Newmont (NYSE:NEM) Shares Up 1.3% Following Analyst Upgrade

Newmont Corporation (NYSE:NEM) was up 1.3% 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 $129.25 and last traded at $125.9670. Approximately 13,116,197 shares were traded during mid-day trading, an increase of 41% from the average daily volume of 9,319,907 shares. The stock had previously closed at $124.31.

Other research analysts have also issued reports about the stock. Macquarie upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, December 5th. Royal Bank Of Canada increased their price target on Newmont from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, October 27th. National Bankshares raised their price objective on Newmont from $110.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday, December 9th. Citigroup reiterated a “buy” rating on shares of Newmont in a research report on Monday, January 12th. Finally, DZ Bank raised shares of Newmont to a “strong-buy” rating in a research note on Monday, January 19th. Six research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $105.88.

Insider Buying and Selling at Newmont

In related news, 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 transaction of $192,108.80. Following the completion of the sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the transaction, the chief executive officer owned 279,923 shares in the company, valued at approximately $22,768,936.82. This represents a 1.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 9,160 shares of company stock worth $767,206 in the last 90 days. Company insiders own 0.05% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in NEM. Apella Capital LLC lifted its stake in Newmont by 4.1% in the fourth 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 raised its holdings in Newmont by 1.3% in the 4th quarter. New Wave Wealth Advisors LLC now owns 6,849 shares of the basic materials company’s stock worth $684,000 after purchasing an additional 88 shares in the last quarter. Norden Group LLC raised its holdings in Newmont by 0.7% in the 4th 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. Brown Miller Wealth Management LLC lifted 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 worth $426,000 after purchasing an additional 113 shares during the period. Finally, Colonial Trust Advisors boosted its stake in shares of Newmont by 20.8% during the 3rd quarter. Colonial Trust Advisors now owns 684 shares of the basic materials company’s stock valued at $58,000 after purchasing an additional 118 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Price Performance

The company has a market cap of $137.46 billion, a PE ratio of 19.56, a PEG ratio of 0.95 and a beta of 0.41. The firm’s 50-day moving average is $101.35 and its 200-day moving average is $85.43. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17.

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.