Newmont (NYSE:NEM) Stock Price Down 3.8% – What’s Next?

Newmont Corporation (NYSE:NEM)’s share price was down 3.8% during trading on Thursday . The company traded as low as $123.59 and last traded at $126.9970. Approximately 15,005,802 shares changed hands during trading, an increase of 52% from the average daily volume of 9,848,167 shares. The stock had previously closed at $131.95.

Wall Street Analyst Weigh In

A number of research firms have issued reports on NEM. Raymond James Financial lifted their target price on Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a research report on Thursday, January 15th. BMO Capital Markets lifted their price target on shares of Newmont from $114.00 to $145.00 and gave the company an “outperform” rating in a report on Wednesday. DZ Bank upgraded shares of Newmont to a “strong-buy” rating in a research report on Monday, January 19th. Jefferies Financial Group raised their target price on shares of Newmont from $120.00 to $136.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Finally, Wall Street Zen cut shares of Newmont from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 2nd. Six research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Newmont presently has a consensus rating of “Buy” and an average price target of $112.38.

Newmont Price Performance

The stock has a market cap of $122.55 billion, a P/E ratio of 17.44, a P/E/G ratio of 0.97 and a beta of 0.41. The company’s 50 day moving average price is $104.52 and its 200-day moving average price is $86.86. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17.

Insider Activity

In related news, Director Bruce R. Brook sold 2,080 shares of Newmont 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 directly owned 32,709 shares of the company’s stock, valued at $3,021,003.24. The trade was a 5.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction of $406,700.00. Following the sale, 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 SEC filing for this sale provides additional information. Insiders have sold a total of 9,160 shares of company stock worth $767,206 over the last ninety days. Company insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

Institutional investors have recently modified their holdings of the company. Apella Capital LLC grew its holdings 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 acquiring an additional 86 shares during the period. New Wave Wealth Advisors LLC boosted its position in shares of 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 valued at $684,000 after purchasing an additional 88 shares in the last quarter. Novem Group grew its stake in 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 purchasing an additional 88 shares during the period. Norden Group LLC increased its holdings in 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 purchasing an additional 90 shares in the last quarter. Finally, Brown Miller Wealth Management LLC lifted its stake in Newmont by 2.7% in the fourth quarter. Brown Miller Wealth Management LLC now owns 4,268 shares of the basic materials company’s stock valued at $426,000 after buying an additional 113 shares during the period. 68.85% of the stock is owned by 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.