Principal Financial Group Inc. Grows Stock Position in Newmont Corporation $NEM

Principal Financial Group Inc. increased its stake in shares of Newmont Corporation (NYSE:NEM) by 3.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,306,504 shares of the basic materials company’s stock after purchasing an additional 45,412 shares during the quarter. Principal Financial Group Inc. owned 0.12% of Newmont worth $110,151,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of NEM. Fortem Financial Group LLC increased its stake in shares of Newmont by 6.7% during the third quarter. Fortem Financial Group LLC now owns 45,108 shares of the basic materials company’s stock worth $3,803,000 after buying an additional 2,819 shares during the period. PAX Financial Group LLC acquired a new position in Newmont during the 3rd quarter worth approximately $204,000. Mutual Advisors LLC raised its holdings in shares of Newmont by 22.9% in the 3rd quarter. Mutual Advisors LLC now owns 24,300 shares of the basic materials company’s stock valued at $2,161,000 after purchasing an additional 4,521 shares in the last quarter. UMB Bank n.a. lifted its position in shares of Newmont by 8.0% during the 3rd quarter. UMB Bank n.a. now owns 7,854 shares of the basic materials company’s stock worth $662,000 after purchasing an additional 580 shares during the last quarter. Finally, Transcend Capital Advisors LLC grew its stake in shares of Newmont by 84.6% during the third quarter. Transcend Capital Advisors LLC now owns 11,423 shares of the basic materials company’s stock worth $963,000 after purchasing an additional 5,235 shares in the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Insider Activity at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction dated 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 sale, the director owned 32,709 shares in the company, valued at approximately $3,021,003.24. This represents a 5.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.05% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NEM. Bank of America raised their price target on Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. CIBC set a $112.00 target price on Newmont and gave the stock an “outperformer” rating in a research note on Friday, October 10th. Argus increased their price target on shares of Newmont from $75.00 to $94.00 in a research note on Friday, November 21st. Zacks Research cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 18th. Finally, Canaccord Genuity Group upped their target price on shares of Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a report on Friday, January 23rd. Six investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $112.38.

Newmont Stock Up 0.4%

NEM stock opened at $112.83 on Tuesday. The company has a market cap of $123.12 billion, a price-to-earnings ratio of 17.52, a price-to-earnings-growth ratio of 0.86 and a beta of 0.40. The company has a fifty day moving average price of $105.05 and a 200 day moving average price of $87.66. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. Newmont Corporation has a 12 month low of $41.23 and a 12 month high of $134.88.

Newmont Company Profile

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.