Newmont (NYSE:NEM) Stock Price Up 4.8% on Analyst Upgrade

Newmont Corporation (NYSE:NEM)’s share price traded up 4.8% during mid-day trading 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. 7,377,601 shares changed hands during mid-day trading, a decline of 30% from the average session volume of 10,493,124 shares. The stock had previously closed at $115.32.

Other equities research analysts have also recently issued reports about the stock. BNP Paribas Exane cut shares of Newmont from an “outperform” rating to a “hold” rating and set a $97.00 price objective for the company. in a research report on Friday, December 5th. TD Cowen raised their price target on Newmont from $89.00 to $120.00 and gave the company a “hold” rating in a research note on Thursday, January 22nd. UBS Group reaffirmed a “buy” rating and set a $160.00 price objective on shares of Newmont in a research report on Friday, January 30th. Jefferies Financial Group increased their price objective on Newmont from $120.00 to $136.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Finally, Macquarie Infrastructure raised their target price on Newmont from $115.00 to $126.00 and gave the stock an “outperform” rating in a research report on Friday. Four research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $124.83.

Insider Activity at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of Newmont 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 sale, the director owned 32,709 shares in the company, valued at approximately $3,021,003.24. The trade was a 5.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.05% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in NEM. Norges Bank acquired a new position in shares of Newmont in the 2nd quarter valued at $919,170,000. Invesco Ltd. grew its position in Newmont by 45.0% during the 2nd quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock worth $908,152,000 after purchasing an additional 4,839,447 shares during the last quarter. Boston Partners increased its stake in Newmont by 4,090.7% in the second quarter. Boston Partners now owns 4,643,057 shares of the basic materials company’s stock valued at $272,558,000 after purchasing an additional 4,532,263 shares during the period. LSV Asset Management acquired a new position in Newmont in the second quarter valued at $187,206,000. Finally, Robeco Institutional Asset Management B.V. raised its holdings in shares of Newmont by 172.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 4,304,215 shares of the basic materials company’s stock valued at $362,888,000 after buying an additional 2,723,044 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Stock Up 4.8%

The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. The firm’s 50 day moving average price is $107.62 and its two-hundred day moving average price is $89.60. The firm has a market cap 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.