StockNews.com Upgrades Newmont (NYSE:NEM) to “Buy”

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

Several other research firms have also weighed in on NEM. The Goldman Sachs Group assumed coverage on Newmont in a report on Monday, January 13th. They set a “buy” rating and a $47.20 price target on the stock. Raymond James dropped their price target on Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a research report on Monday, November 25th. Scotiabank decreased their price objective on Newmont from $52.00 to $50.00 and set a “sector perform” rating for the company in a report on Tuesday, January 21st. Royal Bank of Canada increased 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. Finally, JPMorgan Chase & Co. raised shares of Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $53.37.

Newmont Price Performance

NEM stock traded down $1.29 during trading on Monday, hitting $44.05. 22,556,776 shares of the company’s stock traded hands, compared to its average volume of 9,822,314. Newmont has a 52 week low of $29.42 and a 52 week high of $58.72. The stock has a market capitalization of $50.14 billion, a price-to-earnings ratio of 15.03, a P/E/G ratio of 0.41 and a beta of 0.52. The business has a fifty day simple moving average of $41.64 and a 200 day simple 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 released its quarterly earnings results on Thursday, February 20th. The basic materials company reported $1.40 EPS for the quarter, topping the consensus estimate of $1.11 by $0.29. Newmont had a return on equity of 13.52% and a net margin of 17.92%. The company had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.32 billion. As a group, research analysts expect that Newmont will post 3.45 EPS for the current fiscal year.

Insider Buying and Selling

In other Newmont news, COO Natascha Viljoen sold 9,000 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $40.00, for a total value of $360,000.00. Following the sale, the chief operating officer now owns 145,967 shares in the company, valued at approximately $5,838,680. This represents a 5.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Harry M. Iv Conger bought 9,498 shares of the business’s stock in a transaction dated Wednesday, November 27th. The shares were purchased at an average cost of $42.15 per share, with a total value of $400,340.70. Following the completion of the acquisition, the director now owns 14,498 shares in the company, valued at approximately $611,090.70. This represents a 189.96 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 28,154 shares of company stock worth $1,166,843. 0.06% of the stock is owned by company insiders.

Institutional Trading of Newmont

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Avior Wealth Management LLC grew its stake in Newmont by 191.8% in the 3rd 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 during the period. Prospera Private Wealth LLC purchased a new position in Newmont in the 3rd quarter worth approximately $28,000. Highline Wealth Partners LLC purchased a new stake in shares of Newmont in the third quarter valued at approximately $32,000. McIlrath & Eck LLC increased its holdings in shares of Newmont by 80.6% in the third quarter. McIlrath & Eck LLC now owns 809 shares of the basic materials company’s stock valued at $43,000 after purchasing an additional 361 shares during the last quarter. Finally, HHM Wealth Advisors LLC boosted its stake in Newmont by 66.0% during the fourth quarter. HHM Wealth Advisors LLC now owns 880 shares of the basic materials company’s stock worth $33,000 after buying an additional 350 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.