Sumitomo Life Insurance Co. Sells 493 Shares of Newmont Co. (NYSE:NEM)

Sumitomo Life Insurance Co. decreased its holdings in Newmont Co. (NYSE:NEM) by 3.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 12,117 shares of the basic materials company’s stock after selling 493 shares during the quarter. Sumitomo Life Insurance Co.’s holdings in Newmont were worth $451,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Hoese & Co LLP bought a new position in shares of Newmont in the 3rd quarter worth $27,000. Avior Wealth Management LLC boosted its position in 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 in the last quarter. Prospera Private Wealth LLC purchased a new position in Newmont in the third quarter valued at about $28,000. Highline Wealth Partners LLC purchased a new stake in shares of Newmont during the third quarter valued at about $32,000. Finally, McIlrath & Eck LLC boosted its holdings 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 valued at $43,000 after buying an additional 361 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Insider Buying and Selling

In other news, Director Bruce R. Brook sold 2,077 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 transaction of $83,080.00. Following the completion of the sale, the director now owns 52,070 shares of the company’s stock, valued at $2,082,800. This represents a 3.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Harry M. Iv Conger bought 9,498 shares of Newmont stock in a transaction dated Wednesday, November 27th. The stock was acquired at an average price of $42.15 per share, with a total value 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 approximately $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. Over the last ninety days, insiders sold 14,077 shares of company stock worth $563,080. 0.06% of the stock is owned by corporate insiders.

Newmont Price Performance

NYSE:NEM opened at $43.11 on Friday. The stock has a 50 day moving average of $40.27 and a two-hundred day moving average of $46.69. Newmont Co. has a 12 month low of $29.42 and a 12 month high of $58.72. The firm has a market cap of $49.08 billion, a P/E ratio of -28.36, a price-to-earnings-growth ratio of 0.33 and a beta of 0.50. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on NEM shares. The Goldman Sachs Group began coverage on shares of Newmont in a research report on Monday, January 13th. They set a “buy” rating and a $47.20 target price for the company. Jefferies Financial Group upped their price target on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Cibc World Mkts lowered Newmont from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. JPMorgan Chase & Co. raised Newmont from a “neutral” rating to an “overweight” rating in a report on Tuesday, November 19th. Finally, Scotiabank dropped their price objective on shares of Newmont from $52.00 to $50.00 and set a “sector perform” rating on the stock in a research note on Tuesday, January 21st. One analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.