Newmont (NYSE:NEM) Price Target Raised to $58.00

Newmont (NYSE:NEM - Get Free Report) had its price target hoisted by investment analysts at Bernstein Bank from $55.00 to $58.00 in a research note issued on Monday. Bernstein Bank's target price points to a potential upside of 36.99% from the stock's previous close.

Other equities analysts have also issued research reports about the stock. Scotiabank lowered shares of Newmont from a "sector outperform" rating to a "sector perform" rating and decreased their price target for the company from $59.00 to $55.00 in a report on Friday, October 25th. CIBC lowered shares of Newmont from a "sector outperform" rating to a "neutral" rating in a report on Monday, October 28th. Raymond James upped their target price on shares of Newmont from $65.00 to $66.00 and gave the stock an "outperform" rating in a research note on Friday, October 25th. Argus raised shares of Newmont from a "hold" rating to a "buy" rating and set a $58.00 target price for the company in a research note on Thursday, August 29th. Finally, Jefferies Financial Group upped their target price on shares of Newmont from $54.00 to $63.00 and gave the stock a "buy" rating in a research note on Friday, October 4th. Nine investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Newmont presently has an average rating of "Moderate Buy" and an average target price of $54.14.

Newmont Trading Down 6.0 %

NEM traded down $2.70 during trading on Monday, reaching $42.34. 16,808,341 shares of the company's stock were exchanged, compared to its average volume of 10,470,318. The company's fifty day moving average price is $52.17 and its 200-day moving average price is $47.46. 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 has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The firm has a market capitalization of $48.20 billion, a PE ratio of -28.00, a P/E/G ratio of 0.37 and a beta of 0.51.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The firm had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. During the same period last year, the firm earned $0.36 EPS. Newmont's quarterly revenue was up 84.7% on a year-over-year basis. As a group, equities analysts forecast that Newmont will post 3.15 EPS for the current year.

Insider Activity

In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the transaction, the executive vice president now directly owns 94,596 shares of the company's stock, valued at $4,963,452.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $1,076,200.00. Following the transaction, the chief executive officer now directly owns 271,469 shares of the company's stock, valued at $14,607,746.89. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the transaction, the executive vice president now owns 94,596 shares in the company, valued at approximately $4,963,452.12. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 46,000 shares of company stock valued at $2,444,440. 0.06% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in NEM. Vanguard Group Inc. grew its position in shares of Newmont by 13.6% during the 1st quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company's stock worth $4,836,262,000 after purchasing an additional 16,190,422 shares in the last quarter. Maj Invest Holding A S grew its position in shares of Newmont by 296.0% during the 2nd quarter. Maj Invest Holding A S now owns 3,427,313 shares of the basic materials company's stock worth $143,502,000 after purchasing an additional 2,561,823 shares in the last quarter. Capital International Investors acquired a new position in shares of Newmont during the 1st quarter worth approximately $49,444,000. Van ECK Associates Corp grew its position in shares of Newmont by 2.6% during the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company's stock worth $2,131,939,000 after purchasing an additional 1,289,084 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in shares of Newmont by 262.6% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company's stock worth $80,960,000 after acquiring an additional 1,096,905 shares in the last quarter. Institutional investors and hedge funds 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.