Bernstein Bank Forecasts Strong Price Appreciation for Newmont (NYSE:NEM) Stock

Newmont (NYSE:NEM) had its price objective raised by analysts at Bernstein Bank from $55.00 to $58.00 in a research note issued to investors on Monday. Bernstein Bank’s price target suggests a potential upside of 39.49% from the company’s current price.

A number of other brokerages have also issued reports on NEM. Raymond James boosted their price target on Newmont from $65.00 to $66.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Veritas upgraded shares of Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a research report on Thursday, August 29th. Cibc World Mkts cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Finally, Scotiabank lowered shares of Newmont from a “sector outperform” rating to a “sector perform” rating and lowered their price objective for the company from $59.00 to $55.00 in a research note on Friday, October 25th. Nine investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Newmont has an average rating of “Moderate Buy” and a consensus price target of $54.14.

Newmont Stock Down 1.8 %

NEM stock opened at $41.58 on Monday. The stock has a market cap of $47.34 billion, a PE ratio of -27.36, a price-to-earnings-growth ratio of 0.37 and a beta of 0.51. The firm’s 50-day simple moving average is $51.95 and its 200 day simple moving average is $47.46. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.05). The firm had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. Newmont’s revenue for the quarter was up 84.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.36 EPS. As a group, sell-side analysts predict that Newmont will post 3.15 EPS for the current year.

Insider Activity at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the transaction, the executive vice president now directly owns 94,596 shares in the company, valued at approximately $4,963,452.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the transaction, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares in the company, valued at approximately $4,963,452.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,000 shares of company stock worth $2,444,440. 0.06% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Newmont

Several institutional investors and hedge funds have recently modified their holdings of the stock. LRI Investments LLC acquired a new stake in Newmont during the first quarter valued at $25,000. Strategic Financial Concepts LLC acquired a new stake in shares of Newmont during the 2nd quarter valued at about $25,000. Meeder Asset Management Inc. bought a new stake in shares of Newmont in the 2nd quarter valued at approximately $27,000. Hoese & Co LLP acquired a new position in Newmont in the third quarter worth approximately $27,000. Finally, Avior Wealth Management LLC raised its position in Newmont by 191.8% during the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 326 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

About Newmont

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.