Newmont (NYSE:NEM) Coverage Initiated by Analysts at Macquarie

Equities researchers at Macquarie began coverage on shares of Newmont (NYSE:NEM) in a research report issued on Tuesday, Briefing.com reports. The brokerage set an “outperform” rating and a $45.00 price target on the basic materials company’s stock. Macquarie’s target price suggests a potential upside of 23.09% from the stock’s previous close.

Several other equities analysts have also recently issued reports on the company. Canaccord Genuity Group decreased their price objective on Newmont from $63.00 to $57.00 and set a “buy” rating for the company in a research note on Monday, July 24th. UBS Group lowered their price target on shares of Newmont from $53.00 to $42.00 and set a “neutral” rating for the company in a report on Tuesday, August 29th. TD Securities reduced their price objective on shares of Newmont from $55.00 to $46.00 and set a “buy” rating on the stock in a report on Monday, October 30th. Argus decreased their price objective on shares of Newmont from $55.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, July 25th. Finally, StockNews.com started coverage on Newmont in a report on Thursday, October 5th. They issued a “hold” rating on the stock. Five equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $55.44.

Newmont Stock Up 0.6 %

Shares of NEM opened at $36.56 on Tuesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.72 and a current ratio of 2.12. The stock has a market capitalization of $29.06 billion, a PE ratio of -35.50, a P/E/G ratio of 2.40 and a beta of 0.41. The company’s 50-day simple moving average is $37.97 and its 200-day simple moving average is $40.57. Newmont has a 1 year low of $33.58 and a 1 year high of $60.08.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, October 26th. The basic materials company reported $0.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.06). The company had revenue of $2.49 billion during the quarter, compared to analyst estimates of $3.20 billion. Newmont had a negative net margin of 7.35% and a positive return on equity of 6.28%. Analysts forecast that Newmont will post 1.71 earnings per share for the current fiscal year.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of Newmont stock in a transaction on Friday, September 1st. The shares were sold at an average price of $39.91, for a total value of $439,010.00. Following the transaction, the chief executive officer now directly owns 256,039 shares in the company, valued at $10,218,516.49. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of the stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $39.91, for a total transaction of $439,010.00. Following the completion of the sale, the chief executive officer now directly owns 256,039 shares of the company’s stock, valued at approximately $10,218,516.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Robert D. Atkinson sold 5,500 shares of Newmont stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $36.47, for a total value of $200,585.00. Following the completion of the transaction, the chief operating officer now owns 70,751 shares in the company, valued at $2,580,288.97. The disclosure for this sale can be found here. Insiders sold a total of 50,049 shares of company stock worth $1,901,528 in the last 90 days. 0.07% of the stock is owned by insiders.

Institutional Trading of Newmont

Hedge funds and other institutional investors have recently made changes to their positions in the company. Sprott Inc. increased its position in Newmont by 8.9% during the 3rd quarter. Sprott Inc. now owns 171,699 shares of the basic materials company’s stock worth $6,181,000 after purchasing an additional 13,993 shares during the period. Employees Retirement System of Texas boosted its stake in shares of Newmont by 15.6% in the third quarter. Employees Retirement System of Texas now owns 816,430 shares of the basic materials company’s stock valued at $30,167,000 after buying an additional 110,000 shares in the last quarter. Harbour Investments Inc. grew its holdings in Newmont by 81.7% during the third quarter. Harbour Investments Inc. now owns 6,504 shares of the basic materials company’s stock worth $240,000 after acquiring an additional 2,924 shares during the period. Integrated Wealth Concepts LLC raised its position in Newmont by 4.5% in the third quarter. Integrated Wealth Concepts LLC now owns 21,732 shares of the basic materials company’s stock worth $803,000 after acquiring an additional 938 shares in the last quarter. Finally, Ramirez Asset Management Inc. acquired a new stake in Newmont in the third quarter valued at $52,000. Hedge funds and other institutional investors own 79.53% of the company’s stock.

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, and Ghana. As of December 31, 2022, it had proven and probable gold reserves of 96.1 million ounces and land position of 61,500 square kilometers.