Newmont (NYSE:NEM) Stock Price Up 2.5% – Here’s What Happened

Newmont Corporation (NYSE:NEM)’s share price traded up 2.5% during 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.

Analyst Ratings Changes

NEM has been the subject of several analyst reports. DZ Bank raised shares of Newmont to a “strong-buy” rating in a report on Monday, January 19th. Jefferies Financial Group boosted their price target on shares of Newmont from $120.00 to $136.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. TD Cowen raised their price target on Newmont from $89.00 to $120.00 and gave the stock a “hold” rating in a report on Thursday, January 22nd. Weiss Ratings restated a “buy (b-)” rating on shares of Newmont in a research note on Monday, December 29th. Finally, Stifel Nicolaus raised their price target on shares of Newmont from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, Newmont has a consensus rating of “Moderate Buy” and a consensus target price of $130.49.

Newmont Stock Up 2.5%

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

Insider Buying and Selling

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the business’s 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 in the company, valued at $3,021,003.24. The trade was a 5.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.05% of the stock is owned by company insiders.

Institutional Investors Weigh In On Newmont

Several institutional investors have recently modified their holdings of NEM. Estate Counselors LLC acquired a new stake in Newmont during the 3rd quarter worth $4,182,000. AustralianSuper Pty Ltd raised its holdings in shares of Newmont by 124.8% in the third quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company’s stock valued at $27,843,000 after buying an additional 183,360 shares during the last quarter. Knights of Columbus Asset Advisors LLC raised its holdings 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 valued at $5,101,000 after buying an additional 44,846 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Newmont by 176.4% during the second quarter. Envestnet Asset Management Inc. now owns 447,960 shares of the basic materials company’s stock worth $26,098,000 after buying an additional 285,897 shares during the period. Finally, Robeco Institutional Asset Management B.V. grew its holdings in shares of Newmont by 172.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 4,304,215 shares of the basic materials company’s stock worth $362,888,000 after buying an additional 2,723,044 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

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.