Newmont (NYSE:NEM) PT Raised to $50.00

Newmont (NYSE:NEM) had its price target lifted by investment analysts at Bank of America from $49.00 to $50.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the basic materials company’s stock. Bank of America‘s price target would indicate a potential upside of 19.50% from the company’s previous close.

NEM has been the topic of a number of other reports. BNP Paribas upgraded shares of Newmont to a “strong-buy” rating in a report on Friday, June 21st. National Bank Financial lowered shares of Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a report on Tuesday, April 30th. Citigroup cut their price target on shares of Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a report on Thursday, April 4th. Sanford C. Bernstein cut their price target on shares of Newmont from $46.00 to $45.00 and set a “market perform” rating on the stock in a report on Thursday, May 16th. Finally, BMO Capital Markets dropped their price objective on shares of Newmont from $54.00 to $53.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 21st. Seven investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $49.13.

Newmont Trading Up 0.9 %

Newmont stock opened at $41.84 on Wednesday. The company has a quick ratio of 1.90, a current ratio of 2.15 and a debt-to-equity ratio of 0.32. The firm has a 50-day moving average price of $41.55 and a two-hundred day moving average price of $38.06. The firm has a market capitalization of $48.25 billion, a price-to-earnings ratio of -15.67, a PEG ratio of 0.36 and a beta of 0.52. Newmont has a 52-week low of $29.42 and a 52-week high of $45.92.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.20. The company had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.66 billion. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The business’s revenue for the quarter was up 50.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.40 EPS. Sell-side analysts expect that Newmont will post 2.44 earnings per share for the current year.

Institutional Investors Weigh In On Newmont

A number of hedge funds have recently added to or reduced their stakes in NEM. Cary Street Partners Investment Advisory LLC bought a new position in Newmont during the 3rd quarter worth approximately $134,000. Operose Advisors LLC boosted its stake in Newmont by 156.8% during the 3rd quarter. Operose Advisors LLC now owns 1,040 shares of the basic materials company’s stock worth $38,000 after acquiring an additional 635 shares during the last quarter. O Shaughnessy Asset Management LLC boosted its stake in Newmont by 6.9% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 18,708 shares of the basic materials company’s stock worth $691,000 after acquiring an additional 1,208 shares during the last quarter. Mutual Advisors LLC boosted its stake in Newmont by 4.9% during the 3rd quarter. Mutual Advisors LLC now owns 19,827 shares of the basic materials company’s stock worth $733,000 after acquiring an additional 927 shares during the last quarter. Finally, Treasurer of the State of North Carolina boosted its stake in Newmont by 3.1% during the 3rd quarter. Treasurer of the State of North Carolina now owns 542,140 shares of the basic materials company’s stock worth $20,032,000 after acquiring an additional 16,310 shares during the last quarter. Institutional investors 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.