Newmont (NYSE:NEM) Stock Price Up 2.3% on Analyst Upgrade

Shares of Newmont Corporation (NYSE:NEM) were up 2.3% during trading on Thursday 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 $123.04 and last traded at $121.67. Approximately 8,207,828 shares changed hands during mid-day trading, a decline of 10% from the average daily volume of 9,130,195 shares. The stock had previously closed at $118.91.

A number of other analysts have also recently weighed in on the stock. Argus increased their target price on shares of Newmont from $75.00 to $94.00 in a report on Friday, November 21st. Royal Bank Of Canada increased their price objective on shares of Newmont from $38.00 to $40.00 and gave the stock an “outperform” rating in a research note on Monday, October 27th. The Goldman Sachs Group raised their target price on shares of Newmont from $99.90 to $123.90 and gave the stock a “buy” rating in a report on Monday, January 12th. CIBC set a $112.00 target price on Newmont and gave the company an “outperformer” rating in a report on Friday, October 10th. Finally, Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and raised their price target for the stock from $71.50 to $114.00 in a report on Thursday, October 23rd. Six analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $103.77.

Insider Buying and Selling

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

Institutional Trading of Newmont

Several institutional investors have recently made changes to their positions in the business. Brighton Jones LLC grew its holdings in shares of Newmont by 15.7% in the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock worth $506,000 after purchasing an additional 1,847 shares during the last quarter. Woodline Partners LP increased its holdings in shares of Newmont by 40.7% during the first quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock worth $4,644,000 after buying an additional 27,813 shares in the last quarter. Sivia Capital Partners LLC bought a new position in shares of Newmont in the second quarter valued at approximately $240,000. AdvisorNet Financial Inc boosted its holdings in shares of Newmont by 37.8% in the 2nd quarter. AdvisorNet Financial Inc now owns 2,113 shares of the basic materials company’s stock worth $123,000 after acquiring an additional 580 shares in the last quarter. Finally, Fifth Third Bancorp grew its position in Newmont by 11.0% during the 2nd quarter. Fifth Third Bancorp now owns 42,634 shares of the basic materials company’s stock worth $2,484,000 after acquiring an additional 4,220 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Newmont Price Performance

The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $135.69 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 0.92 and a beta of 0.41. The stock has a fifty day moving average of $100.57 and a two-hundred day moving average of $84.59.

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