Newmont (NYSE:NEM) Stock Price Expected to Rise, Bernstein Bank Analyst Says

Newmont (NYSE:NEM) had its price objective increased by equities researchers at Bernstein Bank from $55.00 to $58.00 in a research note issued on Monday. Bernstein Bank’s price objective points to a potential upside of 39.49% from the company’s current price.

NEM has been the topic of a number of other reports. Jefferies Financial Group raised their price target on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. CIBC cut shares of Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. Veritas upgraded Newmont to a “strong-buy” rating in a report on Monday, September 30th. UBS Group downgraded Newmont from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. Finally, Scotiabank cut shares of Newmont from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the company from $59.00 to $55.00 in a research report on Friday, October 25th. Nine investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and an average target price of $54.14.

Newmont Stock Performance

Newmont stock opened at $41.58 on Monday. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The company has a market capitalization of $47.34 billion, a price-to-earnings ratio of -27.36, a PEG ratio of 0.37 and a beta of 0.51. The stock has a fifty day moving average of $51.95 and a two-hundred day moving average of $47.46. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96.

Newmont (NYSE:NEM) last announced its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The firm had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. During the same period in the previous year, the firm posted $0.36 EPS. The company’s revenue for the quarter was up 84.7% compared to the same quarter last year. On average, analysts anticipate that Newmont will post 3.15 EPS for the current fiscal year.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the sale, the chief executive officer now directly owns 291,469 shares in the company, valued at $15,293,378.43. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the completion of the transaction, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at $15,293,378.43. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $161,430.00. Following the completion of the sale, the executive vice president now owns 91,596 shares in the company, valued at approximately $4,928,780.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 46,000 shares of company stock valued at $2,444,440. Insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. LRI Investments LLC bought a new position in Newmont during the first quarter worth $25,000. Strategic Financial Concepts LLC acquired a new stake in shares of Newmont during the second quarter worth $25,000. 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 position in shares of Newmont in the 3rd quarter valued at about $27,000. Finally, Avior Wealth Management LLC grew its position in shares of Newmont by 191.8% during the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after buying an additional 326 shares during the last quarter. Institutional investors and hedge funds own 68.85% 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, Papua New Guinea, Ecuador, Fiji, and Ghana.