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. As a means of comparison, a number of other analysts have issued reports on the stock recently, and Newmont Mining Corp. has earned a consensus one-year price target of $46.98, higher than the opening price of $38.38, a difference of 12.31 percent. Share prices often move to the upside on recommendations and new price targets of professional analysts.
U.S. stocks closed higher Tuesday as investors anticipate the results of meetings from the Federal Reserve and the Bank of Japan.
The Dow Jones Industrial Average DJIA, +0.05% rose 9.79 points, or less than 0.1%, to close at 18,129.96.
The S&P 500 index SPX, +0.03% advanced 0.64 points to finish at 2,139.76, led by gains in the health-care and consumer-staples sectors.
The Nasdaq Composite index COMP, +0.12% gained 6.33 points, or 0.1%, to close at 5,241.35.
Yesterday Newmont Mining Corp. (NYSE: NEM) shares last traded at $38.15, a dip of $0.28 from the previous closing price. Opening at $38.38, they varied from $37.78 and $38.67 throughout the day.
Newmont Mining Corp. (NYSE: NEM) now has a market cap of 20.24B.
The stock’s average daily volume is 7,283,390 shares out of a total float 528,976,000 and some 5,386,610 shares traded hands yesterday, 71 percent below the average. Investors often use upticks in trading volume to pinpoint substantial volume aggregation or distribution by institutional investors, so trading volume is likely to increase in the next few days.
However, a single day of high volume buy side trading is not enough to affirm a trend. So market traders will continue to look for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these have teams of analysts researching thousands of stocks. Thus, watching their interests is a good way to make sure you are buying the right stocks.
By spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of successful trades.
Trades for Newmont Mining Corp. (NYSE: NEM) have ranged from $15.45 – 46.07, and the stock now has a 50-day MA of $41.97 and 200-day MA of $35.76. 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 investing in stocks and investors identify companies that have increased their earnings by at least 25% over 3 consecutive years.
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