Newmont (NYSE:NEM) Trading Up 2.3% After Analyst Upgrade

Newmont Corporation (NYSE:NEM) shot up 2.3% during mid-day trading on Thursday after Jefferies Financial Group raised their price target on the stock from $120.00 to $136.00. Jefferies Financial Group currently has a buy rating on the stock. Newmont traded as high as $123.04 and last traded at $121.67. 8,207,828 shares traded hands during mid-day trading, a decline of 10% from the average session volume of 9,130,195 shares. The stock had previously closed at $118.91.

NEM has been the subject of a number of other reports. Raymond James Financial increased their price target on Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, January 15th. DZ Bank raised shares of Newmont to a “strong-buy” rating in a research report on Monday, January 19th. Citigroup restated a “buy” rating on shares of Newmont in a research report on Monday, January 12th. Royal Bank Of Canada upped their price target on shares of Newmont from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, October 27th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Newmont in a research report on Monday, December 29th. Six equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $103.77.

Insider Transactions at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $92.36, for a total value of $192,108.80. Following the transaction, the director directly owned 32,709 shares in the company, valued at $3,021,003.24. The trade was a 5.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction of $406,700.00. Following the completion of the sale, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at approximately $22,768,936.82. This represents a 1.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 9,160 shares of company stock valued at $767,206. Corporate insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Newmont

Several hedge funds and other institutional investors have recently modified their holdings of the business. Envestnet Asset Management Inc. boosted its holdings in shares of Newmont by 176.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 447,960 shares of the basic materials company’s stock valued at $26,098,000 after buying an additional 285,897 shares in the last quarter. Knights of Columbus Asset Advisors LLC lifted its stake in shares of Newmont by 59.6% in the 2nd quarter. Knights of Columbus Asset Advisors LLC now owns 15,653 shares of the basic materials company’s stock worth $912,000 after purchasing an additional 5,848 shares during the period. Robeco Institutional Asset Management B.V. grew its holdings in Newmont by 172.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 4,304,215 shares of the basic materials company’s stock valued at $362,888,000 after purchasing an additional 2,723,044 shares during the period. Farther Finance Advisors LLC raised its position in shares of Newmont by 73.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 30,056 shares of the basic materials company’s stock valued at $2,534,000 after purchasing an additional 12,717 shares during the period. Finally, Live Oak Investment Partners purchased a new stake in shares of Newmont during the third quarter worth about $2,232,000. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

The stock has a market cap of $135.69 billion, a P/E ratio of 19.31, a PEG ratio of 0.92 and a beta of 0.41. The firm’s 50-day moving average price is $100.57 and its 200-day moving average price is $84.59. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74.

Newmont (NYSE:NEM) last released its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.44. The firm had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.14 billion. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The business’s revenue was up 20.0% on a year-over-year basis. During the same quarter last year, the business earned $0.81 EPS. Sell-side analysts expect that Newmont Corporation will post 3.45 earnings per share for the current fiscal year.

Newmont Company Profile

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.