Newmont (NYSE:NEM) Trading 4.8% Higher After Analyst Upgrade

Shares of Newmont Corporation (NYSE:NEM) were 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 changed hands during 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 equities research analysts have also recently weighed in on the company. The Goldman Sachs Group upped their target price on Newmont from $99.90 to $123.90 and gave the stock a “buy” rating in a report on Monday, January 12th. 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. TD Cowen increased their price objective on shares of Newmont from $89.00 to $120.00 and gave the company a “hold” rating in a research note on Thursday, January 22nd. DZ Bank raised shares of Newmont to a “strong-buy” rating in a research note on Monday, January 19th. Finally, Zacks Research downgraded Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 18th. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $124.83.

Insiders Place Their Bets

In other news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction dated 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 directly owned 32,709 shares of the company’s stock, valued at approximately $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 accessible through the SEC website. Insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

Several hedge funds have recently bought and sold shares of the stock. GoalVest Advisory LLC purchased a new position in Newmont during the fourth quarter worth approximately $25,000. Physician Wealth Advisors Inc. increased its stake in Newmont by 327.8% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock worth $26,000 after buying an additional 236 shares in the last quarter. Concord Wealth Partners raised its holdings in shares of Newmont by 534.7% during the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 385 shares during the last quarter. Cornerstone Planning Group LLC boosted its stake in shares of Newmont by 312.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 206 shares during the last quarter. Finally, JPL Wealth Management LLC purchased a new stake in shares of Newmont during the third quarter worth approximately $27,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Trading Up 4.8%

The company has a 50 day moving average of $107.05 and a 200 day moving average of $89.18. 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 capitalization of $131.82 billion, a price-to-earnings ratio of 18.76, a P/E/G ratio of 0.88 and a beta of 0.40.

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.