Newmont (NYSE:NEM) PT Raised to $48.00

Newmont (NYSE:NEM) had its target price boosted by Scotiabank from $46.50 to $48.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “sector perform” rating on the basic materials company’s stock. Scotiabank’s price target would indicate a potential upside of 14.34% from the company’s previous close.

Several other brokerages also recently commented on NEM. Royal Bank of Canada cut their target price on Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a research note on Thursday, February 8th. TD Securities upped their price objective on shares of Newmont from $43.00 to $48.00 and gave the company a “hold” rating in a research note on Friday, April 26th. National Bank Financial lowered shares of Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a report on Tuesday, April 30th. Sanford C. Bernstein dropped their price target on Newmont from $46.00 to $45.00 and set a “market perform” rating on the stock in a research report on Thursday, May 16th. Finally, Argus lowered Newmont from a “buy” rating to a “hold” rating in a report on Monday, February 26th. Eight equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $48.36.

Newmont Stock Up 1.8 %

Newmont stock opened at $41.98 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.90 and a current ratio of 2.15. The stock has a market cap of $48.41 billion, a PE ratio of -15.72, a price-to-earnings-growth ratio of 0.35 and a beta of 0.48. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $45.92. The firm’s 50-day simple moving average is $39.31 and its 200 day simple moving average is $37.45.

Newmont (NYSE:NEM) last released its earnings results on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.20. The company had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.66 billion. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The business’s revenue for the quarter was up 50.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.40 EPS. Research analysts predict that Newmont will post 2.37 EPS for the current fiscal year.

Hedge Funds Weigh In On Newmont

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NEM. Vanguard Group Inc. lifted its position 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 worth $4,915,059,000 after buying an additional 36,170,995 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Newmont by 57.2% in the fourth quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock worth $2,122,913,000 after buying an additional 18,664,614 shares during the last quarter. Norges Bank purchased a new stake in Newmont in the fourth quarter valued at approximately $604,516,000. Charles Schwab Investment Management Inc. boosted its holdings in Newmont by 44.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock valued at $1,019,813,000 after purchasing an additional 7,635,657 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Newmont by 39.8% during the 1st quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock worth $832,354,000 after purchasing an additional 6,617,145 shares during the period. 68.85% of the stock is 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.