Newmont (NYSE:NEM) Trading Down 11.5% – Here’s Why

Newmont Corporation (NYSE:NEM)’s stock price fell 11.5% during mid-day trading on Friday . The stock traded as low as $111.25 and last traded at $112.30. 19,123,117 shares were traded during mid-day trading, an increase of 85% from the average session volume of 10,314,094 shares. The stock had previously closed at $126.93.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on NEM shares. UBS Group reiterated a “buy” rating and issued a $160.00 target price on shares of Newmont in a report on Friday. Royal Bank Of Canada upped their price objective on shares of Newmont from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, October 27th. Bank of America increased their target price on shares of Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Canaccord Genuity Group boosted their price target on shares of Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a report on Friday, January 23rd. Finally, Scotiabank increased their price objective on shares of Newmont from $114.00 to $152.00 and gave the company an “outperform” rating in a research note on Monday, January 26th. Six investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $112.38.

Newmont Stock Performance

The firm’s 50 day moving average is $104.52 and its 200 day moving average is $87.07. 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 stock has a market cap of $122.55 billion, a P/E ratio of 17.44, a price-to-earnings-growth ratio of 0.97 and a beta of 0.41.

Insider Buying and Selling at Newmont

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of the company’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $81.34, for a total transaction of $406,700.00. Following the transaction, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at $22,768,936.82. This represents a 1.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $92.36, for a total value of $192,108.80. Following the completion of the sale, 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 ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 9,160 shares of company stock valued at $767,206. Company insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Newmont

Hedge funds have recently modified their holdings of the stock. Apella Capital LLC grew its position in Newmont by 4.1% during the 4th 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 last quarter. New Wave Wealth Advisors LLC raised its holdings in shares of Newmont by 1.3% in the fourth 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 during the last quarter. Novem Group lifted its stake in shares of Newmont by 3.7% during the fourth quarter. Novem Group now owns 2,487 shares of the basic materials company’s stock worth $248,000 after buying an additional 88 shares during the period. Norden Group LLC grew its holdings in shares of Newmont by 0.7% during the fourth quarter. Norden Group LLC now owns 12,367 shares of the basic materials company’s stock valued at $1,235,000 after buying an additional 90 shares during the last quarter. Finally, Brown Miller Wealth Management LLC increased its position in shares of Newmont by 2.7% in the 4th quarter. Brown Miller Wealth Management LLC now owns 4,268 shares of the basic materials company’s stock valued at $426,000 after acquiring an additional 113 shares during the period. 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.