Newmont (NYSE:NEM) Stock Price Down 7.2% – What’s Next?

Newmont Corporation (NYSE:NEM)’s stock price dropped 7.2% during mid-day trading on Thursday . The company traded as low as $108.05 and last traded at $108.3990. Approximately 14,785,393 shares were traded during mid-day trading, an increase of 38% from the average daily volume of 10,689,354 shares. The stock had previously closed at $116.85.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. BNP Paribas Exane lowered Newmont from an “outperform” rating to a “hold” rating and set a $97.00 price target on the stock. in a research report on Friday, December 5th. The Goldman Sachs Group upped their target price on shares of Newmont from $99.90 to $123.90 and gave the stock a “buy” rating in a research note on Monday, January 12th. Wall Street Zen downgraded shares of Newmont from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 2nd. Argus boosted their price target on shares of Newmont from $75.00 to $94.00 in a report on Friday, November 21st. Finally, Scotiabank raised their price objective on shares of Newmont from $114.00 to $152.00 and gave the company an “outperform” rating in a report on Monday, January 26th. Four analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $124.83.

Newmont Stock Performance

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 $125.79 billion, a PE ratio of 17.90, a P/E/G ratio of 0.83 and a beta of 0.40. The firm’s 50-day moving average is $107.05 and its 200 day moving average is $88.80.

Insider Activity

In related news, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction 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 trade represents a 5.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.05% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NEM. GoalVest Advisory LLC acquired a new stake in shares of Newmont in the fourth quarter valued at about $25,000. Physician Wealth Advisors Inc. increased its holdings in Newmont by 327.8% in the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock valued at $26,000 after buying an additional 236 shares in the last quarter. Concord Wealth Partners lifted its position in shares of Newmont by 534.7% during the 2nd 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 period. Cornerstone Planning Group LLC boosted its stake in shares of Newmont by 312.1% during the 4th 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 in the last quarter. Finally, JPL Wealth Management LLC purchased a new stake in shares of Newmont during the 3rd quarter worth approximately $27,000. Hedge funds and other institutional investors 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.