The Goldman Sachs Group Begins Coverage on Newmont (NYSE:NEM)

The Goldman Sachs Group started coverage on shares of Newmont (NYSE:NEM) in a research note issued on Monday,Briefing.com Automated Import reports. The firm set a “buy” rating and a $47.20 price target on the basic materials company’s stock. The Goldman Sachs Group’s target price would suggest a potential upside of 20.75% from the stock’s current price.

Several other equities analysts also recently issued reports on NEM. JPMorgan Chase & Co. raised shares of Newmont from a “neutral” rating to an “overweight” rating in a report on Tuesday, November 19th. Royal Bank of Canada reduced their price target on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a report on Thursday, October 24th. Cibc World Mkts downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. CLSA initiated coverage on shares of Newmont in a report on Friday, November 29th. They issued an “underperform” rating for the company. Finally, Scotiabank cut shares of Newmont from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the stock from $59.00 to $55.00 in a research report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Newmont currently has an average rating of “Moderate Buy” and a consensus target price of $53.80.

Newmont Stock Down 0.1 %

NYSE NEM opened at $39.09 on Monday. The business has a 50 day moving average price of $40.74 and a two-hundred day moving average price of $46.93. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The stock has a market cap of $44.50 billion, a PE ratio of -25.72, a P/E/G ratio of 0.35 and a beta of 0.50. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM) last announced its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business 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 company earned $0.36 earnings per share. The business’s revenue for the quarter was up 84.7% on a year-over-year basis. As a group, sell-side analysts predict that Newmont will post 3.08 EPS for the current fiscal year.

Insider Activity at Newmont

In related news, Director Harry M. Iv Conger bought 9,498 shares of the business’s stock in a transaction on Wednesday, November 27th. The shares were purchased at an average price of $42.15 per share, with a total value of $400,340.70. Following the completion of the purchase, the director now owns 14,498 shares of the company’s stock, valued at $611,090.70. This represents a 189.96 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.06% of the stock is owned by company insiders.

Hedge Funds Weigh In On Newmont

Several hedge funds have recently added to or reduced their stakes in NEM. Geode Capital Management LLC grew its stake in Newmont by 1.4% in the third quarter. Geode Capital Management LLC now owns 23,484,382 shares of the basic materials company’s stock valued at $1,253,457,000 after purchasing an additional 326,243 shares in the last quarter. Legal & General Group Plc boosted its stake in 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 purchasing an additional 109,084 shares during the period. FMR LLC raised its holdings in Newmont by 21.1% in the 3rd quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock valued at $376,953,000 after acquiring an additional 1,226,697 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Newmont by 8.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock valued at $289,445,000 after acquiring an additional 545,903 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC raised its holdings in Newmont by 29.4% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,728,350 shares of the basic materials company’s stock valued at $197,976,000 after acquiring an additional 1,074,623 shares in 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.