Newmont (NYSE:NEM) Stock Price Up 2.1% – Here’s What Happened

Shares of Newmont Corporation (NYSE:NEM) traded up 2.1% during mid-day trading on Wednesday . The company traded as high as $127.34 and last traded at $124.8410. 7,790,152 shares were traded during trading, a decline of 22% from the average session volume of 10,051,198 shares. The stock had previously closed at $122.31.

Analysts Set New Price Targets

Several research firms have weighed in on NEM. Macquarie Infrastructure raised their price objective on shares of Newmont from $115.00 to $126.00 and gave the company an “outperform” rating in a research report on Friday, February 6th. Stifel Nicolaus lifted their price objective on Newmont from $120.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, February 10th. Wall Street Zen lowered shares of Newmont from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 2nd. The Goldman Sachs Group upped their price objective on Newmont from $99.90 to $123.90 and gave the stock a “buy” rating in a research report on Monday, January 12th. Finally, Royal Bank Of Canada lifted their target price on Newmont from $120.00 to $125.00 and gave the company an “outperform” rating in a research report on Tuesday, February 3rd. Two 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. Based on data from MarketBeat, Newmont presently has an average rating of “Moderate Buy” and an average price target of $131.94.

Newmont Trading Up 2.1%

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 $136.23 billion, a PE ratio of 19.39, a P/E/G ratio of 1.05 and a beta of 0.40. The firm has a 50 day moving average price of $111.51 and a 200 day moving average price of $92.12.

Insider Activity

In related news, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.05% of the stock is currently owned by company insiders.

Institutional Trading of Newmont

Several institutional investors and hedge funds have recently modified their holdings of NEM. Caitlin John LLC increased its position in shares of Newmont by 142.1% during the 4th quarter. Caitlin John LLC now owns 581 shares of the basic materials company’s stock valued at $58,000 after purchasing an additional 341 shares during the last quarter. Virtue Capital Management LLC purchased a new position in shares of Newmont in the fourth quarter worth $411,000. Corecam AG bought a new position in shares of Newmont during the fourth quarter valued at about $216,000. Vident Advisory LLC raised its position in Newmont by 44.2% during the 4th quarter. Vident Advisory LLC now owns 140,044 shares of the basic materials company’s stock valued at $13,983,000 after purchasing an additional 42,894 shares during the last quarter. Finally, FAS Wealth Partners Inc. bought a new position in shares of Newmont during the fourth quarter valued at approximately $357,000. Hedge funds and other 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.