Newmont (NYSE:NEM) Trading Down 5.2% – Here’s Why

Newmont Corporation (NYSE:NEM)’s stock price dropped 5.2% during trading on Thursday . The stock traded as low as $118.04 and last traded at $118.0910. Approximately 9,239,318 shares traded hands during trading, a decline of 10% from the average daily volume of 10,274,556 shares. The stock had previously closed at $124.60.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Canaccord Genuity Group lifted their target price on Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. UBS Group restated a “buy” rating and issued a $160.00 price target on shares of Newmont in a research note on Friday, January 30th. Raymond James Financial boosted their price target on Newmont from $111.00 to $130.00 and gave the stock an “outperform” rating in a research report on Thursday, January 15th. The Goldman Sachs Group increased their price objective on Newmont from $99.90 to $123.90 and gave the company a “buy” rating in a report on Monday, January 12th. Finally, Royal Bank Of Canada boosted their target price on shares of Newmont from $120.00 to $125.00 and gave the stock an “outperform” rating in a report on Tuesday, February 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Newmont currently has an average rating of “Moderate Buy” and a consensus target price of $130.49.

Newmont Price Performance

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 company has a market capitalization of $128.87 billion, a P/E ratio of 18.34, a P/E/G ratio of 1.07 and a beta of 0.40. The company has a 50 day moving average price of $108.94 and a 200 day moving average price of $90.23.

Insider Buying and Selling at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $92.36, for a total value of $192,108.80. Following the transaction, the director directly owned 32,709 shares of the company’s stock, valued at $3,021,003.24. This represents a 5.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.05% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of NEM. GoalVest Advisory LLC bought a new stake in shares of Newmont during the fourth quarter worth approximately $25,000. Swiss RE Ltd. bought a new position in shares of Newmont during the fourth quarter worth approximately $26,000. Cornerstone Planning Group LLC lifted its holdings in Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 206 shares during the last quarter. Lodestone Wealth Management LLC bought a new stake in Newmont in the 4th quarter valued at $28,000. Finally, Laurel Wealth Advisors LLC acquired a new position in Newmont in the 4th quarter valued at $30,000. Institutional investors and hedge funds 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.