The Goldman Sachs Group Begins Coverage on Newmont (NYSE:NEM)

Stock analysts at The Goldman Sachs Group assumed coverage on shares of Newmont (NYSE:NEM - Get Free Report) in a research note issued on Monday, Marketbeat Ratings reports. The firm set a "buy" rating and a $47.20 price target on the basic materials company's stock. The Goldman Sachs Group's target price would indicate a potential upside of 20.56% from the company's previous close.

Several other equities research analysts have also recently weighed in on NEM. Scotiabank cut shares of Newmont from a "sector outperform" rating to a "sector perform" rating and lowered their price objective for the company from $59.00 to $55.00 in a research report on Friday, October 25th. JPMorgan Chase & Co. upgraded shares of Newmont from a "neutral" rating to an "overweight" rating in a report on Tuesday, November 19th. CLSA started coverage on shares of Newmont in a research report on Friday, November 29th. They set an "underperform" rating on the stock. Jefferies Financial Group boosted their target price on Newmont from $54.00 to $63.00 and gave the stock a "buy" rating in a research note on Friday, October 4th. Finally, Veritas upgraded shares of Newmont to a "strong-buy" rating in a report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Newmont presently has an average rating of "Moderate Buy" and a consensus price target of $53.80.

Newmont Price Performance

Newmont stock traded up $0.05 during midday trading on Monday, reaching $39.15. 8,294,158 shares of the company were exchanged, compared to its average volume of 8,131,837. Newmont has a 1 year low of $29.42 and a 1 year high of $58.72. The firm's 50-day simple moving average is $40.74 and its 200-day simple moving average is $46.93. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. The company has a market capitalization of $44.57 billion, a price-to-earnings ratio of -25.76, a P/E/G ratio of 0.35 and a beta of 0.50.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data 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 positive return on equity of 9.80% and a negative net margin of 7.03%. The firm had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter last year, the business earned $0.36 earnings per share. The business's revenue for the quarter was up 84.7% compared to the same quarter last year. On average, analysts anticipate that Newmont will post 3.08 EPS for the current year.

Insider Transactions at Newmont

In other Newmont news, Director Harry M. Iv Conger bought 9,498 shares of Newmont stock in a transaction that occurred on Wednesday, November 27th. The stock was acquired at an average price of $42.15 per share, for a total transaction of $400,340.70. Following the completion of the acquisition, the director now owns 14,498 shares of the company's stock, valued at $611,090.70. This trade represents a 189.96 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.06% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Newmont

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. bought a new position in shares of Newmont in the 2nd quarter worth about $27,000. Hoese & Co LLP acquired a new stake in Newmont during the third quarter worth approximately $27,000. Avior Wealth Management LLC increased its holdings in Newmont by 191.8% in the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company's stock worth $27,000 after purchasing an additional 326 shares in the last quarter. Prospera Private Wealth LLC acquired a new position in Newmont in the third quarter valued at approximately $28,000. Finally, Highline Wealth Partners LLC acquired a new stake in shares of Newmont during the 3rd quarter worth approximately $32,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Company Profile

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.