Viking Fund Management LLC Purchases 15,000 Shares of Newmont Co. (NYSE:NEM)

Viking Fund Management LLC increased its holdings in Newmont Co. (NYSE:NEM) by 42.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 50,000 shares of the basic materials company’s stock after acquiring an additional 15,000 shares during the quarter. Viking Fund Management LLC’s holdings in Newmont were worth $1,861,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in NEM. Waverton Investment Management Ltd increased its holdings in shares of Newmont by 14.0% in the 3rd quarter. Waverton Investment Management Ltd now owns 531,041 shares of the basic materials company’s stock worth $28,379,000 after buying an additional 65,075 shares during the last quarter. Sanctuary Advisors LLC increased its holdings in shares of Newmont by 117.3% in the third quarter. Sanctuary Advisors LLC now owns 34,686 shares of the basic materials company’s stock worth $1,854,000 after buying an additional 18,722 shares during the period. Nordea Investment Management AB lifted its stake in shares of Newmont by 173.0% in 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. Assenagon Asset Management S.A. grew its position in Newmont by 57.1% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,379,901 shares of the basic materials company’s stock worth $88,580,000 after acquiring an additional 865,213 shares during the last quarter. Finally, Red Cedar Investment Management LLC purchased a new position in Newmont in the 3rd quarter worth approximately $1,263,000. Institutional investors own 68.85% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on NEM shares. Raymond James cut their target price on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a report on Monday, November 25th. CLSA started coverage on shares of Newmont in a research report on Friday, November 29th. They issued an “underperform” rating on the stock. Scotiabank dropped their target price on shares of Newmont from $52.00 to $50.00 and set a “sector perform” rating for the company in a report on Tuesday. Veritas raised Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Finally, Bernstein Bank upped their price target on Newmont from $55.00 to $58.00 in a research report on Monday, November 11th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $53.44.

Insider Buying and Selling at Newmont

In related news, Director Harry M. Iv Conger purchased 9,498 shares of Newmont stock in a transaction dated Wednesday, November 27th. The stock was purchased at an average cost of $42.15 per share, for a total transaction of $400,340.70. Following the completion of the purchase, the director now directly owns 14,498 shares of the company’s stock, valued at $611,090.70. The trade was a 189.96 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the firm’s 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 $120,000.00. Following the completion of 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 position. The disclosure for this sale can be found here. In the last three months, insiders have sold 14,077 shares of company stock worth $563,080. Insiders own 0.06% of the company’s stock.

Newmont Trading Up 1.8 %

Newmont stock opened at $42.40 on Wednesday. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $58.72. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The business’s fifty day simple moving average is $40.30 and its two-hundred day simple moving average is $46.86. The company has a market capitalization of $48.27 billion, a price-to-earnings ratio of -27.90, a price-to-earnings-growth ratio of 0.33 and a beta of 0.50.

Newmont (NYSE:NEM) last issued its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The firm had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.67 billion. During the same period last year, the firm posted $0.36 earnings per share. The firm’s quarterly revenue was up 84.7% on a year-over-year basis. As a group, equities analysts predict that Newmont Co. will post 3.1 earnings per share for the current fiscal year.

Newmont Profile

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.