Equities researchers at The Goldman Sachs Group initiated coverage on shares of Newmont (NYSE:NEM – Get Free Report) in a research note issued on Monday, MarketBeat reports. The brokerage set a “buy” rating and a $47.20 price target on the basic materials company’s stock. The Goldman Sachs Group’s target price indicates a potential upside of 17.44% from the company’s previous close.
NEM has been the topic of several other research reports. Veritas raised Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Raymond James lowered their price objective 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. Bernstein Bank lifted their price objective on shares of Newmont from $55.00 to $58.00 in a report on Monday, November 11th. Royal Bank of Canada decreased their price target on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research report on Thursday, October 24th. Finally, Cibc World Mkts lowered Newmont from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $53.80.
Read Our Latest Research Report on Newmont
Newmont Price Performance
Newmont (NYSE:NEM – Get Free Report) last posted its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The company had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. During the same quarter last year, the business posted $0.36 EPS. The firm’s revenue for the quarter was up 84.7% on a year-over-year basis. As a group, analysts forecast that Newmont will post 3.08 EPS for the current year.
Insider Activity at Newmont
In related news, COO Natascha Viljoen sold 9,000 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $360,000.00. Following the transaction, the chief operating officer now owns 145,967 shares in the company, valued at $5,838,680. This trade represents a 5.81 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Harry M. Iv Conger acquired 9,498 shares of Newmont stock in a transaction on Wednesday, November 27th. The stock was purchased at an average price of $42.15 per share, with a total value of $400,340.70. Following the purchase, the director now 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 14,077 shares of company stock valued at $563,080 in the last ninety days. Insiders own 0.06% of the company’s stock.
Hedge Funds Weigh In On Newmont
Institutional investors have recently modified their holdings of the business. Zurich Insurance Group Ltd FI acquired a new stake in shares of Newmont during the third quarter worth about $98,011,000. Nordea Investment Management AB lifted its position in Newmont by 173.0% during the 4th quarter. Nordea Investment Management AB now owns 2,491,126 shares of the basic materials company’s stock worth $92,832,000 after acquiring an additional 1,578,545 shares during the period. FMR LLC grew its stake in shares of Newmont by 21.1% in the 3rd quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock valued at $376,953,000 after purchasing an additional 1,226,697 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Newmont by 262.6% in the third quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company’s stock valued at $80,960,000 after purchasing an additional 1,096,905 shares during the period. Finally, Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of Newmont by 29.4% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 4,728,350 shares of the basic materials company’s stock worth $197,976,000 after purchasing an additional 1,074,623 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.
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.
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