Newmont (NYSE:NEM) Shares Down 7.2% – What’s Next?

Newmont Corporation (NYSE:NEM)’s share price fell 7.2% during mid-day trading on Thursday . The company traded as low as $108.05 and last traded at $108.3990. 14,785,393 shares changed hands during trading, an increase of 38% from the average session volume of 10,689,354 shares. The stock had previously closed at $116.85.

Wall Street Analysts Forecast Growth

NEM has been the topic of a number of recent research reports. Royal Bank Of Canada boosted their price target on shares of Newmont from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Monday, October 27th. Jefferies Financial Group raised their target price on shares of Newmont from $120.00 to $136.00 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. TD Securities boosted their target price on Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a report on Wednesday, October 8th. Canaccord Genuity Group increased their price target on Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a report on Friday, January 23rd. Finally, Zacks Research downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 18th. Six investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $117.11.

Newmont Trading Down 7.2%

The stock has a market cap of $118.29 billion, a PE ratio of 16.83, a price-to-earnings-growth ratio of 0.90 and a beta of 0.40. The company’s 50-day moving average price is $106.20 and its 200 day moving average price is $88.27. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04.

Insider Buying and Selling

In other news, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction 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 owned 32,709 shares of the company’s stock, valued at $3,021,003.24. This represents a 5.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.05% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. GoalVest Advisory LLC purchased a new stake in shares of Newmont in the 4th quarter valued at approximately $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 valued at $26,000 after purchasing an additional 236 shares during the last quarter. Concord Wealth Partners increased its holdings in Newmont by 534.7% in the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 385 shares during the last quarter. Cornerstone Planning Group LLC raised its position in Newmont by 312.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 206 shares during the period. Finally, JPL Wealth Management LLC acquired a new position in Newmont during the third quarter worth $27,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

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.