Veritas Upgrades Newmont (NYSE:NEM) to “Strong-Buy”

Newmont (NYSE:NEM) was upgraded by equities researchers at Veritas to a “strong-buy” rating in a research report issued on Monday, Zacks.com reports.

Other analysts also recently issued reports about the stock. BNP Paribas raised shares of Newmont to a “strong-buy” rating in a report on Friday, June 21st. Jefferies Financial Group increased their target price on shares of Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. Scotiabank upgraded Newmont from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the company from $48.00 to $59.00 in a research note on Monday, August 19th. Bank of America increased their price target on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. Finally, UBS Group boosted their price objective on Newmont from $50.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday, September 17th. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $52.62.

Newmont Stock Performance

NYSE NEM opened at $54.14 on Monday. The firm has a market capitalization of $62.43 billion, a P/E ratio of -20.28, a PEG ratio of 0.47 and a beta of 0.49. The stock has a 50-day simple moving average of $51.10 and a two-hundred day simple moving average of $44.62. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $56.30.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share 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 company had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. During the same period last year, the business earned $0.33 earnings per share. Newmont’s quarterly revenue was up 64.1% on a year-over-year basis. On average, equities analysts forecast that Newmont will post 2.88 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’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 directly owns 311,469 shares in the company, valued at $15,420,830.19. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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 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. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. The disclosure for this sale can be found here. Insiders sold 43,000 shares of company stock valued at $2,197,010 in the last three months. 0.06% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of NEM. The Manufacturers Life Insurance Company boosted its position in shares of Newmont by 29.1% during the 4th quarter. The Manufacturers Life Insurance Company now owns 932,106 shares of the basic materials company’s stock worth $38,580,000 after purchasing an additional 210,264 shares during the period. NEOS Investment Management LLC raised its holdings in shares of Newmont by 99.9% in the 4th quarter. NEOS Investment Management LLC now owns 16,338 shares of the basic materials company’s stock valued at $676,000 after buying an additional 8,165 shares during the period. CIBC Asset Management Inc lifted its stake in Newmont by 27.9% during the 4th quarter. CIBC Asset Management Inc now owns 224,211 shares of the basic materials company’s stock worth $9,281,000 after acquiring an additional 48,849 shares in the last quarter. Rafferty Asset Management LLC boosted its holdings in Newmont by 51.0% during the 4th quarter. Rafferty Asset Management LLC now owns 89,419 shares of the basic materials company’s stock valued at $3,701,000 after acquiring an additional 30,202 shares during the period. Finally, Peapack Gladstone Financial Corp grew its position in Newmont by 13.2% in the 4th quarter. Peapack Gladstone Financial Corp now owns 13,766 shares of the basic materials company’s stock valued at $569,000 after acquiring an additional 1,608 shares in the last quarter. Institutional investors and hedge funds 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.