Kornitzer Capital Management Inc. KS Has $23.56 Million Stock Holdings in Newmont Corporation $NEM

Kornitzer Capital Management Inc. KS trimmed its holdings in shares of Newmont Corporation (NYSE:NEM) by 2.8% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 279,420 shares of the basic materials company’s stock after selling 8,005 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Newmont were worth $23,558,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Norges Bank acquired a new stake in Newmont in the second quarter valued at $919,170,000. Invesco Ltd. increased its stake in shares of Newmont by 45.0% in the second quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock valued at $908,152,000 after buying an additional 4,839,447 shares during the period. Legal & General Group Plc raised its position in shares of Newmont by 6.3% during the second quarter. Legal & General Group Plc now owns 7,444,729 shares of the basic materials company’s stock worth $433,236,000 after acquiring an additional 438,748 shares during the last quarter. Boston Partners lifted its stake in shares of Newmont by 4,090.7% in the second quarter. Boston Partners now owns 4,643,057 shares of the basic materials company’s stock worth $272,558,000 after acquiring an additional 4,532,263 shares during the period. Finally, Nordea Investment Management AB increased its position in Newmont by 34.7% during the 3rd quarter. Nordea Investment Management AB now owns 4,336,873 shares of the basic materials company’s stock valued at $366,553,000 after purchasing an additional 1,116,811 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on NEM shares. Citigroup restated a “buy” rating on shares of Newmont in a research report on Monday, January 12th. Bank of America upped their price target on shares of Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. The Goldman Sachs Group lifted their price objective on Newmont from $99.90 to $123.90 and gave the stock a “buy” rating in a research report on Monday, January 12th. Raymond James Financial upped their target price on Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday, January 15th. Finally, DZ Bank raised Newmont to a “strong-buy” rating in a research note on Monday, January 19th. Six analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $105.88.

Insider Buying and Selling

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

Newmont Stock Performance

Shares of Newmont stock opened at $125.97 on Tuesday. The business has a 50-day simple moving average of $101.35 and a 200 day simple moving average of $85.43. Newmont Corporation has a one year low of $40.85 and a one year high of $129.25. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. The firm has a market capitalization of $137.46 billion, a price-to-earnings ratio of 19.56, a PEG ratio of 0.95 and a beta of 0.41.

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.