Newmont (NYSE:NEM) Trading 2.5% Higher – Should You Buy?

Shares of Newmont Corporation (NYSE:NEM) traded up 2.5% during mid-day trading on Wednesday . The stock traded as high as $125.20 and last traded at $124.60. 6,615,956 shares traded hands during trading, a decline of 36% from the average session volume of 10,310,824 shares. The stock had previously closed at $121.53.

Wall Street Analyst Weigh In

A number of equities analysts have commented on NEM shares. Raymond James Financial lifted their target price on Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a research note on Thursday, January 15th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating and issued a $177.00 price objective on shares of Newmont in a research note on Wednesday, February 4th. National Bank Financial lifted their target price on shares of Newmont from $120.00 to $140.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 4th. DZ Bank upgraded shares of Newmont to a “strong-buy” rating in a report on Monday, January 19th. Finally, Argus upped their price target on Newmont from $75.00 to $94.00 in a research note on Friday, November 21st. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $130.49.

Newmont Price Performance

The stock has a market cap of $135.97 billion, a price-to-earnings ratio of 19.35, a P/E/G ratio of 0.93 and a beta of 0.40. The company has a 50 day simple moving average of $108.24 and a 200-day simple moving average of $89.99. The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17.

Insider Transactions at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the transaction, the director owned 32,709 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.05% of the stock is owned by insiders.

Institutional Trading of Newmont

Institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Newmont by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company’s stock worth $13,390,613,000 after acquiring an additional 637,996 shares during the period. Geode Capital Management LLC boosted its position in Newmont by 3.6% during the fourth quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company’s stock valued at $2,738,756,000 after buying an additional 946,824 shares during the period. Norges Bank bought a new position in shares of Newmont in the second quarter worth approximately $919,170,000. Invesco Ltd. increased its stake in shares of Newmont by 45.0% during the second quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock valued at $908,152,000 after buying an additional 4,839,447 shares during the period. Finally, Bank of New York Mellon Corp raised its position in shares of Newmont by 6.7% in the 4th quarter. Bank of New York Mellon Corp now owns 11,622,479 shares of the basic materials company’s stock worth $1,160,505,000 after acquiring an additional 725,012 shares in the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Company Profile

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.