Newmont (NYSE:NEM) PT Raised to $67.00 at UBS Group

Newmont (NYSE:NEM) had its price objective increased by investment analysts at UBS Group from $65.00 to $67.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the basic materials company’s stock. UBS Group’s price target points to a potential upside of 19.07% from the company’s previous close.

A number of other analysts have also recently commented on NEM. Jefferies Financial Group boosted their price objective on Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, October 4th. BMO Capital Markets upped their price objective on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. BNP Paribas upgraded shares of Newmont to a “strong-buy” rating in a research report on Friday, June 21st. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. Finally, JPMorgan Chase & Co. lowered shares of Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Five investment analysts have rated the stock with a hold rating, ten have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $53.46.

Newmont Stock Performance

Shares of NYSE NEM opened at $56.27 on Tuesday. Newmont has a 1 year low of $29.42 and a 1 year high of $57.32. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. The company’s fifty day moving average price is $52.51 and its 200 day moving average price is $46.04. The company has a market capitalization of $64.89 billion, a PE ratio of -21.07, a price-to-earnings-growth ratio of 0.43 and a beta of 0.50.

Newmont (NYSE:NEM) last posted its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.10. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company’s revenue for the quarter was up 64.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.33 EPS. On average, research analysts predict that Newmont will post 3.1 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were 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 of the company’s stock, valued at approximately $15,420,830.19. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $161,430.00. Following the completion of the transaction, the executive vice president now directly owns 91,596 shares in the company, valued at approximately $4,928,780.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $49.51, for a total transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,000 shares of company stock valued at $3,434,640 in the last three months. 0.06% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Newmont

Institutional investors have recently modified their holdings of the company. Heathbridge Capital Management Ltd. increased its stake in Newmont by 2.0% during the third quarter. Heathbridge Capital Management Ltd. now owns 10,300 shares of the basic materials company’s stock worth $551,000 after purchasing an additional 200 shares during the period. Ellsworth Advisors LLC increased its stake in Newmont by 11.6% during the 3rd quarter. Ellsworth Advisors LLC now owns 16,220 shares of the basic materials company’s stock worth $867,000 after buying an additional 1,686 shares during the period. Bleakley Financial Group LLC increased its stake in Newmont by 10.6% during the 3rd quarter. Bleakley Financial Group LLC now owns 19,327 shares of the basic materials company’s stock worth $1,033,000 after buying an additional 1,859 shares during the period. Good Life Advisors LLC boosted its position in Newmont by 4.6% in the 3rd quarter. Good Life Advisors LLC now owns 5,182 shares of the basic materials company’s stock valued at $277,000 after buying an additional 229 shares during the period. Finally, nVerses Capital LLC acquired a new position in shares of Newmont in the third quarter worth $679,000. 68.85% of the stock is owned by institutional investors and hedge funds.

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.