Newmont (NYSE:NEM) Sets New 52-Week High on Analyst Upgrade

Newmont Corporation (NYSE:NEM) shares reached a new 52-week high during mid-day trading on Monday after Jefferies Financial Group raised their price target on the stock from $120.00 to $136.00. Jefferies Financial Group currently has a buy rating on the stock. Newmont traded as high as $128.09 and last traded at $128.5780, with a volume of 1538177 shares trading hands. The stock had previously closed at $124.31.

Other analysts also recently issued research reports about the company. Zacks Research downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 18th. CIBC set a $112.00 price target on shares of Newmont and gave the stock an “outperformer” rating in a report on Friday, October 10th. Canaccord Genuity Group lifted their price objective on shares of Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a research note on Friday. Bank of America increased their price objective on shares of Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Finally, TD Securities boosted their target price on shares of Newmont from $67.00 to $89.00 and gave the company a “hold” rating in a research report on Wednesday, October 8th. Six analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Newmont presently has an average rating of “Buy” and a consensus target price of $103.77.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 5,000 shares of the firm’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the transaction, the chief executive officer owned 279,923 shares in the company, valued at approximately $22,768,936.82. This trade represents a 1.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the transaction, the director directly owned 32,709 shares in the company, valued at approximately $3,021,003.24. This represents a 5.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 9,160 shares of company stock valued at $767,206. Corporate insiders own 0.05% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. GoalVest Advisory LLC acquired a new stake in shares of Newmont during the fourth quarter worth about $25,000. Physician Wealth Advisors Inc. increased its stake in Newmont by 327.8% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock worth $26,000 after buying an additional 236 shares during the period. Concord Wealth Partners grew its stake in shares of Newmont by 534.7% in the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 385 shares in the last quarter. JPL Wealth Management LLC purchased a new stake in shares of Newmont during the third quarter worth $27,000. Finally, Lodestone Wealth Management LLC acquired a new stake in shares of Newmont in the fourth quarter valued at $28,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Newmont Price Performance

The company has a 50 day moving average of $100.57 and a 200 day moving average of $84.96. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. The stock has a market capitalization of $139.84 billion, a price-to-earnings ratio of 19.97, a PEG ratio of 0.95 and a beta of 0.41.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.44. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The business had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period last year, the business earned $0.81 EPS. The company’s revenue was up 20.0% on a year-over-year basis. As a group, equities research analysts anticipate that Newmont Corporation will post 3.45 EPS for the current year.

About Newmont

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long?lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.