Highland Capital Management LLC Cuts Stock Holdings in Newmont Co. (NYSE:NEM)

Highland Capital Management LLC cut its stake in shares of Newmont Co. (NYSE:NEM - Free Report) by 51.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 44,483 shares of the basic materials company's stock after selling 47,585 shares during the quarter. Highland Capital Management LLC's holdings in Newmont were worth $1,656,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NEM. Hoese & Co LLP acquired a new position in Newmont during the 3rd quarter worth about $27,000. Avior Wealth Management LLC lifted its holdings in Newmont by 191.8% during the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company's stock worth $27,000 after buying an additional 326 shares during the period. Prospera Private Wealth LLC acquired a new position in Newmont during the 3rd quarter worth about $28,000. Highline Wealth Partners LLC bought a new position in shares of Newmont in the 3rd quarter worth about $32,000. Finally, McIlrath & Eck LLC raised its position in shares of Newmont by 80.6% in the 3rd quarter. McIlrath & Eck LLC now owns 809 shares of the basic materials company's stock worth $43,000 after acquiring an additional 361 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

NEM has been the subject of several research analyst reports. Bernstein Bank lifted their price objective on Newmont from $55.00 to $58.00 in a research report on Monday, November 11th. Royal Bank of Canada lowered their price objective on Newmont from $54.00 to $53.00 and set a "sector perform" rating for the company in a research report on Thursday, October 24th. Jefferies Financial Group lifted their price objective on Newmont from $54.00 to $63.00 and gave the stock a "buy" rating in a research report on Friday, October 4th. The Goldman Sachs Group began coverage on Newmont in a research report on Monday, January 13th. They issued a "buy" rating and a $47.20 price objective for the company. Finally, Scotiabank decreased their target price on Newmont from $52.00 to $50.00 and set a "sector perform" rating for the company in a research report on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $53.44.

Insiders Place Their Bets

In other news, COO Natascha Viljoen sold 9,000 shares of the company's stock in a transaction on Friday, January 10th. The shares were sold at an average price of $40.00, for a total value of $360,000.00. Following the transaction, the chief operating officer now owns 145,967 shares of the company's stock, valued at approximately $5,838,680. This represents a 5.81 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the company's 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 completion of the transaction, the director now directly owns 52,070 shares in the company, valued at approximately $2,082,800. The trade was a 3.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,077 shares of company stock worth $563,080 over the last 90 days. Corporate insiders own 0.06% of the company's stock.

Newmont Stock Performance

Newmont stock traded up $0.27 during trading on Friday, hitting $43.36. The stock had a trading volume of 2,047,874 shares, compared to its average volume of 7,803,148. The stock has a market cap of $49.36 billion, a price-to-earnings ratio of -28.57, a price-to-earnings-growth ratio of 0.35 and a beta of 0.50. The stock's 50 day moving average is $40.27 and its two-hundred day moving average is $46.66. Newmont Co. has a 1 year low of $29.42 and a 1 year high of $58.72. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

About Newmont

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.