Newmont (NYSE:NEM) Price Target Raised to $52.00

Newmont (NYSE:NEM) had its target price raised by analysts at Royal Bank of Canada from $47.00 to $52.00 in a report issued on Tuesday,BayStreet.CA reports. The firm currently has a “sector perform” rating on the basic materials company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 13.72% from the stock’s previous close.

NEM has been the topic of several other reports. Scotiabank lowered their price target on shares of Newmont from $52.00 to $50.00 and set a “sector perform” rating on the stock in a report on Tuesday, January 21st. The Goldman Sachs Group initiated coverage on shares of Newmont in a research report on Monday, January 13th. They set a “buy” rating and a $47.20 price target on the stock. Bernstein Bank raised their target price on shares of Newmont from $55.00 to $58.00 in a research report on Monday, November 11th. Raymond James dropped their price target on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a research note on Monday, November 25th. Finally, CIBC downgraded shares of Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $53.37.

Newmont Stock Down 1.6 %

Shares of Newmont stock traded down $0.74 during trading hours on Tuesday, reaching $45.73. 4,027,771 shares of the company’s stock were exchanged, compared to its average volume of 8,560,226. The company has a 50 day moving average of $40.58 and a two-hundred day moving average of $46.50. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The stock has a market cap of $52.06 billion, a P/E ratio of -30.06, a P/E/G ratio of 0.38 and a beta of 0.52.

Insider Activity at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $42.89, for a total transaction of $128,670.00. Following the completion of the sale, the executive vice president now owns 79,596 shares in the company, valued at $3,413,872.44. This represents a 3.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Harry M. Iv Conger bought 9,498 shares of the stock in a transaction on Wednesday, November 27th. The stock was purchased at an average cost of $42.15 per share, for a total transaction of $400,340.70. Following the acquisition, the director now directly owns 14,498 shares of the company’s stock, valued at $611,090.70. The trade was a 189.96 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 28,154 shares of company stock worth $1,166,843 over the last quarter. Insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

A number of large investors have recently modified their holdings of the company. CWM LLC raised its stake in shares of Newmont by 11.2% in the 3rd quarter. CWM LLC now owns 19,111 shares of the basic materials company’s stock worth $1,021,000 after buying an additional 1,930 shares in the last quarter. Exchange Traded Concepts LLC bought a new stake in shares of Newmont in the 3rd quarter valued at approximately $301,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH bought a new stake in shares of Newmont in the 3rd quarter valued at approximately $111,000. Creative Planning grew its position in Newmont by 23.4% during the 3rd quarter. Creative Planning now owns 129,379 shares of the basic materials company’s stock worth $6,915,000 after acquiring an additional 24,536 shares during the last quarter. Finally, NBC Securities Inc. grew its position in Newmont by 13.9% during the 3rd quarter. NBC Securities Inc. now owns 4,466 shares of the basic materials company’s stock worth $238,000 after acquiring an additional 544 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other 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.