shares in the company, valued at $3,021,003.24. The trade was a 5.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 9,160 shares of company stock worth $767,206 over the last ninety days. Corporate insiders own 0.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NEM. DZ Bank upgraded Newmont to a “strong-buy” rating in a research report on Monday. Bank of America boosted their target price on shares of Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. UBS Group raised their price target on shares of Newmont from $105.50 to $125.00 and gave the stock a “buy” rating in a research note on Monday, December 1st. Macquarie upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, December 5th. Finally, Argus upped their price objective on shares of Newmont from $75.00 to $94.00 in a research note on Friday, November 21st. Six research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Newmont presently has an average rating of “Buy” and a consensus price target of $99.49.

About Newmont

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long?lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.