Newmont (NYSE:NEM) PT Raised to $63.00 at Jefferies Financial Group

Newmont (NYSE:NEM) had its price objective raised by Jefferies Financial Group from $54.00 to $63.00 in a report released on Friday, Benzinga reports. The firm currently has a “buy” rating on the basic materials company’s stock. Jefferies Financial Group’s price target suggests a potential upside of 18.11% from the stock’s previous close.

A number of other equities analysts also recently issued reports on the company. Veritas raised Newmont to a “strong-buy” rating in a report on Monday, September 30th. BMO Capital Markets increased their target price on shares of Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. UBS Group boosted their price target on shares of Newmont from $50.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, September 17th. BNP Paribas upgraded shares of Newmont to a “strong-buy” rating in a research note on Friday, June 21st. Finally, Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research report on Thursday, August 29th. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.31.

Newmont Price Performance

Shares of NEM opened at $53.34 on Friday. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31. The firm’s fifty day simple moving average is $51.51 and its 200-day simple moving average is $44.96. The firm has a market capitalization of $61.51 billion, a price-to-earnings ratio of -19.98, a PEG ratio of 0.47 and a beta of 0.50. Newmont has a twelve month low of $29.42 and a twelve month high of $56.30.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.13 billion. During the same period in the previous year, the business earned $0.33 EPS. Newmont’s revenue for the quarter was up 64.1% on a year-over-year basis. Equities analysts forecast that Newmont will post 2.88 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $49.51, for a total transaction of $990,200.00. Following the transaction, the chief executive officer now directly owns 311,469 shares in the company, valued at $15,420,830.19. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $161,430.00. Following the completion of the sale, the executive vice president now owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the sale, the chief executive officer now owns 311,469 shares in the company, valued at $15,420,830.19. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,000 shares of company stock worth $3,434,640. 0.06% of the stock is owned by insiders.

Institutional Trading of Newmont

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company boosted its stake in shares of Newmont by 29.1% during the 4th quarter. The Manufacturers Life Insurance Company now owns 932,106 shares of the basic materials company’s stock worth $38,580,000 after acquiring an additional 210,264 shares in the last quarter. Rafferty Asset Management LLC boosted its position in Newmont by 51.0% during the fourth quarter. Rafferty Asset Management LLC now owns 89,419 shares of the basic materials company’s stock worth $3,701,000 after purchasing an additional 30,202 shares in the last quarter. Peapack Gladstone Financial Corp grew its holdings in Newmont by 13.2% in the fourth quarter. Peapack Gladstone Financial Corp now owns 13,766 shares of the basic materials company’s stock valued at $569,000 after purchasing an additional 1,608 shares during the last quarter. Belpointe Asset Management LLC purchased a new position in shares of Newmont in the fourth quarter valued at $397,000. Finally, Capital Research Global Investors raised its stake in shares of Newmont by 275.0% during the 4th quarter. Capital Research Global Investors now owns 3,000,000 shares of the basic materials company’s stock worth $124,170,000 after buying an additional 2,200,000 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Company Profile

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.