Newmont Mining Corporation (NEM) has risen sharply, recording gains of 7.03% in the past 4 weeks. However, the stock has corrected -2.21% in the past 1 week, providing a good buying opportunity on dips. On a relative basis, the stock has outperformed the S&P 500 by 6.62% in the past 4 weeks, but has underperformed the S&P 500 in the past 1 week.
Newmont Mining Corporation is up 31.04% in the last 3-month period. Year-to-Date the stock performance stands at 145.93%. The stock has recorded a 20-day Moving Average of 0.46% and the 50-Day Moving Average is 8.71%.
Newmont Mining Corporation (NYSE:NEM): The stock opened at $43.65 on Friday but the bulls could not build on the opening and the stock topped out at $44.31 for the day. The stock traded down to $43.25 during the day, due to lack of any buying support eventually closed down at $44.17 with a loss of -0.59% for the day. The stock had closed at $44.43 on the previous day. The total traded volume was 5,301,826 shares.
Also, Morgan Stanley initiates coverage on Newmont Mining Corporation (NYSE:NEM). The rating major has initiated the coverage with equal-weight rating on the shares. The Analysts at Morgan Stanley announces a current price target of $41 per share. The rating by the firm was issued on August 9, 2016.
Newmont Mining Corporation (Newmont) is a global mining company, which is focused on the production of and exploration for gold and copper. The Company is primarily a gold producer with operations and/or assets in the United States, Australia, Peru, Indonesia, Ghana, New Zealand and Suriname. The Companys business segments include North America, South America, Asia Pacific and Africa. The Companys North America segment consists primarily of Carlin, Phoenix, CC&V and Twin Creeks in the state of Nevada in the United States. The Companys South America segment consists primarily of Yanacocha in Peru. The Companys Asia Pacific segment consists primarily of Boddington, Tanami and Kalgoorlie in Australia, and Batu Hijau in Indonesia. The Companys Africa segment consists primarily of Ahafo and Akyem in Ghana. The Companys product at its gold operations is dore bars. Dore is an alloy consisting primarily of gold, as well as silver and other metals.