Newmont (NYSE:NEM) Upgraded by TD to Buy Rating

Newmont (NYSE:NEM) was upgraded by equities research analysts at TD from a “hold” rating to a “buy” rating in a report issued on Tuesday,BayStreet.CA reports. The firm presently has a $127.00 price objective on the basic materials company’s stock, down from their prior price objective of $129.00. TD’s price objective would suggest a potential upside of 34.49% from the company’s previous close.

A number of other equities analysts have also recently commented on the company. BMO Capital Markets decreased their price target on Newmont from $145.00 to $135.00 and set an “outperform” rating on the stock in a research note on Tuesday, June 23rd. Zacks Research raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Monday, June 15th. Jefferies Financial Group lowered their price objective on shares of Newmont from $158.00 to $146.00 and set a “buy” rating for the company in a research note on Monday, July 6th. Macquarie Infrastructure dropped their target price on shares of Newmont from $133.00 to $123.00 and set an “outperform” rating for the company in a report on Monday, June 15th. Finally, Scotiabank cut their target price on Newmont from $151.00 to $147.00 and set a “sector outperform” rating on the stock in a research note on Tuesday. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $136.64.

Newmont Price Performance

Shares of NEM stock traded up $1.33 during trading on Tuesday, hitting $94.43. The company had a trading volume of 4,605,812 shares, compared to its average volume of 9,257,697. The stock’s 50-day moving average is $103.98 and its two-hundred day moving average is $110.59. The stock has a market capitalization of $100.81 billion, a price-to-earnings ratio of 12.26, a price-to-earnings-growth ratio of 1.08 and a beta of 0.46. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. Newmont has a 52 week low of $55.37 and a 52 week high of $134.88.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business had revenue of $7.31 billion during the quarter, compared to analyst estimates of $6.83 billion. During the same period in the previous year, the business posted $1.25 earnings per share. Newmont’s revenue for the quarter was up 45.8% on a year-over-year basis. As a group, analysts predict that Newmont will post 9.32 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Natascha Viljoen sold 3,882 shares of Newmont stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $105.32, for a total value of $408,852.24. Following the completion of the sale, the chief executive officer directly owned 142,999 shares in the company, valued at $15,060,654.68. The trade was a 2.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Wexler sold 13,378 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the transaction, the executive vice president directly owned 67,865 shares of the company’s stock, valued at $7,472,615.15. The trade was a 16.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 28,556 shares of company stock valued at $3,058,146. Insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Newmont by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company’s stock valued at $13,390,613,000 after buying an additional 637,996 shares during the last quarter. State Street Corp increased its stake in shares of Newmont by 1.0% in the 4th quarter. State Street Corp now owns 49,959,850 shares of the basic materials company’s stock worth $4,988,491,000 after purchasing an additional 480,223 shares in the last quarter. Van ECK Associates Corp raised its holdings in Newmont by 23.4% in the 4th quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock worth $2,973,539,000 after purchasing an additional 5,643,496 shares during the period. Geode Capital Management LLC lifted its position in Newmont by 3.6% during the fourth quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company’s stock valued at $2,738,756,000 after purchasing an additional 946,824 shares in the last quarter. Finally, Norges Bank bought a new stake in Newmont during the fourth quarter valued at about $1,443,128,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

About Newmont

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.