UBS Group Increases Newmont (NYSE:NEM) Price Target to $65.00

Newmont (NYSE:NEM) had its target price upped by UBS Group from $50.00 to $65.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the basic materials company’s stock. UBS Group’s price objective would suggest a potential upside of 22.50% from the stock’s current price.

Several other brokerages also recently commented on NEM. Scotiabank raised shares of Newmont from a “sector perform” rating to a “sector outperform” rating and upped their target price for the company from $48.00 to $59.00 in a research note on Monday, August 19th. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a report on Thursday, August 29th. JPMorgan Chase & Co. cut shares of Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Finally, CIBC upgraded shares of Newmont from a “neutral” rating to a “sector outperform” rating and upped their price target for the company from $46.00 to $61.00 in a report on Wednesday, July 10th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $52.62.

Newmont Trading Down 0.1 %

NEM opened at $53.06 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. The company has a market cap of $61.19 billion, a price-to-earnings ratio of -19.87, a price-to-earnings-growth ratio of 0.37 and a beta of 0.49. The firm has a 50 day simple moving average of $49.84 and a 200 day simple moving average of $43.25. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $54.93.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. The business had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. Newmont’s revenue for the quarter was up 64.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.33 earnings per share. On average, sell-side analysts anticipate that Newmont will post 2.82 earnings per share for the current year.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction 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 sale, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the transaction, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 291,469 shares in the company, valued at $15,293,378.43. The disclosure for this sale can be found here. Insiders sold a total of 56,000 shares of company stock worth $2,744,700 over the last quarter. 0.06% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Newmont

A number of hedge funds have recently bought and sold shares of NEM. Principal Securities Inc. bought a new position in Newmont during the fourth quarter worth about $83,000. Avantax Advisory Services Inc. increased its position in Newmont by 3.3% during the fourth quarter. Avantax Advisory Services Inc. now owns 17,295 shares of the basic materials company’s stock worth $716,000 after acquiring an additional 552 shares during the period. Great Lakes Advisors LLC bought a new position in Newmont during the fourth quarter worth about $231,000. BI Asset Management Fondsmaeglerselskab A S increased its position in Newmont by 46.7% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 36,500 shares of the basic materials company’s stock worth $1,511,000 after acquiring an additional 11,616 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in Newmont by 26.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 125,032 shares of the basic materials company’s stock worth $5,175,000 after acquiring an additional 25,871 shares during the period. 68.85% of the stock is owned by 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.