Newmont (NYSE:NEM) Stock Price Down 11.5% – Here’s Why

Newmont Corporation (NYSE:NEM) fell 11.5% during trading on Friday . The company traded as low as $111.25 and last traded at $112.30. 19,123,117 shares changed hands during mid-day trading, an increase of 85% from the average session volume of 10,314,094 shares. The stock had previously closed at $126.93.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Jefferies Financial Group boosted their price objective on Newmont from $120.00 to $136.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 10th. TD Cowen lifted their price objective on shares of Newmont from $89.00 to $120.00 and gave the stock a “hold” rating in a research report on Thursday, January 22nd. The Goldman Sachs Group boosted their target price on shares of Newmont from $99.90 to $123.90 and gave the stock a “buy” rating in a research note on Monday, January 12th. Finally, Wall Street Zen cut Newmont from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 2nd. Six research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $107.83.

Newmont Trading Down 11.5%

The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $122.55 billion, a PE ratio of 17.44, a PEG ratio of 1.01 and a beta of 0.41. The business’s 50-day moving average is $103.95 and its two-hundred day moving average is $86.50.

Insider Transactions at Newmont

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Estate Counselors LLC purchased a new stake in shares of Newmont in the 3rd quarter worth about $4,182,000. Envestnet Asset Management Inc. lifted its holdings in shares of Newmont by 176.4% in the second quarter. Envestnet Asset Management Inc. now owns 447,960 shares of the basic materials company’s stock valued at $26,098,000 after purchasing an additional 285,897 shares in the last quarter. Knights of Columbus Asset Advisors LLC grew its position in shares of Newmont by 59.6% in the second quarter. Knights of Columbus Asset Advisors LLC now owns 15,653 shares of the basic materials company’s stock valued at $912,000 after purchasing an additional 5,848 shares during the last quarter. AustralianSuper Pty Ltd increased its stake in shares of Newmont by 124.8% during the 3rd quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company’s stock worth $27,843,000 after purchasing an additional 183,360 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its position in shares of Newmont by 172.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 4,304,215 shares of the basic materials company’s stock worth $362,888,000 after purchasing an additional 2,723,044 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

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.