Newmont (NYSE:NEM) Trading Up 4.8% Following Analyst Upgrade

Newmont Corporation (NYSE:NEM)’s stock price was up 4.8% on Monday after Royal Bank Of Canada raised their price target on the stock from $120.00 to $125.00. Royal Bank Of Canada currently has an outperform rating on the stock. Newmont traded as high as $121.11 and last traded at $120.80. Approximately 7,377,601 shares traded hands during mid-day trading, a decline of 30% from the average daily volume of 10,493,124 shares. The stock had previously closed at $115.32.

Several other research analysts have also recently weighed in on NEM. Zacks Research cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 18th. Weiss Ratings reissued a “buy (b-)” rating on shares of Newmont in a research note on Monday, December 29th. DZ Bank raised Newmont to a “strong-buy” rating in a research note on Monday, January 19th. BMO Capital Markets boosted their price target on shares of Newmont from $114.00 to $145.00 and gave the company an “outperform” rating in a research report on Wednesday, January 28th. Finally, National Bankshares raised their price objective 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. Four analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $124.83.

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of the 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 transaction, the director owned 32,709 shares of the company’s stock, valued at approximately $3,021,003.24. This trade represents a 5.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

Several institutional investors and hedge funds have recently modified their holdings of NEM. Apella Capital LLC increased its stake in Newmont by 4.1% during the fourth quarter. Apella Capital LLC now owns 2,198 shares of the basic materials company’s stock worth $219,000 after purchasing an additional 86 shares during the period. New Wave Wealth Advisors LLC lifted its holdings in Newmont by 1.3% during the 4th quarter. New Wave Wealth Advisors LLC now owns 6,849 shares of the basic materials company’s stock worth $684,000 after buying an additional 88 shares in the last quarter. Novem Group boosted its position in Newmont by 3.7% in the 4th quarter. Novem Group now owns 2,487 shares of the basic materials company’s stock valued at $248,000 after buying an additional 88 shares during the period. Norden Group LLC grew its stake in shares of Newmont by 0.7% in the fourth quarter. Norden Group LLC now owns 12,367 shares of the basic materials company’s stock worth $1,235,000 after acquiring an additional 90 shares in the last quarter. Finally, Coston McIsaac & Partners increased its position in shares of Newmont by 28.6% during the fourth quarter. Coston McIsaac & Partners now owns 450 shares of the basic materials company’s stock worth $44,000 after acquiring an additional 100 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

The firm has a market capitalization of $131.82 billion, a price-to-earnings ratio of 18.76, a PEG ratio of 0.88 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. The firm has a 50 day moving average price of $107.05 and a 200-day moving average price of $89.18.

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.