Newmont (NYSE:NEM) Stock Rating Upgraded by Veritas

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

Other equities analysts have also recently issued research reports about the stock. Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. CIBC upgraded Newmont from a “neutral” rating to a “sector outperform” rating and upped their price objective for the company from $46.00 to $61.00 in a research note on Wednesday, July 10th. Bank of America raised their target price on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. BNP Paribas upgraded Newmont to a “strong-buy” rating in a research report on Friday, June 21st. Finally, JPMorgan Chase & Co. cut Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $52.62.

Newmont Stock Performance

NEM opened at $54.14 on Monday. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. The stock’s 50 day moving average price is $51.10 and its two-hundred day moving average price is $44.62. The firm has a market capitalization of $62.43 billion, a P/E ratio of -20.28, a price-to-earnings-growth ratio of 0.47 and a beta of 0.49. Newmont has a 12-month low of $29.42 and a 12-month high of $56.30.

Newmont (NYSE:NEM) last released its 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 negative net margin of 13.16% and a positive return on equity of 8.35%. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. During the same quarter last year, the company earned $0.33 earnings per share. The firm’s 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 other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Tuesday, September 3rd. The stock was 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 directly owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Peter Toth sold 3,000 shares of the firm’s 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 owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’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 transaction of $990,200.00. Following the sale, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at $15,420,830.19. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,000 shares of company stock valued at $2,197,010. 0.06% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NEM. Vanguard Group Inc. lifted its stake in Newmont by 43.8% in the fourth quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock valued at $4,915,059,000 after buying an additional 36,170,995 shares during the period. Northern Trust Corp raised its position in shares of Newmont by 25.9% in the 4th quarter. Northern Trust Corp now owns 12,988,497 shares of the basic materials company’s stock valued at $537,594,000 after acquiring an additional 2,671,774 shares during the period. Maj Invest Holding A S grew its holdings in Newmont by 296.0% during the second quarter. Maj Invest Holding A S now owns 3,427,313 shares of the basic materials company’s stock valued at $143,502,000 after purchasing an additional 2,561,823 shares during the period. Capital Research Global Investors grew its holdings in Newmont by 275.0% during the fourth quarter. Capital Research Global Investors now owns 3,000,000 shares of the basic materials company’s stock valued at $124,170,000 after purchasing an additional 2,200,000 shares during the period. Finally, Capital International Investors bought a new stake in shares of Newmont in the 1st quarter valued at $49,444,000. 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.