Newmont (NYSE:NEM) Shares Down 3.8% – Here’s What Happened

Newmont Corporation (NYSE:NEM) fell 3.8% during mid-day trading on Thursday . The company traded as low as $123.59 and last traded at $126.9970. 15,005,802 shares traded hands during trading, an increase of 52% from the average session volume of 9,848,167 shares. The stock had previously closed at $131.95.

Wall Street Analyst Weigh In

NEM has been the subject of several research analyst reports. Raymond James Financial upped their price target on shares of Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, January 15th. Canaccord Genuity Group raised their price objective on shares of Newmont from $115.00 to $140.00 and gave the stock a “buy” rating in a report on Friday, January 23rd. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Newmont in a research note on Monday, December 29th. National Bankshares increased their target price on Newmont from $110.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday, December 9th. Finally, Citigroup restated a “buy” rating on shares of Newmont in a report on Monday, January 12th. Six equities 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 data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $105.88.

Newmont Trading Down 3.8%

The stock has a market cap of $138.59 billion, a price-to-earnings ratio of 19.72, a P/E/G ratio of 0.97 and a beta of 0.41. The business has a 50-day simple moving average of $103.05 and a two-hundred day simple moving average of $86.22. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74.

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the sale, the director 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 filing with the SEC, which is available through the SEC website. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the firm’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the transaction, the chief executive officer owned 279,923 shares in the company, valued at $22,768,936.82. The trade was a 1.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 9,160 shares of company stock valued at $767,206. 0.05% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Aprio Wealth Management LLC boosted its stake in Newmont by 20.8% in the fourth quarter. Aprio Wealth Management LLC now owns 3,508 shares of the basic materials company’s stock valued at $350,000 after buying an additional 605 shares in the last quarter. D.A. Davidson & CO. increased its holdings in Newmont by 23.3% in the fourth quarter. D.A. Davidson & CO. now owns 46,379 shares of the basic materials company’s stock valued at $4,631,000 after purchasing an additional 8,753 shares during the period. S.A. Mason LLC increased its stake in shares of Newmont by 4.8% in the fourth quarter. S.A. Mason LLC now owns 7,773 shares of the basic materials company’s stock valued at $776,000 after buying an additional 356 shares during the period. Pictet Asset Management Holding SA increased its stake in shares of Newmont by 4.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 680,176 shares of the basic materials company’s stock valued at $67,888,000 after buying an additional 29,062 shares during the period. Finally, Inscription Capital LLC raised its holdings in Newmont by 11.4% during the 4th quarter. Inscription Capital LLC now owns 5,435 shares of the basic materials company’s stock worth $543,000 after purchasing an additional 558 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.