Newmont (NYSE:NEM) Stock Price Down 2.9% – Here’s What Happened

Newmont Corporation (NYSE:NEM)’s stock price dropped 2.9% on Tuesday . The company traded as low as $118.10 and last traded at $122.17. Approximately 8,041,955 shares changed hands during mid-day trading, a decline of 21% from the average daily volume of 10,118,913 shares. The stock had previously closed at $125.80.

Wall Street Analysts Forecast Growth

Several research firms recently commented on NEM. DZ Bank raised shares of Newmont to a “strong-buy” rating in a research note on Monday, January 19th. Scotiabank lifted their target price on shares of Newmont from $114.00 to $152.00 and gave the company an “outperform” rating in a report on Monday, January 26th. BNP Paribas Exane upped their price target on Newmont from $97.00 to $123.00 and gave the stock a “neutral” rating in a research note on Thursday, February 12th. UBS Group reiterated a “buy” rating and set a $160.00 price objective on shares of Newmont in a research note on Friday, January 30th. Finally, Canadian Imperial Bank of Commerce reissued an “outperform” rating and issued a $177.00 target price on shares of Newmont in a report on Wednesday, February 4th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Newmont presently has an average rating of “Moderate Buy” and an average target price of $131.94.

Newmont Stock Performance

The business has a 50-day moving average of $110.95 and a 200 day moving average of $91.70. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. The company has a market cap of $133.32 billion, a PE ratio of 21.73, a PEG ratio of 1.05 and a beta of 0.40.

Insider Activity

In related news, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the sale, the director directly owned 32,709 shares in the company, valued at approximately $3,021,003.24. The trade was a 5.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

Hedge funds have recently modified their holdings of the business. GoalVest Advisory LLC purchased a new stake in Newmont in the fourth quarter worth about $25,000. Physician Wealth Advisors Inc. increased its holdings in Newmont by 327.8% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 236 shares in the last quarter. Swiss RE Ltd. purchased a new stake in Newmont in the 4th quarter worth approximately $26,000. Cornerstone Planning Group LLC raised its stake in Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 206 shares during the period. Finally, JPL Wealth Management LLC purchased a new position in Newmont during the third quarter valued at approximately $27,000. Institutional investors 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.