Newmont (NYSE:NEM) Rating Increased to Buy at StockNews.com

Newmont (NYSE:NEM) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Monday.

Several other brokerages have also recently weighed in on NEM. Raymond James dropped their target price on Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a report on Monday, November 25th. Scotiabank dropped their price objective on Newmont from $52.00 to $50.00 and set a “sector perform” rating for the company in a research note on Tuesday, January 21st. Royal Bank of Canada raised their target price on shares of Newmont from $47.00 to $52.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 11th. CIBC lowered shares of Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Finally, Cibc World Mkts cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Newmont presently has an average rating of “Moderate Buy” and a consensus target price of $53.37.

Newmont Price Performance

NEM traded down $1.29 during midday trading on Monday, hitting $44.05. The stock had a trading volume of 22,556,776 shares, compared to its average volume of 9,822,314. The company has a market cap of $50.14 billion, a P/E ratio of 15.03, a price-to-earnings-growth ratio of 0.41 and a beta of 0.52. Newmont has a 1 year low of $29.42 and a 1 year high of $58.72. The business has a fifty day moving average of $41.64 and a 200 day moving average of $46.42. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, February 20th. The basic materials company reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.29. The company had revenue of $5.65 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Newmont had a net margin of 17.92% and a return on equity of 13.52%. As a group, equities analysts forecast that Newmont will post 3.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $40.00, for a total transaction of $83,080.00. Following the transaction, the director now owns 52,070 shares in the company, valued at approximately $2,082,800. This represents a 3.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Natascha Viljoen sold 9,000 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $40.00, for a total transaction of $360,000.00. Following the sale, the chief operating officer now directly owns 145,967 shares of the company’s stock, valued at approximately $5,838,680. The trade was a 5.81 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,154 shares of company stock valued at $1,166,843. 0.06% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Newmont

Institutional investors and hedge funds have recently bought and sold shares of the stock. Waverton Investment Management Ltd lifted its position in shares of Newmont by 14.0% during the 3rd quarter. Waverton Investment Management Ltd now owns 531,041 shares of the basic materials company’s stock valued at $28,379,000 after buying an additional 65,075 shares in the last quarter. Sanctuary Advisors LLC lifted its stake in shares of Newmont by 117.3% during the 3rd quarter. Sanctuary Advisors LLC now owns 34,686 shares of the basic materials company’s stock valued at $1,854,000 after buying an additional 18,722 shares in the last quarter. Nordea Investment Management AB lifted its stake in shares of Newmont by 173.0% during the 4th quarter. Nordea Investment Management AB now owns 2,491,126 shares of the basic materials company’s stock valued at $92,832,000 after buying an additional 1,578,545 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in Newmont by 57.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,379,901 shares of the basic materials company’s stock worth $88,580,000 after buying an additional 865,213 shares in the last quarter. Finally, Red Cedar Investment Management LLC bought a new stake in Newmont during the third quarter valued at about $1,263,000. 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.