Newmont (NYSE:NEM) Trading 3.9% Higher – Still a Buy?

Newmont Corporation (NYSE:NEM) rose 3.9% during trading on Tuesday . The company traded as high as $119.00 and last traded at $117.2410. Approximately 11,069,055 shares traded hands during mid-day trading, an increase of 6% from the average daily volume of 10,486,202 shares. The stock had previously closed at $112.85.

Analysts Set New Price Targets

A number of research firms have issued reports on NEM. BNP Paribas Exane downgraded shares of Newmont from an “outperform” rating to a “hold” rating and set a $97.00 price objective on the stock. in a report on Friday, December 5th. TD Securities raised their price target on shares of Newmont from $67.00 to $89.00 and gave the company a “hold” rating in a research report on Wednesday, October 8th. CIBC set a $112.00 price target on shares of Newmont and gave the stock an “outperformer” rating in a report on Friday, October 10th. Raymond James Financial increased their price objective on shares of Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a research note on Thursday, January 15th. Finally, Royal Bank Of Canada lifted their target price on shares of Newmont from $38.00 to $40.00 and gave the stock an “outperform” rating in a research report on Monday, October 27th. Six analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $112.38.

Newmont Stock Up 3.9%

The company has a market capitalization of $127.94 billion, a PE ratio of 18.21, a P/E/G ratio of 0.86 and a beta of 0.40. The stock’s fifty day moving average is $105.05 and its two-hundred day moving average is $87.66. The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17.

Insider Buying and Selling at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director owned 32,709 shares in the company, valued at $3,021,003.24. This trade represents a 5.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.05% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Newmont

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Newmont by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company’s stock valued at $13,390,613,000 after buying an additional 637,996 shares during the period. Norges Bank purchased a new stake in Newmont in the 2nd quarter worth about $919,170,000. Invesco Ltd. increased its holdings in Newmont by 45.0% in the 2nd quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock worth $908,152,000 after acquiring an additional 4,839,447 shares during the last quarter. Legal & General Group Plc raised its stake 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 acquiring an additional 711,940 shares during the period. Finally, Boston Partners lifted its holdings in Newmont by 49.3% during the third quarter. Boston Partners now owns 6,931,710 shares of the basic materials company’s stock valued at $585,828,000 after purchasing an additional 2,288,653 shares during the last quarter. 68.85% of the stock is owned by institutional investors.

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.