Royal Bank Of Canada Upgrades Newmont (NYSE:NEM) to Outperform

Newmont (NYSE:NEM) was upgraded by equities research analysts at Royal Bank Of Canada from a “sector perform” rating to an “outperform” rating in a note issued to investors on Wednesday, Marketbeat reports. The firm presently has a $95.00 price objective on the basic materials company’s stock, up from their prior price objective of $66.00. Royal Bank Of Canada’s target price points to a potential upside of 19.29% from the company’s current price.

A number of other brokerages have also issued reports on NEM. BNP Paribas lowered Newmont from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 4th. Zacks Research downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 4th. CIBC set a $74.00 target price on shares of Newmont and gave the company a “neutral” rating in a research note on Tuesday, July 15th. UBS Group lifted their price objective on shares of Newmont from $60.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, July 3rd. Finally, Macquarie lowered Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 2nd. Four equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $67.38.

Newmont Price Performance

NEM stock opened at $79.64 on Wednesday. The stock has a market cap of $87.48 billion, a PE ratio of 14.30, a P/E/G ratio of 0.94 and a beta of 0.34. Newmont has a 12 month low of $36.86 and a 12 month high of $79.77. The company has a 50-day moving average price of $67.07 and a 200 day moving average price of $56.80. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The company had revenue of $5.32 billion for the quarter, compared to analyst estimates of $4.70 billion. During the same period in the prior year, the company posted $0.72 EPS. The firm’s revenue for the quarter was up 20.8% on a year-over-year basis. Equities research analysts anticipate that Newmont will post 3.45 earnings per share for the current year.

Insiders Place Their Bets

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $74.59, for a total transaction of $154,923.43. Following the transaction, the director owned 38,949 shares in the company, valued at approximately $2,905,205.91. This represents a 5.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total transaction of $477,160.30. Following the sale, the chief accounting officer owned 32,615 shares of the company’s stock, valued at $2,218,472.30. The trade was a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,246 shares of company stock valued at $1,253,559. Insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Newmont

A number of institutional investors have recently bought and sold shares of the business. SOA Wealth Advisors LLC. boosted its holdings in shares of Newmont by 64.0% in the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 201 shares during the last quarter. Cloud Capital Management LLC acquired a new position in Newmont during the first quarter valued at $26,000. Colonial Trust Advisors boosted its holdings in Newmont by 315.4% in the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 429 shares during the last quarter. Concord Wealth Partners grew its position in Newmont by 534.7% during the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 385 shares during the period. Finally, Evermay Wealth Management LLC raised its stake in shares of Newmont by 408.2% during the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock valued at $29,000 after buying an additional 400 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other 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.