Newmont (NYSE:NEM) Trading Down 2.9% – What’s Next?

Shares of Newmont Corporation (NYSE:NEM) fell 2.9% during trading on Tuesday . The stock traded as low as $118.10 and last traded at $122.17. 8,041,955 shares changed hands during trading, a decline of 21% from the average session volume of 10,118,913 shares. The stock had previously closed at $125.80.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on NEM shares. BNP Paribas Exane increased their price target on Newmont from $97.00 to $123.00 and gave the stock a “neutral” rating in a research note on Thursday, February 12th. TD Cowen increased their target price on Newmont from $89.00 to $120.00 and gave the stock a “hold” rating in a research report on Thursday, January 22nd. Scotiabank boosted their price target on Newmont from $114.00 to $152.00 and gave the stock an “outperform” rating in a report on Monday, January 26th. Stifel Nicolaus increased their price objective on shares of Newmont from $120.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, February 10th. Finally, Zacks Research cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 18th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $131.94.

Newmont Price Performance

The stock’s 50-day simple moving average is $110.95 and its two-hundred day simple moving average is $91.70. The firm has a market cap of $133.32 billion, a P/E ratio of 21.73, a PEG ratio of 1.05 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 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

Several hedge funds have recently made changes to their positions in NEM. GoalVest Advisory LLC purchased a new stake in Newmont in the fourth quarter worth about $25,000. Physician Wealth Advisors Inc. raised its holdings in shares of 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 in the last quarter. Swiss RE Ltd. purchased a new stake in shares of Newmont in the 4th quarter worth approximately $26,000. Cornerstone Planning Group LLC boosted its stake in shares of Newmont by 312.1% during 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 in the last quarter. Finally, JPL Wealth Management LLC purchased a new position in Newmont during the third quarter valued at approximately $27,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

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.