Analysts at Zacks Investment Research upgraded shares of Newmont Mining Corp. (NYSE: NEM) from Hold to Strong-Buy today.With a rating of Strong-Buy on the shares, Newmont Mining Corp. has a 52-week high of $46.07. The one-year price target of $46.98 is higher than the opening price of $38.38, resulting a fair amount of other analysts to issue statements on the stock recently. Stock prices often move to the upside on recommendations and new price targets of professional brokerage firms.
U.S. stocks on Monday closed mostly flat, after trading firmly higher, in a volatile session ahead of the start of a pair of closely watched central-bank policy meetings.
The Dow Jones Industrial Average DJIA, -0.02% closed down 3.63 points at 18,120.17.
The blue-chip index had been up by as much as 131 points earlier and traded within a 162-point range.
The S&P 500 SPX, +0.00% slipped 0.04 points to close at 2,139.12, after trading within an 18-point range
Meanwhile, the Nasdaq Composite Index COMP, -0.18% declined 9.54 points, or 0.2%, to close at 5,235.03.
Earlier, the Nasdaq Composite Index had been up by as many as 37 points and traded with a 58-point range
Shares of Newmont Mining Corp. (NYSE: NEM) opened at $38.38 yesterday trading between $38.29 and $38.64, and last traded at $38.32, which is a decrease of $0.11 compared to the previous closing price.
Newmont Mining Corp. (NYSE: NEM) now has a market cap of 20.33B.
731,644 shares crossed the trading desk yesterday, 40 percent below the average, out of a total float 528,976,000. Trading volume is likely to increase in the next few days as momentum traders often use upticks in trading volume to identify large volume accumulation or circulation by institutional investors.
As with all potential breakouts, investors watch for volume to be at least 40%-50% above normal on the breakout to demonstrate that fund managers and other professional investors are jumping in.
Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these have substantial teams of analysts that investigate thousands of stocks, so it is good confirmation to see them buying a stock you are researching.
By identifying trends, moving averages allow investors to make those trends work in their favor and increase the number of winning trades.
With that in mind, Newmont Mining Corp. (NYSE: NEM) now has a 50-day MA of $42.14 and 200-day MA of $35.67. It has traded in a 52-week range between $15.40 – 46.07 and today’s last price is 0.17% lower than the 52 week high of $46.07.
Earnings growth is an important factor to research when buying stocks and investors watch for companies that have raised their earnings at least 25% or more over a 3 year period.
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