Newmont Co. (NYSE:NEM) Given Consensus Rating of “Moderate Buy” by Analysts

Shares of Newmont Co. (NYSE:NEM) have been assigned an average recommendation of “Moderate Buy” from the sixteen analysts that are covering the firm, MarketBeat.com reports. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $50.00.

Several research analysts recently commented on NEM shares. BNP Paribas raised Newmont to a “strong-buy” rating in a research report on Friday, June 21st. Sanford C. Bernstein reduced their target price on Newmont from $46.00 to $45.00 and set a “market perform” rating for the company in a research note on Thursday, May 16th. Jefferies Financial Group lifted their target price on Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Cibc World Mkts upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. Finally, UBS Group upgraded Newmont from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $40.00 to $50.00 in a research note on Monday, June 17th.

Insider Buying and Selling

In related news, CEO Thomas Ronald Palmer sold 13,000 shares of Newmont stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $42.13, for a total transaction of $547,690.00. Following the completion of the sale, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.06% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Newmont

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Life Planning Partners Inc acquired a new position in Newmont in the 4th quarter valued at $26,000. Manchester Capital Management LLC raised its holdings in Newmont by 171.9% in the 4th quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock valued at $26,000 after acquiring an additional 397 shares in the last quarter. LRI Investments LLC acquired a new position in Newmont in the 1st quarter valued at $25,000. CVA Family Office LLC acquired a new position in Newmont in the 4th quarter valued at $34,000. Finally, Heritage Wealth Advisors raised its holdings in Newmont by 1,310.4% in the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 878 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Stock Performance

Shares of NYSE NEM opened at $45.70 on Friday. The stock has a 50 day moving average price of $43.33 and a 200 day moving average price of $38.73. Newmont has a 52 week low of $29.42 and a 52 week high of $48.97. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.90 and a current ratio of 2.15. The stock has a market capitalization of $52.70 billion, a PE ratio of -17.12, a price-to-earnings-growth ratio of 0.37 and a beta of 0.47.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.62 by $0.10. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The firm had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. During the same period in the prior year, the firm posted $0.33 earnings per share. The business’s quarterly revenue was up 64.1% compared to the same quarter last year. Analysts predict that Newmont will post 2.64 earnings per share for the current fiscal year.

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.