Empowered Funds LLC Raises Stake in Newmont Co. (NYSE:NEM)

Empowered Funds LLC grew its stake in shares of Newmont Co. (NYSE:NEM) by 262.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 312,371 shares of the basic materials company’s stock after purchasing an additional 226,086 shares during the quarter. Empowered Funds LLC’s holdings in Newmont were worth $11,626,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Avior Wealth Management LLC boosted its stake in shares of Newmont by 191.8% during the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 326 shares during the period. Prospera Private Wealth LLC purchased a new stake in shares of Newmont during the third quarter valued at approximately $28,000. Highline Wealth Partners LLC purchased a new stake in shares of Newmont during the third quarter valued at approximately $32,000. McIlrath & Eck LLC boosted its stake in shares of Newmont by 80.6% during the third quarter. McIlrath & Eck LLC now owns 809 shares of the basic materials company’s stock valued at $43,000 after purchasing an additional 361 shares during the period. Finally, HHM Wealth Advisors LLC boosted its stake in shares of Newmont by 66.0% during the fourth quarter. HHM Wealth Advisors LLC now owns 880 shares of the basic materials company’s stock valued at $33,000 after purchasing an additional 350 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Price Performance

Shares of NYSE:NEM opened at $44.85 on Friday. Newmont Co. has a 1-year low of $29.42 and a 1-year high of $58.72. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. The business has a fifty day moving average price of $40.47 and a 200-day moving average price of $46.51.

Insider Activity

In related news, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $83,080.00. Following the sale, the director now directly owns 52,070 shares of the company’s stock, valued at $2,082,800. This trade represents a 3.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Harry M. Iv Conger acquired 9,498 shares of the company’s stock in a transaction that occurred on Wednesday, November 27th. The shares were acquired at an average cost of $42.15 per share, for a total transaction of $400,340.70. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 28,154 shares of company stock worth $1,166,843 over the last three months. 0.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on NEM. Bernstein Bank increased their price objective on Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. Cibc World Mkts downgraded Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. CLSA assumed coverage on Newmont in a report on Friday, November 29th. They set an “underperform” rating for the company. Royal Bank of Canada decreased their target price on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a report on Thursday, October 24th. Finally, CIBC downgraded Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $53.44.

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.