Newmont (NYSE:NEM) Shares Up 1.3% on Analyst Upgrade

Shares of Newmont Corporation (NYSE:NEM) traded up 1.3% during trading on Monday after Scotiabank raised their price target on the stock from $114.00 to $152.00. Scotiabank currently has an outperform rating on the stock. Newmont traded as high as $129.25 and last traded at $125.9670. 13,116,197 shares changed hands during mid-day trading, an increase of 41% from the average session volume of 9,319,907 shares. The stock had previously closed at $124.31.

Several other brokerages have also recently issued reports on NEM. Royal Bank Of Canada boosted their price target on shares of Newmont from $38.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, October 27th. Macquarie upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, December 5th. Raymond James Financial upped their price target on Newmont from $111.00 to $130.00 and gave the stock an “outperform” rating in a research note on Thursday, January 15th. DZ Bank raised Newmont to a “strong-buy” rating in a research report on Monday, January 19th. Finally, TD Securities boosted their target price on shares of Newmont from $67.00 to $89.00 and gave the company a “hold” rating in a report on Wednesday, October 8th. Six 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 stock. According to data from MarketBeat.com, Newmont has an average rating of “Buy” and an average target price of $105.88.

Insider Buying and Selling at Newmont

In other news, CEO Thomas Ronald Palmer sold 5,000 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the sale, the chief executive officer directly owned 279,923 shares in the company, valued at $22,768,936.82. This represents a 1.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $92.36, for a total transaction of $192,108.80. Following the sale, the director 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 disclosure for this sale is available in the SEC filing. Insiders sold 9,160 shares of company stock valued at $767,206 in the last ninety days. 0.05% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NEM. GoalVest Advisory LLC bought a new position in Newmont during the fourth quarter valued at approximately $25,000. Lodestone Wealth Management LLC bought a new position in shares of Newmont during the 4th quarter valued at approximately $28,000. Rosenberg Matthew Hamilton grew its holdings in shares of Newmont by 308.0% in the fourth quarter. Rosenberg Matthew Hamilton now owns 306 shares of the basic materials company’s stock valued at $31,000 after purchasing an additional 231 shares in the last quarter. Physician Wealth Advisors Inc. increased its position in Newmont by 327.8% in the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 236 shares during the last quarter. Finally, PMV Capital Advisers LLC purchased a new stake in Newmont during the fourth quarter valued at $32,000. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Up 1.3%

The company’s 50-day simple moving average is $100.57 and its 200 day simple moving average is $84.96. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. The firm has a market cap of $137.46 billion, a P/E ratio of 19.56, a price-to-earnings-growth ratio of 0.95 and a beta of 0.41.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.44. The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.14 billion. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The firm’s revenue for the quarter was up 20.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.81 EPS. Research analysts anticipate that Newmont Corporation will post 3.45 EPS 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.