Newmont (NYSE:NEM) Stock Price Up 3.9% – Should You Buy?

Newmont Corporation (NYSE:NEM) was up 3.9% on Wednesday . The company traded as high as $132.40 and last traded at $132.0050. Approximately 10,357,700 shares changed hands during trading, an increase of 10% from the average daily volume of 9,457,256 shares. The stock had previously closed at $127.00.

Analysts Set New Price Targets

Several brokerages recently weighed in on NEM. CIBC set a $112.00 price target on Newmont and gave the company an “outperformer” rating in a research report on Friday, October 10th. Argus lifted their target price on shares of Newmont from $75.00 to $94.00 in a report on Friday, November 21st. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, October 10th. UBS Group lifted their price objective on shares of Newmont from $105.50 to $125.00 and gave the company a “buy” rating in a report on Monday, December 1st. Finally, Macquarie raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Friday, December 5th. Six investment 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 company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $105.88.

Newmont Price Performance

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 stock has a market capitalization of $144.05 billion, a price-to-earnings ratio of 20.50, a price-to-earnings-growth ratio of 0.97 and a beta of 0.41. The stock has a 50 day moving average price of $102.15 and a 200-day moving average price of $85.90.

Insider Transactions at Newmont

In other news, CEO Thomas Ronald Palmer sold 5,000 shares of the stock in a transaction dated 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 sale, the chief executive officer directly owned 279,923 shares in the company, valued at $22,768,936.82. This represents a 1.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Bruce R. Brook sold 2,080 shares of the company’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 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 9,160 shares of company stock valued at $767,206 over the last quarter. Company insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Newmont

Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Newmont in the second quarter valued at approximately $919,170,000. Invesco Ltd. grew its stake 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 in the last quarter. Legal & General Group Plc raised its position in Newmont by 9.6% in the 3rd quarter. Legal & General Group Plc now owns 8,156,669 shares of the basic materials company’s stock valued at $687,223,000 after purchasing an additional 711,940 shares in the last quarter. Boston Partners boosted its stake in shares of Newmont by 49.3% in the 3rd quarter. Boston Partners now owns 6,931,710 shares of the basic materials company’s stock valued at $585,828,000 after buying an additional 2,288,653 shares during the period. Finally, Robeco Institutional Asset Management B.V. lifted its position in shares of Newmont by 16.1% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 4,996,775 shares of the basic materials company’s stock worth $498,928,000 after purchasing an additional 692,560 shares during the last quarter. Hedge funds and other 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.