Newmont (NYSE:NEM) Stock Price Up 2.2% – Here’s What Happened

Newmont Corporation (NYSE:NEM)’s share price shot up 2.2% on Friday . The stock traded as high as $124.64 and last traded at $124.3420. 8,020,369 shares traded hands during mid-day trading, a decline of 12% from the average session volume of 9,066,441 shares. The stock had previously closed at $121.69.

Wall Street Analyst Weigh In

A number of research analysts recently commented on NEM shares. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and upped their price objective for the company from $71.50 to $114.00 in a report on Thursday, October 23rd. BNP Paribas Exane lowered Newmont from an “outperform” rating to a “hold” rating and set a $97.00 price target on the stock. in a research note on Friday, December 5th. Wall Street Zen cut Newmont from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 2nd. Argus raised their price objective on Newmont from $75.00 to $94.00 in a research report on Friday, November 21st. Finally, DZ Bank raised shares of Newmont to a “strong-buy” rating in a research report on Monday. Six analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $99.49.

Newmont Stock Up 2.2%

The business’s fifty day moving average is $99.84 and its two-hundred day moving average is $84.14. The stock has a market cap of $135.69 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 0.90 and a beta of 0.41. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, beating the consensus estimate of $1.27 by $0.44. The company had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The firm’s revenue was up 20.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.81 EPS. Equities analysts forecast that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the transaction, the chief executive officer directly owned 279,923 shares in the company, valued at approximately $22,768,936.82. This trade represents a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $92.36, for a total value of $192,108.80. Following the sale, the director owned 32,709 shares in the company, valued at approximately $3,021,003.24. This trade represents a 5.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 9,160 shares of company stock valued at $767,206. 0.05% of the stock is currently owned by company insiders.

Institutional Trading of Newmont

Several hedge funds have recently added to or reduced their stakes in NEM. Farther Finance Advisors LLC grew its holdings in Newmont by 31.7% during the 4th quarter. Farther Finance Advisors LLC now owns 39,590 shares of the basic materials company’s stock worth $3,953,000 after acquiring an additional 9,534 shares in the last quarter. Sunpointe LLC lifted its position in shares of Newmont by 22.3% during the 4th quarter. Sunpointe LLC now owns 25,212 shares of the basic materials company’s stock worth $2,517,000 after purchasing an additional 4,596 shares during the last quarter. Guidance Capital Inc. grew its stake in shares of Newmont by 5.7% during the fourth quarter. Guidance Capital Inc. now owns 9,959 shares of the basic materials company’s stock worth $994,000 after purchasing an additional 539 shares in the last quarter. Freestone Capital Holdings LLC increased its holdings in Newmont by 5.5% in the fourth quarter. Freestone Capital Holdings LLC now owns 83,452 shares of the basic materials company’s stock valued at $8,333,000 after buying an additional 4,387 shares during the last quarter. Finally, Patton Fund Management Inc. increased its holdings in Newmont by 1,915.4% in the fourth quarter. Patton Fund Management Inc. now owns 82,288 shares of the basic materials company’s stock valued at $8,216,000 after buying an additional 78,205 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

About Newmont

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.