Newmont (NYSE:NEM) Trading Up 2.3% – Should You Buy?

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on NEM shares. Bank of America upped their price objective on Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. BNP Paribas Exane downgraded Newmont from an “outperform” rating to a “hold” rating and set a $97.00 target price for the company. in a research report on Friday, December 5th. Zacks Research cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 18th. Jefferies Financial Group reissued a “buy” rating and set a $120.00 price target on shares of Newmont in a research note on Sunday, December 7th. Finally, Wall Street Zen cut shares of Newmont from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 2nd. Six analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $99.49.

Newmont Trading Up 2.3%

The company has a market cap of $132.77 billion, a PE ratio of 18.89, a PEG ratio of 0.90 and a beta of 0.41. The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17. The stock has a 50 day moving average price of $99.20 and a 200 day moving average price of $83.88.

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

Insider Activity

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $3,021,003.24. This trade represents a 5.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction of $406,700.00. Following the sale, 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. 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 over the last three months. 0.05% of the stock is currently owned by insiders.

Institutional Trading of Newmont

Several large investors have recently modified their holdings of the company. Norges Bank purchased a new position in Newmont in the second quarter worth about $919,170,000. Invesco Ltd. increased its holdings in Newmont by 45.0% during the second quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock valued at $908,152,000 after buying an additional 4,839,447 shares during the last quarter. Legal & General Group Plc raised its position in Newmont by 9.6% in the third quarter. Legal & General Group Plc now owns 8,156,669 shares of the basic materials company’s stock worth $687,223,000 after acquiring an additional 711,940 shares during the period. Boston Partners boosted its stake in shares of Newmont by 49.3% during the 3rd quarter. Boston Partners now owns 6,931,710 shares of the basic materials company’s stock worth $585,828,000 after acquiring an additional 2,288,653 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of Newmont by 33.8% in the 3rd quarter. Victory Capital Management Inc. now owns 4,925,237 shares of the basic materials company’s stock worth $414,270,000 after purchasing an additional 1,244,845 shares in the last quarter. 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.