Newmont (NYSE:NEM) Trading 3.9% Higher – Still a Buy?

Newmont Corporation (NYSE:NEM)’s share price shot up 3.9% during trading on Tuesday . The company traded as high as $119.00 and last traded at $117.2410. 11,069,055 shares traded hands during trading, an increase of 6% from the average session volume of 10,486,202 shares. The stock had previously closed at $112.85.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on NEM shares. Zacks Research cut Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 18th. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, October 10th. Canaccord Genuity Group lifted their price objective on shares of Newmont from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Friday, January 23rd. CIBC set a $112.00 price objective on shares of Newmont and gave the company an “outperformer” rating in a research report on Friday, October 10th. Finally, Argus increased their target price on Newmont from $75.00 to $94.00 in a research note on Friday, November 21st. Six analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Newmont presently has an average rating of “Buy” and a consensus price target of $112.38.

Newmont Trading Up 3.9%

The firm’s 50-day simple moving average is $105.05 and its 200 day simple moving average is $87.66. The firm has a market capitalization of $127.94 billion, a price-to-earnings ratio of 18.21, a P/E/G ratio of 0.86 and a beta of 0.40. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74.

Insider Buying and Selling at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of Newmont 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 sale, the director directly 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 position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Newmont

Several institutional investors and hedge funds have recently added to or reduced their stakes in NEM. Estate Counselors LLC bought a new position in Newmont in the 3rd quarter valued at about $4,182,000. AustralianSuper Pty Ltd increased its holdings in 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. Knights of Columbus Asset Advisors LLC raised its stake in shares of Newmont by 286.5% in the third quarter. Knights of Columbus Asset Advisors LLC now owns 60,499 shares of the basic materials company’s stock worth $5,101,000 after purchasing an additional 44,846 shares during the last quarter. 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. Finally, Robeco Institutional Asset Management B.V. lifted its holdings in shares of Newmont by 172.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 4,304,215 shares of the basic materials company’s stock valued at $362,888,000 after purchasing an additional 2,723,044 shares in the last quarter. Institutional investors 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.