Newmont (NYSE:NEM) Stock Price Down 7.2% – Should You Sell?

Newmont Corporation (NYSE:NEM) traded down 7.2% on Thursday . The company traded as low as $108.05 and last traded at $108.3990. 14,785,393 shares changed hands during mid-day trading, an increase of 38% from the average session volume of 10,689,354 shares. The stock had previously closed at $116.85.

Analysts Set New Price Targets

A number of equities analysts recently commented on NEM shares. DZ Bank upgraded Newmont to a “strong-buy” rating in a report on Monday, January 19th. Zacks Research downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 18th. Jefferies Financial Group raised their price target on shares of Newmont from $120.00 to $136.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. TD Cowen increased their price objective on Newmont from $89.00 to $120.00 and gave the company a “hold” rating in a research note on Thursday, January 22nd. Finally, Canaccord Genuity Group boosted their target price on Newmont from $115.00 to $140.00 and gave the stock a “buy” rating in a research note on Friday, January 23rd. Six research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $117.11.

Newmont Stock Down 7.2%

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 cap of $118.29 billion, a price-to-earnings ratio of 16.83, a price-to-earnings-growth ratio of 0.90 and a beta of 0.40. The firm’s 50-day moving average is $106.20 and its 200 day moving average is $88.27.

Insiders Place Their Bets

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was 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 of the company’s stock, valued at approximately $3,021,003.24. The trade was a 5.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Newmont

Several hedge funds and other institutional investors have recently modified their holdings of NEM. Estate Counselors LLC acquired a new position in Newmont during the third quarter valued at $4,182,000. AustralianSuper Pty Ltd grew its stake in Newmont by 124.8% during the 3rd quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company’s stock valued at $27,843,000 after acquiring an additional 183,360 shares in the last quarter. Knights of Columbus Asset Advisors LLC grew its stake in Newmont by 286.5% during the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 60,499 shares of the basic materials company’s stock valued at $5,101,000 after acquiring an additional 44,846 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in shares of Newmont by 176.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 447,960 shares of the basic materials company’s stock valued at $26,098,000 after purchasing an additional 285,897 shares during the period. Finally, Robeco Institutional Asset Management B.V. lifted its position in shares of Newmont by 172.2% in the third quarter. Robeco Institutional Asset Management B.V. now owns 4,304,215 shares of the basic materials company’s stock worth $362,888,000 after purchasing an additional 2,723,044 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

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.