Newmont (NYSE:NEM) Price Target Raised to $52.00

Newmont (NYSE:NEM) had its price objective lifted by Royal Bank of Canada from $47.00 to $52.00 in a report published on Tuesday morning,BayStreet.CA reports. Royal Bank of Canada currently has a sector perform rating on the basic materials company’s stock.

A number of other analysts have also commented on the company. Bernstein Bank raised their price target on Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. Cibc World Mkts lowered Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. UBS Group lowered Newmont from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $67.00 to $54.00 in a research note on Wednesday, October 30th. CLSA assumed coverage on Newmont in a research note on Friday, November 29th. They issued an “underperform” rating for the company. Finally, CIBC lowered Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $53.37.

Newmont Stock Performance

NYSE:NEM opened at $47.79 on Tuesday. The firm has a market cap of $54.40 billion, a PE ratio of -31.44, a price-to-earnings-growth ratio of 0.38 and a beta of 0.52. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. The business has a 50 day moving average price of $40.76 and a 200-day moving average price of $46.50.

Insider Buying and Selling

In other Newmont news, Director Harry M. Iv Conger acquired 9,498 shares of Newmont stock in a transaction that occurred on Wednesday, November 27th. The stock was bought at an average cost of $42.15 per share, for a total transaction of $400,340.70. Following the acquisition, the director now owns 14,498 shares of the company’s stock, valued at $611,090.70. This represents a 189.96 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the sale, the executive vice president now owns 82,596 shares of the company’s stock, valued at approximately $3,303,840. This represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,154 shares of company stock worth $1,166,843. 0.06% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Newmont

Large investors have recently made changes to their positions in the company. CWM LLC lifted its position in shares of Newmont by 11.2% during the 3rd quarter. CWM LLC now owns 19,111 shares of the basic materials company’s stock valued at $1,021,000 after buying an additional 1,930 shares in the last quarter. Exchange Traded Concepts LLC purchased a new position in shares of Newmont during the 3rd quarter valued at about $301,000. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new position in shares of Newmont during the 3rd quarter valued at about $111,000. Creative Planning lifted its holdings in Newmont by 23.4% in the 3rd quarter. Creative Planning now owns 129,379 shares of the basic materials company’s stock worth $6,915,000 after purchasing an additional 24,536 shares in the last quarter. Finally, NBC Securities Inc. lifted its holdings in Newmont by 13.9% in the 3rd quarter. NBC Securities Inc. now owns 4,466 shares of the basic materials company’s stock worth $238,000 after purchasing an additional 544 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors.

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.