Newmont (NYSE:NEM) Stock Price Down 11.5% – What’s Next?

Newmont Corporation (NYSE:NEM) traded down 11.5% during trading on Friday . The stock traded as low as $111.25 and last traded at $112.30. 19,123,117 shares traded hands during trading, an increase of 85% from the average session volume of 10,314,094 shares. The stock had previously closed at $126.93.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. DZ Bank upgraded shares of Newmont to a “strong-buy” rating in a research report on Monday, January 19th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Newmont in a research note on Monday, December 29th. The Goldman Sachs Group upped their price objective on Newmont from $99.90 to $123.90 and gave the stock a “buy” rating in a research note on Monday, January 12th. Argus lifted their target price on Newmont from $75.00 to $94.00 in a research report on Friday, November 21st. Finally, TD Cowen upped their price target on Newmont from $89.00 to $120.00 and gave the stock a “hold” rating in a research report on Thursday, January 22nd. 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 company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $107.83.

Newmont Price Performance

The firm has a market cap of $122.55 billion, a P/E ratio of 17.44, a PEG ratio of 1.01 and a beta of 0.41. 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’s 50-day simple moving average is $103.95 and its two-hundred day simple moving average is $86.50.

Insider Activity at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $92.36, for a total value of $192,108.80. Following the completion of the transaction, the director directly owned 32,709 shares of the company’s stock, valued at approximately $3,021,003.24. The trade was a 5.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total transaction of $406,700.00. Following the transaction, the chief executive officer owned 279,923 shares of the company’s stock, valued at approximately $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 sold a total of 9,160 shares of company stock valued at $767,206 in the last ninety days. Corporate insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

Hedge funds have recently modified their holdings of the company. GoalVest Advisory LLC acquired a new stake in shares of Newmont during the 4th quarter worth approximately $25,000. Physician Wealth Advisors Inc. grew its position in Newmont by 327.8% in the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 236 shares during the period. Concord Wealth Partners raised its position in Newmont by 534.7% in 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 period. JPL Wealth Management LLC acquired a new position in shares of Newmont in the 3rd quarter valued at $27,000. Finally, Lodestone Wealth Management LLC purchased a new position in shares of Newmont during the 4th quarter worth $28,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

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.