Newmont (NYSE:NEM) Upgraded to Strong-Buy by Cibc World Mkts

Newmont (NYSE:NEMGet Free Report) was upgraded by equities researchers at Cibc World Mkts from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday, Zacks.com reports.

A number of other equities research analysts also recently commented on NEM. BNP Paribas upgraded Newmont to a “strong-buy” rating in a report on Friday, June 21st. TD Securities upped their price objective on Newmont from $43.00 to $48.00 and gave the company a “hold” rating in a report on Friday, April 26th. Scotiabank upped their price objective on Newmont from $46.50 to $48.00 and gave the company a “sector perform” rating in a report on Thursday, May 23rd. StockNews.com upgraded Newmont from a “sell” rating to a “hold” rating in a report on Friday, April 26th. Finally, JPMorgan Chase & Co. downgraded Newmont from an “overweight” rating to a “neutral” rating in a report on Monday. Seven investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Newmont has an average rating of “Moderate Buy” and an average price target of $49.07.

Get Our Latest Report on NEM

Newmont Trading Up 3.6 %

Shares of NEM opened at $45.46 on Wednesday. The company has a quick ratio of 1.90, a current ratio of 2.15 and a debt-to-equity ratio of 0.32. Newmont has a 12-month low of $29.42 and a 12-month high of $45.92. The firm has a market capitalization of $52.42 billion, a PE ratio of -17.03, a price-to-earnings-growth ratio of 0.37 and a beta of 0.47. The stock’s fifty day simple moving average is $42.17 and its 200-day simple moving average is $38.24.

Newmont (NYSE:NEMGet Free Report) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.20. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.66 billion. During the same quarter in the prior year, the firm posted $0.40 earnings per share. The firm’s revenue for the quarter was up 50.2% compared to the same quarter last year. As a group, research analysts predict that Newmont will post 2.48 earnings per share for the current year.

Insider Transactions at Newmont

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $42.13, for a total transaction of $547,690.00. Following the completion of the transaction, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at $13,964,788.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.06% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NEM. LRI Investments LLC acquired a new position in Newmont during the first quarter valued at approximately $25,000. Life Planning Partners Inc acquired a new stake in shares of Newmont in the fourth quarter valued at approximately $26,000. Manchester Capital Management LLC lifted its position in shares of Newmont by 171.9% in the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock valued at $26,000 after buying an additional 397 shares during the last quarter. CVA Family Office LLC acquired a new stake in shares of Newmont in the fourth quarter valued at approximately $34,000. Finally, Heritage Wealth Advisors lifted its position in shares of Newmont by 1,310.4% in the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after buying an additional 878 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Company Profile

(Get Free Report)

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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Analyst Recommendations for Newmont (NYSE:NEM)

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