Newmont (NYSE:NEM) Price Target Raised to $48.00 at TD Securities

Newmont (NYSE:NEM) had its price target boosted by investment analysts at TD Securities from $43.00 to $48.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “hold” rating on the basic materials company’s stock. TD Securities’ target price would indicate a potential upside of 12.57% from the company’s current price.

A number of other equities research analysts have also recently commented on the stock. Scotiabank lowered their price target on shares of Newmont from $50.00 to $43.50 and set a “sector perform” rating on the stock in a report on Wednesday, February 28th. BMO Capital Markets lowered their target price on shares of Newmont from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday, February 15th. Royal Bank of Canada lowered their target price on shares of Newmont from $45.00 to $40.00 and set a “sector perform” rating on the stock in a report on Thursday, February 8th. Citigroup lowered their target price on shares of Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. Finally, Argus cut shares of Newmont from a “buy” rating to a “hold” rating in a report on Monday, February 26th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Newmont currently has an average rating of “Hold” and a consensus target price of $51.75.

Newmont Trading Down 1.8 %

Shares of NEM stock traded down $0.77 during mid-day trading on Friday, hitting $42.64. The company’s stock had a trading volume of 7,218,636 shares, compared to its average volume of 13,705,829. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.98 and a current ratio of 1.25. The company’s fifty day simple moving average is $35.35 and its 200-day simple moving average is $36.92. The company has a market cap of $49.15 billion, a PE ratio of -17.88, a P/E/G ratio of 1.07 and a beta of 0.50. Newmont has a 52 week low of $29.42 and a 52 week high of $50.18.

Newmont (NYSE:NEM) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.20. Newmont had a positive return on equity of 6.21% and a negative net margin of 20.95%. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.66 billion. During the same quarter in the previous year, the business earned $0.40 EPS. The company’s quarterly revenue was up 50.2% on a year-over-year basis. As a group, equities research analysts expect that Newmont will post 1.99 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Newmont

A number of hedge funds have recently modified their holdings of NEM. Vanguard Group Inc. increased its position in shares of Newmont by 43.8% in the fourth quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock valued at $4,915,059,000 after acquiring an additional 36,170,995 shares during the period. Van ECK Associates Corp boosted its stake in shares of Newmont by 57.2% during the 4th quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock valued at $2,122,913,000 after purchasing an additional 18,664,614 shares in the last quarter. Norges Bank bought a new stake in shares of Newmont during the 4th quarter valued at about $604,516,000. Charles Schwab Investment Management Inc. boosted its stake in shares of Newmont by 44.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock valued at $1,019,813,000 after purchasing an additional 7,635,657 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Newmont by 39.8% during the 1st quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock valued at $832,354,000 after purchasing an additional 6,617,145 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

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.