Newmont (NYSE:NEM) Shares Up 2.3% – Here’s What Happened

Newmont Corporation (NYSE:NEM)’s stock price rose 2.3% during trading on Thursday . The company traded as high as $123.04 and last traded at $121.67. Approximately 8,207,828 shares changed hands during mid-day trading, a decline of 10% from the average daily volume of 9,130,195 shares. The stock had previously closed at $118.91.

Analysts Set New Price Targets

A number of research firms have issued reports on NEM. Zacks Research downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 18th. Citigroup reiterated a “buy” rating on shares of Newmont in a research note on Monday, January 12th. Royal Bank Of Canada boosted their price objective on Newmont from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday, October 27th. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, October 10th. Finally, The Goldman Sachs Group lifted 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. Six investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $99.49.

Newmont Stock Performance

The business has a 50 day moving average of $99.20 and a 200-day moving average of $83.88. The company has a market capitalization of $132.77 billion, a P/E ratio of 18.89, a price-to-earnings-growth ratio of 0.90 and a beta of 0.41. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.44. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The business had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the previous year, the firm earned $0.81 EPS. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. On average, sell-side analysts predict that Newmont Corporation will post 3.45 EPS for the current fiscal year.

Insider Buying and Selling

In other Newmont news, CEO Thomas Ronald Palmer sold 5,000 shares of the firm’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the transaction, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at $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 is available at this link. Also, Director Bruce R. Brook sold 2,080 shares of the business’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 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 disclosure for this sale is available in the SEC filing. Insiders sold 9,160 shares of company stock valued at $767,206 over the last 90 days. 0.05% of the stock is owned by company insiders.

Institutional Investors Weigh In On Newmont

Several large investors have recently added to or reduced their stakes in NEM. GoalVest Advisory LLC bought a new stake in shares of Newmont during the 4th quarter valued at about $25,000. Physician Wealth Advisors Inc. raised its stake 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 purchasing an additional 236 shares in the last quarter. Concord Wealth Partners lifted its position in Newmont by 534.7% during the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 385 shares during the last quarter. JPL Wealth Management LLC purchased a new position in Newmont in the 3rd quarter worth approximately $27,000. Finally, Lodestone Wealth Management LLC bought a new position in shares of Newmont in the 4th quarter worth $28,000. 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.