Newmont (NYSE:NEM) Sets New 12-Month High on Analyst Upgrade

Shares of Newmont Corporation (NYSE:NEM) hit a new 52-week high during mid-day trading on Monday after Jefferies Financial Group raised their price target on the stock from $120.00 to $136.00. Jefferies Financial Group currently has a buy rating on the stock. Newmont traded as high as $128.09 and last traded at $128.5780, with a volume of 1538177 shares changing hands. The stock had previously closed at $124.31.

A number of other brokerages have also issued reports on NEM. BNP Paribas Exane lowered shares of Newmont from an “outperform” rating to a “hold” rating and set a $97.00 price target on the stock. in a research note on Friday, December 5th. Zacks Research downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 18th. CIBC set a $112.00 price objective on Newmont and gave the stock an “outperformer” rating in a report on Friday, October 10th. Wall Street Zen downgraded shares of Newmont from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 2nd. Finally, Royal Bank Of Canada increased their target price on shares of Newmont from $38.00 to $40.00 and gave the company an “outperform” rating in a report on Monday, October 27th. Six research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Newmont has a consensus rating of “Buy” and an average target price of $103.77.

Insider Buying and Selling at Newmont

In other news, CEO Thomas Ronald Palmer sold 5,000 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total transaction of $406,700.00. Following the completion of the sale, the chief executive officer directly owned 279,923 shares in the company, valued at $22,768,936.82. This represents a 1.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $92.36, for a total value of $192,108.80. Following the completion of the transaction, the director directly owned 32,709 shares in the company, valued at $3,021,003.24. This represents a 5.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 9,160 shares of company stock worth $767,206 in the last 90 days. Insiders own 0.05% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. GoalVest Advisory LLC bought a new position in Newmont in the 4th quarter valued at about $25,000. Lodestone Wealth Management LLC acquired a new stake in shares of Newmont during the fourth quarter worth $28,000. Rosenberg Matthew Hamilton boosted its holdings in shares of Newmont by 308.0% in the fourth quarter. Rosenberg Matthew Hamilton now owns 306 shares of the basic materials company’s stock worth $31,000 after buying an additional 231 shares during the period. Physician Wealth Advisors Inc. boosted its position in shares of Newmont by 327.8% in the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock worth $26,000 after buying an additional 236 shares during the period. Finally, PMV Capital Advisers LLC purchased a new stake in shares of Newmont in the fourth quarter worth approximately $32,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Price Performance

The stock’s 50-day moving average is $100.57 and its 200 day moving average is $84.96. The stock has a market capitalization of $139.84 billion, a PE ratio of 19.97, a P/E/G ratio of 0.95 and a beta of 0.41. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.44. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The company had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the company earned $0.81 earnings per share. The business’s revenue was up 20.0% compared to the same quarter last year. As a group, equities analysts predict that Newmont Corporation will post 3.45 earnings per share for the current year.

Newmont Company Profile

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.