Newmont (NYSE:NEM) Raised to “Strong-Buy” at Cibc World Mkts

Newmont (NYSE:NEM) was upgraded by equities research analysts at Cibc World Mkts from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday, Zacks.com reports.

Several other equities analysts also recently weighed in on NEM. TD Securities lifted their target price on Newmont from $43.00 to $48.00 and gave the company a “hold” rating in a research report on Friday, April 26th. Scotiabank lifted their target price on Newmont from $46.50 to $48.00 and gave the company a “sector perform” rating in a research report on Thursday, May 23rd. BMO Capital Markets dropped their target price on Newmont from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Tuesday, May 21st. JPMorgan Chase & Co. downgraded Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday. Finally, StockNews.com raised Newmont from a “sell” rating to a “hold” rating in a research report on Friday, April 26th. Seven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $49.07.

Newmont Stock Up 3.8 %

Shares of NYSE:NEM opened at $47.17 on Wednesday. The business has a 50-day moving average price of $42.29 and a 200 day moving average price of $38.30. The company has a current ratio of 2.15, a quick ratio of 1.90 and a debt-to-equity ratio of 0.32. The company has a market capitalization of $54.39 billion, a price-to-earnings ratio of -17.67, a PEG ratio of 0.37 and a beta of 0.47. Newmont has a 12-month low of $29.42 and a 12-month high of $47.21.

Newmont (NYSE:NEM) last released its earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.20. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.66 billion. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. Newmont’s revenue was up 50.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.40 EPS. Sell-side analysts expect that Newmont will post 2.48 EPS for the current year.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 13,000 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the completion of the sale, the chief executive officer now owns 331,469 shares in the company, valued at $13,964,788.97. The sale was disclosed in a document filed with the SEC, which is available through this link. 0.06% of the stock is owned by company insiders.

Institutional Investors Weigh In On Newmont

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Meeder Advisory Services Inc. raised its stake in shares of Newmont by 3.8% during the first quarter. Meeder Advisory Services Inc. now owns 7,560 shares of the basic materials company’s stock worth $271,000 after purchasing an additional 278 shares during the last quarter. Grey Street Capital LLC raised its stake in shares of Newmont by 0.4% during the fourth quarter. Grey Street Capital LLC now owns 69,874 shares of the basic materials company’s stock worth $2,892,000 after purchasing an additional 289 shares during the last quarter. Moody National Bank Trust Division raised its stake in shares of Newmont by 1.7% during the first quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock worth $647,000 after purchasing an additional 296 shares during the last quarter. Reitz Capital Advisors LLC raised its stake in shares of Newmont by 1.1% during the fourth quarter. Reitz Capital Advisors LLC now owns 28,174 shares of the basic materials company’s stock worth $1,166,000 after purchasing an additional 298 shares during the last quarter. Finally, Berkeley Capital Partners LLC raised its stake in shares of Newmont by 5.6% during the fourth quarter. Berkeley Capital Partners LLC now owns 5,960 shares of the basic materials company’s stock worth $247,000 after purchasing an additional 318 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

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.