Newmont (NYSE:NEM) Given New $66.00 Price Target at Raymond James

Newmont (NYSE:NEM) had its price objective boosted by equities researchers at Raymond James from $65.00 to $66.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has an “outperform” rating on the basic materials company’s stock. Raymond James’ price objective suggests a potential upside of 36.05% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the stock. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research report on Thursday, August 29th. Royal Bank of Canada cut their price target on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a report on Thursday. UBS Group increased their price objective on shares of Newmont from $65.00 to $67.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Scotiabank lowered shares of Newmont from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the stock from $59.00 to $55.00 in a research report on Friday. Finally, Jefferies Financial Group raised their price target on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a report on Friday, October 4th. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $54.85.

Newmont Price Performance

NEM traded down $0.74 during midday trading on Friday, reaching $48.51. 21,457,305 shares of the company’s stock were exchanged, compared to its average volume of 10,329,522. Newmont has a one year low of $29.42 and a one year high of $58.72. The firm has a market capitalization of $55.66 billion, a price-to-earnings ratio of -22.97, a price-to-earnings-growth ratio of 0.49 and a beta of 0.50. The business has a 50-day simple moving average of $53.43 and a two-hundred day simple moving average of $46.74. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. During the same period in the prior year, the firm earned $0.36 EPS. Newmont’s quarterly revenue was up 84.7% compared to the same quarter last year. As a group, research analysts predict that Newmont will post 3.07 EPS for the current year.

Insider Buying and Selling

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the transaction, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the sale, the chief executive officer now owns 311,469 shares in the company, valued at approximately $15,420,830.19. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,000 shares of company stock valued at $3,434,640. 0.06% of the stock is owned by company insiders.

Hedge Funds Weigh In On Newmont

A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Newmont by 13.6% during the first 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 during the last quarter. Van ECK Associates Corp boosted its stake 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 buying an additional 1,289,084 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Newmont by 1.4% in the 2nd quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company’s stock valued at $337,909,000 after acquiring an additional 109,084 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Newmont by 8.6% during the second quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock valued at $289,445,000 after purchasing an additional 545,903 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Newmont by 6.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,907,101 shares of the basic materials company’s stock worth $175,872,000 after purchasing an additional 313,736 shares during 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.