Newmont (NYSE:NEM) Given New $58.00 Price Target at Bernstein Bank

Newmont (NYSE:NEM) had its price objective hoisted by investment analysts at Bernstein Bank from $55.00 to $58.00 in a report issued on Monday. Bernstein Bank’s price target suggests a potential upside of 36.28% from the company’s current price.

NEM has been the subject of several other reports. Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research report on Thursday, August 29th. UBS Group cut shares of Newmont from a “buy” rating to a “neutral” rating and reduced their price target for the company from $67.00 to $54.00 in a research report on Wednesday, October 30th. Jefferies Financial Group raised their price objective on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Raymond James boosted their target price on Newmont from $65.00 to $66.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Finally, Cibc World Mkts downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Nine analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $54.14.

Newmont Stock Down 5.5 %

NYSE:NEM traded down $2.48 during midday trading on Monday, reaching $42.56. The company had a trading volume of 6,823,897 shares, compared to its average volume of 10,424,613. Newmont has a 12-month low of $29.42 and a 12-month high of $58.72. The firm has a market capitalization of $48.45 billion, a price-to-earnings ratio of -28.00, a PEG ratio of 0.37 and a beta of 0.51. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The stock’s fifty day simple moving average is $52.17 and its 200-day simple moving average is $47.46.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) 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 company had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.67 billion. During the same quarter in the previous year, the business posted $0.36 EPS. The business’s quarterly revenue was up 84.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Newmont will post 3.15 earnings per share for the current fiscal year.

Insider Activity

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $1,049,400.00. Following the completion of the transaction, the chief executive officer now owns 291,469 shares in the company, valued at approximately $15,293,378.43. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 291,469 shares in the company, valued at approximately $15,293,378.43. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on 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 sale, the executive vice president now owns 94,596 shares in the company, valued at approximately $4,963,452.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,000 shares of company stock valued at $2,444,440 in the last three months. 0.06% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of NEM. LRI Investments LLC purchased a new stake in shares of Newmont in the first quarter valued at $25,000. Strategic Financial Concepts LLC purchased a new position in Newmont in the 2nd quarter valued at about $25,000. Meeder Asset Management Inc. acquired a new stake in shares of Newmont during the 2nd quarter worth about $27,000. Hoese & Co LLP purchased a new stake in shares of Newmont during the third quarter worth about $27,000. Finally, Avior Wealth Management LLC raised its position in shares of Newmont by 191.8% in the third 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. 68.85% of the stock is owned by hedge funds and other institutional investors.

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.