Newmont (NYSE:NEM) PT Raised to $63.00 at Jefferies Financial Group

Newmont (NYSE:NEM) had its target price raised by investment analysts at Jefferies Financial Group from $54.00 to $63.00 in a report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the basic materials company’s stock. Jefferies Financial Group’s price objective would indicate a potential upside of 18.40% from the company’s previous close.

NEM has been the subject of a number of other reports. BMO Capital Markets increased their target price on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and boosted their price objective for the company from $48.00 to $59.00 in a research report on Monday, August 19th. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. JPMorgan Chase & Co. cut shares of Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. Finally, CIBC upgraded shares of Newmont from a “neutral” rating to a “sector outperform” rating and raised their price objective for the stock from $46.00 to $61.00 in a report on Wednesday, July 10th. Five investment analysts have rated the stock with a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $53.31.

Newmont Price Performance

Shares of NEM stock traded up $0.01 during trading hours on Friday, hitting $53.21. 3,328,541 shares of the company’s stock were exchanged, compared to its average volume of 10,347,931. Newmont has a 52 week low of $29.42 and a 52 week high of $56.30. The stock’s 50-day moving average is $51.38 and its 200-day moving average is $44.74. The stock has a market cap of $61.36 billion, a price-to-earnings ratio of -19.93, a price-to-earnings-growth ratio of 0.47 and a beta of 0.49. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.10. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. During the same quarter in the prior year, the firm posted $0.33 earnings per share. The firm’s revenue for the quarter was up 64.1% compared to the same quarter last year. As a group, research analysts forecast that Newmont will post 2.88 EPS for the current year.

Insider Activity at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the sale, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at $15,420,830.19. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $161,430.00. Following the completion of the sale, the executive vice president now owns 91,596 shares of the company’s stock, valued at $4,928,780.76. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the sale, the chief executive officer now owns 311,469 shares in the company, valued at approximately $15,420,830.19. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,000 shares of company stock valued at $3,434,640. Insiders own 0.06% of the company’s stock.

Institutional Trading of Newmont

Institutional investors and hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC grew its stake in Newmont by 80.1% in the 3rd quarter. SG Americas Securities LLC now owns 801,335 shares of the basic materials company’s stock worth $42,831,000 after acquiring an additional 356,286 shares in the last quarter. Czech National Bank grew its stake in Newmont by 6.4% in the third quarter. Czech National Bank now owns 233,743 shares of the basic materials company’s stock worth $12,494,000 after purchasing an additional 14,002 shares in the last quarter. Central Pacific Bank Trust Division increased its holdings in Newmont by 10.4% during the 3rd quarter. Central Pacific Bank Trust Division now owns 5,519 shares of the basic materials company’s stock worth $295,000 after purchasing an additional 519 shares during the period. Massmutual Trust Co. FSB ADV raised its position in Newmont by 12.8% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 95,346 shares of the basic materials company’s stock valued at $5,096,000 after purchasing an additional 10,818 shares in the last quarter. Finally, Trust Co. of Toledo NA OH bought a new stake in Newmont during the 3rd quarter valued at $251,000. 68.85% of the stock is currently owned by institutional investors.

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.