Newmont (NYSE:NEM) had its target price boosted by equities research analysts at Canaccord Genuity to $62.00 in a research note issued on Thursday, The Fly reports. The firm presently has a “buy” rating on the basic materials company’s stock. Canaccord Genuity’s price objective suggests a potential upside of 10.30% from the stock’s previous close.
Other analysts also recently issued research reports about the stock. KeyCorp initiated coverage on shares of Newmont in a research report on Friday, September 24th. They set a “sector weight” rating on the stock. CIBC downgraded shares of Newmont from a “sector outperform” rating to a “neutral” rating and dropped their price objective for the company from $81.00 to $69.00 in a report on Friday, October 29th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $61.00 price objective on shares of Newmont in a report on Monday, November 29th. Barclays dropped their price objective on shares of Newmont from $61.00 to $59.00 and set an “equal weight” rating on the stock in a report on Wednesday. Finally, TD Securities dropped their price objective on shares of Newmont from $65.00 to $64.00 and set a “hold” rating on the stock in a report on Monday. One analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $69.20.
NYSE:NEM traded down $0.15 during trading hours on Thursday, hitting $56.21. 4,822,269 shares of the company were exchanged, compared to its average volume of 6,433,922. The stock has a market capitalization of $44.82 billion, a price-to-earnings ratio of 22.22 and a beta of 0.25. Newmont has a 52-week low of $52.60 and a 52-week high of $75.31. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.67 and a quick ratio of 2.31. The company’s 50 day moving average price is $56.02 and its 200-day moving average price is $59.84.
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Newmont (NYSE:NEM) last released its earnings results on Thursday, October 28th. The basic materials company reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.88 by ($0.28). The company had revenue of $2.90 billion for the quarter, compared to analysts’ expectations of $3.12 billion. Newmont had a return on equity of 10.94% and a net margin of 16.67%. The firm’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.86 EPS. On average, equities analysts predict that Newmont will post 3.02 earnings per share for the current year.
In related news, EVP Stephen P. Gottesfeld sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, October 13th. The shares were sold at an average price of $55.10, for a total transaction of $220,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Blake Rhodes sold 500 shares of the firm’s stock in a transaction dated Monday, October 4th. The stock was sold at an average price of $55.00, for a total transaction of $27,500.00. The disclosure for this sale can be found here. Insiders have sold 40,500 shares of company stock valued at $2,204,255 over the last 90 days. 0.12% of the stock is currently owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Atlas Capital Advisors LLC boosted its stake in Newmont by 3.6% during the second quarter. Atlas Capital Advisors LLC now owns 5,190 shares of the basic materials company’s stock worth $329,000 after buying an additional 180 shares during the period. Berman Capital Advisors LLC boosted its stake in shares of Newmont by 6.3% in the third quarter. Berman Capital Advisors LLC now owns 3,207 shares of the basic materials company’s stock valued at $174,000 after purchasing an additional 191 shares during the period. Global Retirement Partners LLC boosted its stake in shares of Newmont by 52.7% in the third quarter. Global Retirement Partners LLC now owns 556 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 192 shares during the period. MBA Advisors LLC raised its holdings in Newmont by 5.3% in the second quarter. MBA Advisors LLC now owns 3,819 shares of the basic materials company’s stock valued at $242,000 after acquiring an additional 193 shares in the last quarter. Finally, Integrated Advisors Network LLC raised its holdings in Newmont by 5.7% in the second quarter. Integrated Advisors Network LLC now owns 3,599 shares of the basic materials company’s stock valued at $228,000 after acquiring an additional 194 shares in the last quarter. Hedge funds and other institutional investors own 77.70% of the company’s stock.
Newmont Company Profile
Newmont Corp. is a gold producer, which engages in the production of gold. It operates through the following geographical segments: North America, South America, Nevada, Australia, and Africa. The North America segment consists primarily of carlin, phoenix, twin creeks and long canyon in the state of Nevada and Cripple Creek and Victor in the state of Colorado, in the United States.
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