The Goldman Sachs Group Begins Coverage on Newmont (NYSE:NEM)

The Goldman Sachs Group assumed coverage on shares of Newmont (NYSE:NEM) in a research report issued to clients and investors on Monday,Briefing.com Automated Import reports. The firm 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 20.75% from the company’s previous close.

A number of other equities analysts have also recently commented on NEM. Scotiabank cut shares of Newmont from a “sector outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $59.00 to $55.00 in a research note on Friday, October 25th. Raymond James cut their price objective on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a research report on Monday, November 25th. JPMorgan Chase & Co. raised shares of Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. Veritas raised shares of Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Finally, UBS Group downgraded shares of Newmont from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $67.00 to $54.00 in a research report on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $53.80.

Newmont Stock Down 0.1 %

Shares of Newmont stock opened at $39.09 on Monday. The company has a market cap of $44.50 billion, a price-to-earnings ratio of -25.72, a price-to-earnings-growth ratio of 0.35 and a beta of 0.50. The company’s 50 day moving average is $40.74 and its 200 day moving average is $46.93. Newmont has a twelve month low of $29.42 and a twelve month high of $58.72. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM) last released its quarterly 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). The business had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The firm’s revenue was up 84.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.36 earnings per share. Research analysts anticipate that Newmont will post 3.08 EPS for the current year.

Insider Transactions at Newmont

In other Newmont news, Director Harry M. Iv Conger bought 9,498 shares of the stock in a transaction dated Wednesday, November 27th. The shares were acquired at an average cost of $42.15 per share, for a total transaction of $400,340.70. Following the completion of the transaction, the director now owns 14,498 shares in the company, valued at approximately $611,090.70. The trade was a 189.96 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

Hedge funds and other institutional investors have recently bought and sold shares of the company. Heathbridge Capital Management Ltd. boosted its position in shares of Newmont by 2.0% during the 3rd quarter. Heathbridge Capital Management Ltd. now owns 10,300 shares of the basic materials company’s stock worth $551,000 after purchasing an additional 200 shares in the last quarter. E. Ohman J or Asset Management AB raised its stake in Newmont by 0.4% in the 3rd quarter. E. Ohman J or Asset Management AB now owns 47,942 shares of the basic materials company’s stock valued at $2,562,000 after purchasing an additional 200 shares during the last quarter. Fulton Bank N.A. raised its stake in Newmont by 1.5% in the 3rd quarter. Fulton Bank N.A. now owns 15,188 shares of the basic materials company’s stock valued at $812,000 after purchasing an additional 221 shares during the last quarter. Carmel Capital Partners LLC raised its stake in Newmont by 4.5% in the 3rd quarter. Carmel Capital Partners LLC now owns 5,221 shares of the basic materials company’s stock valued at $279,000 after purchasing an additional 226 shares during the last quarter. Finally, Good Life Advisors LLC raised its stake in Newmont by 4.6% in the 3rd quarter. Good Life Advisors LLC now owns 5,182 shares of the basic materials company’s stock valued at $277,000 after purchasing an additional 229 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Company Profile

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.