Newmont Mining Corp (NYSE:NEM) was upgraded by stock analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Wednesday, ARN reports. The brokerage presently has a $22.00 price target on the mining company’s stock. Bank of America’s price objective would indicate a potential upside of 18.92% from the company’s current price.

Shares of Newmont Mining Corp (NYSE:NEM) opened at 18.50 on Wednesday. The firm has a 50-day moving average price of $17.99 and a 200 day moving average price of $17.83. Newmont Mining Corp has a 1-year low of $15.39 and a 1-year high of $27.90. The company has a market cap of $9.79 billion and a price-to-earnings ratio of 19.21.

Other large investors recently bought and sold shares of the company. Piedmont Investment Advisors LLC bought a new stake in Newmont Mining Corp during the fourth quarter worth approximately $676,000. Foster & Motley Inc. boosted its stake in Newmont Mining Corp by 23.1% in the fourth quarter. Foster & Motley Inc. now owns 156,081 shares of the mining company’s stock worth $2,808,000 after buying an additional 29,250 shares during the period. Nordea Investment Management AB boosted its stake in Newmont Mining Corp by 45.0% in the fourth quarter. Nordea Investment Management AB now owns 463,663 shares of the mining company’s stock worth $8,341,000 after buying an additional 143,995 shares during the period. Finally, First Quadrant L P CA boosted its stake in Newmont Mining Corp by 97.8% in the fourth quarter. First Quadrant L P CA now owns 669,500 shares of the mining company’s stock worth $12,044,000 after buying an additional 331,100 shares during the period.

NEM has been the subject of a number of other reports. Deutsche Bank reiterated a “buy” rating on shares of Newmont Mining Corp in a report on Tuesday, October 6th. Mackie upgraded Newmont Mining Corp from a “hold” rating to a “buy” rating and set a $24.00 target price for the company in a research note on Thursday, October 29th. Vetr upgraded Newmont Mining Corp from a “sell” rating to a “hold” rating and set a $19.70 target price for the company in a research note on Monday, November 2nd. CIBC raised their target price on Newmont Mining Corp to $24.90 in a research note on Thursday, October 8th. Finally, RBC Capital raised their target price on Newmont Mining Corp from $22.00 to $26.00 and gave the company an “outperform” rating in a research note on Friday, November 6th. Eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $23.37.

Newmont Mining Corporation (NYSE:NEM) 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 Company’s business segments include North America, South America, Asia Pacific and Africa. The Company’s North America segment consists primarily of Carlin, Phoenix, CC&V and Twin Creeks in the state of Nevada in the United States. The Company’s South America segment consists primarily of Yanacocha in Peru. The Company’s Asia Pacific segment consists primarily of Boddington, Tanami and Kalgoorlie in Australia, and Batu Hijau in Indonesia. The Company’s Africa segment consists primarily of Ahafo and Akyem in Ghana. The Company’s product at its gold operations is dore bars. Dore is an alloy consisting primarily of gold, as well as silver and other metals.

12 Month Chart for NYSE:NEM

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