Empire Life Investments Inc. Reduces Stake in Newmont Co.

Empire Life Investments Inc. has recently announced a decrease in its holdings of Newmont Co. (NYSE:NEM) by 5.3% during the fourth quarter. According to their latest filing with the SEC, the firm is now in possession of 822,358 shares of the mining company’s stock after selling off 46,391 shares within the quarter.

Newmont Co. is a significant part of Empire Life Investments Inc.'s portfolio, representing approximately 1.9% of their overall holdings. This makes Newmont the 15th largest position in their investment strategy. Based on the most recent SEC filing, the value of Empire Life Investments Inc.'s stake in Newmont is roughly $30,608,000.

Other Institutional Investments

It’s worth noting that other hedge funds and institutional investors have also adjusted their positions in Newmont. For instance, Heathbridge Capital Management Ltd. increased its holding by 2.0% in the third quarter, now owning 10,300 shares worth $551,000 after buying an additional 200 shares. Similarly, E. Ohman J or Asset Management AB raised its holdings by 0.4%, now owning 47,942 shares valued at $2,562,000. Other firms like Carmel Capital Partners LLC and Good Life Advisors LLC have also added to their shares, reflecting a broader trend of investment activity around Newmont. Overall, institutional investors and hedge funds collectively own about 68.85% of Newmont’s stock.

Analysts' Views on Newmont's Future

Newmont has garnered attention from various analysts, with recent reports indicating shifts in projected values. Raymond James has decreased its price target from $62.00 to $59.00, while maintaining an “outperform” rating. In contrast, UBS Group has lowered its rating from “buy” to “neutral” and has cut the target price from $67.00 to $54.00. CIBC has also downgraded the stock from “sector outperform” to “neutral”. Meanwhile, JPMorgan Chase & Co. upgraded Newmont from “neutral” to “overweight.” Across different analysts, the consensus rating remains a “Moderate Buy,” with an average price target set at $53.37.

Recent Insider Activity

In related news, insider activity at Newmont has been noticeable. Director Bruce R. Brook sold 2,077 shares at an average price of $40.00, totaling $83,080. After this sale, he retains ownership of 52,070 shares valued at approximately $2,082,800. Additionally, EVP Peter Toth sold 3,000 shares, also at an average price of $40.00, for a total of $120,000. This transaction brought his total shares down to 82,596, valued at around $3,303,840. In total, insiders have sold 28,154 shares over the last three months, amounting to $1,166,843 in value, with corporate insiders holding 0.06% of the company’s stock.

Current Stock Performance

As of Friday, Newmont’s stock opened at $46.61. The company’s fifty-day simple moving average stands at $40.90, whereas the two-hundred-day moving average is reported at $46.51. Notably, Newmont has a quick ratio of 1.73 and a current ratio of 1.96, with a low of $29.42 and a high of $58.72 over the past year.

Company Overview

Newmont Corporation is engaged in the production and exploration of gold, alongside endeavors in copper, silver, zinc, and lead mining. The company operates in various countries including the United States, Canada, Mexico, Peru, and Australia.

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