Newmont (NYSE:NEM) Stock Price Up 4.8% Following Analyst Upgrade

Newmont Corporation (NYSE:NEM) shot up 4.8% on Monday after Stifel Nicolaus raised their price target on the stock from $120.00 to $175.00. Stifel Nicolaus currently has a buy rating on the stock. Newmont traded as high as $121.11 and last traded at $120.80. 7,377,601 shares traded hands during trading, a decline of 30% from the average session volume of 10,493,124 shares. The stock had previously closed at $115.32.

Other research analysts have also issued research reports about the company. Zacks Research lowered Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 18th. UBS Group reiterated a “buy” rating and issued a $160.00 target price on shares of Newmont in a report on Friday, January 30th. Canadian Imperial Bank of Commerce reissued an “outperform” rating and issued a $177.00 price target on shares of Newmont in a research report on Wednesday, February 4th. Argus upped their price objective on shares of Newmont from $75.00 to $94.00 in a report on Friday, November 21st. Finally, TD Cowen lifted their price objective on shares of Newmont from $89.00 to $120.00 and gave the company a “hold” rating in a report on Thursday, January 22nd. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $130.49.

Insider Activity

In other news, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $92.36, for a total value 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 represents a 5.98% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.05% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Newmont

Several institutional investors and hedge funds have recently added to or reduced their stakes in NEM. Brighton Jones LLC grew its holdings in shares of Newmont by 15.7% in the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock valued at $506,000 after acquiring an additional 1,847 shares in the last quarter. Woodline Partners LP boosted its position in Newmont by 40.7% in the first quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock worth $4,644,000 after purchasing an additional 27,813 shares during the last quarter. Sivia Capital Partners LLC bought a new position in Newmont in the 2nd quarter valued at $240,000. Apollon Wealth Management LLC increased its position in shares of Newmont by 101.5% during the 2nd quarter. Apollon Wealth Management LLC now owns 22,112 shares of the basic materials company’s stock valued at $1,288,000 after purchasing an additional 11,139 shares during the last quarter. Finally, Concurrent Investment Advisors LLC raised its stake in shares of Newmont by 26.3% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 12,393 shares of the basic materials company’s stock worth $722,000 after purchasing an additional 2,581 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Stock Up 0.6%

The company has a market capitalization of $132.48 billion, a PE ratio of 18.85, a P/E/G ratio of 0.93 and a beta of 0.40. The stock’s fifty day moving average is $108.24 and its two-hundred day moving average is $89.99. The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17.

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.