Glenview Trust Co raised its holdings in shares of Newmont Goldcorp Corp (NYSE:NEM) by 3.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 206,147 shares of the basic materials company’s stock after purchasing an additional 6,983 shares during the quarter. Glenview Trust Co’s holdings in Newmont Goldcorp were worth $8,957,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in Newmont Goldcorp by 27.8% in the 2nd quarter. BlackRock Inc. now owns 109,649,438 shares of the basic materials company’s stock worth $4,218,213,000 after buying an additional 23,820,369 shares during the period. State Street Corp boosted its holdings in shares of Newmont Goldcorp by 0.3% in the fourth quarter. State Street Corp now owns 38,193,895 shares of the basic materials company’s stock worth $1,659,525,000 after acquiring an additional 107,927 shares during the period. California Public Employees Retirement System boosted its holdings in shares of Newmont Goldcorp by 10.1% in the third quarter. California Public Employees Retirement System now owns 6,975,394 shares of the basic materials company’s stock worth $264,507,000 after acquiring an additional 638,510 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Newmont Goldcorp by 2.0% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 3,881,679 shares of the basic materials company’s stock worth $147,193,000 after acquiring an additional 75,566 shares during the period. Finally, Parametric Portfolio Associates LLC grew its position in shares of Newmont Goldcorp by 24.4% in the third quarter. Parametric Portfolio Associates LLC now owns 3,012,891 shares of the basic materials company’s stock valued at $114,249,000 after purchasing an additional 590,741 shares in the last quarter. 80.76% of the stock is currently owned by institutional investors and hedge funds.
In related news, CFO Nancy Buese sold 7,500 shares of the company’s stock in a transaction on Wednesday, November 27th. The shares were sold at an average price of $37.83, for a total value of $283,725.00. Following the completion of the transaction, the chief financial officer now directly owns 44,944 shares in the company, valued at $1,700,231.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Stephen P. Gottesfeld sold 3,500 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $40.35, for a total transaction of $141,225.00. Following the completion of the transaction, the executive vice president now owns 176,904 shares of the company’s stock, valued at $7,138,076.40. The disclosure for this sale can be found here. Insiders sold 42,320 shares of company stock worth $1,780,262 over the last ninety days. 0.44% of the stock is currently owned by insiders.
Newmont Goldcorp announced that its Board of Directors has initiated a stock buyback program on Monday, December 2nd that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the basic materials company to reacquire up to 3.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.
A number of analysts recently issued reports on the company. Raymond James set a $48.00 price objective on Newmont Goldcorp and gave the stock an “outperform” rating in a report on Wednesday, December 18th. TheStreet raised shares of Newmont Goldcorp from a “c+” rating to a “b” rating in a report on Tuesday, November 5th. Royal Bank of Canada began coverage on shares of Newmont Goldcorp in a research note on Wednesday, December 4th. They issued a “hold” rating and a $45.00 target price on the stock. UBS Group initiated coverage on shares of Newmont Goldcorp in a report on Thursday, February 6th. They issued a “neutral” rating and a $46.00 price target for the company. Finally, B. Riley cut their price target on shares of Newmont Goldcorp from $48.00 to $47.00 and set a “buy” rating for the company in a report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, six have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $44.42.
Newmont Goldcorp Profile
Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of December 31, 2018, the company had proven and probable gold reserves of 65.4 million ounces and an aggregate land position of approximately 24,000 square miles.
Further Reading: Cash Flow
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