Royal Bank of Canada Lowers Newmont (NYSE:NEM) Price Target to $53.00

Newmont (NYSE:NEM) had its price objective decreased by stock analysts at Royal Bank of Canada from $54.00 to $53.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has a “sector perform” rating on the basic materials company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 0.09% from the company’s current price.

Several other research firms have also commented on NEM. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research report on Thursday, August 29th. CIBC upgraded shares of Newmont from a “neutral” rating to a “sector outperform” rating and upped their target price for the stock from $46.00 to $61.00 in a research report on Wednesday, July 10th. BMO Capital Markets increased their price objective on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. JPMorgan Chase & Co. cut Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. Finally, Veritas upgraded shares of Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.46.

Newmont Stock Down 8.3 %

Shares of NEM stock traded down $4.79 on Thursday, hitting $52.95. The stock had a trading volume of 8,254,630 shares, compared to its average volume of 10,134,779. Newmont has a 52-week low of $29.42 and a 52-week high of $58.72. The firm has a market capitalization of $61.06 billion, a price-to-earnings ratio of -19.85, a P/E/G ratio of 0.43 and a beta of 0.50. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. The stock’s 50 day moving average is $53.43 and its 200-day moving average is $46.74.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The firm had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.67 billion. During the same period in the previous year, the company earned $0.36 earnings per share. The business’s quarterly revenue was up 84.7% on a year-over-year basis. As a group, research analysts expect that Newmont will post 3.1 earnings per share for the current year.

Insider Buying and Selling

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the transaction, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $1,049,400.00. Following the completion of the sale, the chief executive officer now owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,000 shares of company stock worth $3,434,640. Corporate insiders own 0.06% of the company’s stock.

Institutional Trading of Newmont

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Newmont by 13.6% in the 1st quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock valued at $4,836,262,000 after acquiring an additional 16,190,422 shares in the last quarter. Van ECK Associates Corp raised its holdings in Newmont by 2.6% in the 2nd quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock worth $2,131,939,000 after acquiring an additional 1,289,084 shares during the period. Legal & General Group Plc boosted its holdings in Newmont by 1.4% in the 2nd quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company’s stock valued at $337,909,000 after purchasing an additional 109,084 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Newmont by 8.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock valued at $289,445,000 after purchasing an additional 545,903 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in shares of Newmont by 6.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,907,101 shares of the basic materials company’s stock worth $175,872,000 after buying an additional 313,736 shares in the last quarter. Institutional investors and hedge funds 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.