Newmont (NYSE:NEM) Sets New 52-Week High on Analyst Upgrade

Newmont Corporation (NYSE:NEM) reached a new 52-week high during mid-day trading on Monday after Scotiabank raised their price target on the stock from $114.00 to $152.00. Scotiabank currently has an outperform rating on the stock. Newmont traded as high as $128.09 and last traded at $128.5780, with a volume of 1538177 shares. The stock had previously closed at $124.31.

A number of other equities research analysts have also recently issued reports on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of Newmont in a report on Monday, December 29th. Royal Bank Of Canada increased their target price on Newmont from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday, October 27th. National Bankshares raised their target price on Newmont from $110.00 to $120.00 and gave the company an “outperform” rating in a report on Tuesday, December 9th. Macquarie raised Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, December 5th. Finally, Jefferies Financial Group increased their price objective on Newmont from $120.00 to $136.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Six investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Newmont currently has an average rating of “Buy” and an average target price of $105.88.

Insider Buying and Selling

In other news, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total transaction of $406,700.00. Following the sale, the chief executive officer owned 279,923 shares of the company’s stock, valued at approximately $22,768,936.82. This trade represents a 1.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction on 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 transaction, the director 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 9,160 shares of company stock valued at $767,206 in the last quarter. Corporate insiders own 0.05% of the company’s stock.

Institutional Trading of Newmont

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NEM. Brighton Jones LLC boosted its holdings in Newmont by 15.7% during the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock valued at $506,000 after purchasing an additional 1,847 shares in the last quarter. Woodline Partners LP lifted its position in shares of Newmont by 40.7% during the 1st quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock worth $4,644,000 after buying an additional 27,813 shares during the period. Sivia Capital Partners LLC bought a new position in shares of Newmont during the 2nd quarter worth approximately $240,000. ST Germain D J Co. Inc. boosted its stake in Newmont by 92.3% in the 2nd quarter. ST Germain D J Co. Inc. now owns 625 shares of the basic materials company’s stock valued at $36,000 after buying an additional 300 shares in the last quarter. Finally, Patton Fund Management Inc. bought a new stake in Newmont in the second quarter valued at $238,000. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Up 1.3%

The stock has a market capitalization of $137.46 billion, a price-to-earnings ratio of 19.56, a price-to-earnings-growth ratio of 0.95 and a beta of 0.41. The firm has a 50 day simple moving average of $101.35 and a 200-day simple moving average of $85.43. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74.

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.