Newmont (NYSE:NEM) Price Target Raised to $52.00 at Royal Bank of Canada

Newmont (NYSE:NEM) had its price target boosted by stock analysts at Royal Bank of Canada from $51.00 to $52.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “sector perform” rating on the basic materials company’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 17.51% from the stock’s current price.

Several other equities research analysts have also issued reports on the stock. Scotiabank lowered their price target on shares of Newmont from $52.00 to $50.00 and set a “sector perform” rating on the stock in a research note on Tuesday, January 21st. National Bank Financial raised Newmont to a “hold” rating in a research report on Friday, March 21st. StockNews.com upgraded Newmont from a “hold” rating to a “buy” rating in a report on Monday, February 24th. TD Securities lowered their price target on Newmont from $46.00 to $45.00 and set a “hold” rating on the stock in a research report on Wednesday, February 26th. Finally, The Goldman Sachs Group initiated coverage on Newmont in a research note on Monday, January 13th. They set a “buy” rating and a $47.20 price objective on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.09.

Newmont Stock Down 8.4 %

NYSE:NEM opened at $44.25 on Friday. The company has a market cap of $49.88 billion, a PE ratio of 15.10, a PEG ratio of 0.41 and a beta of 0.54. The stock has a 50-day simple moving average of $45.34 and a 200 day simple moving average of $45.28. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. Newmont has a 52-week low of $36.60 and a 52-week high of $58.72.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, February 20th. The basic materials company reported $1.40 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.29. The company had revenue of $5.65 billion during the quarter, compared to analysts’ expectations of $5.32 billion. Newmont had a net margin of 17.92% and a return on equity of 13.52%. On average, sell-side analysts expect that Newmont will post 3.45 EPS for the current fiscal year.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $43.71, for a total transaction of $131,130.00. Following the transaction, the executive vice president now owns 86,526 shares in the company, valued at approximately $3,782,051.46. This trade represents a 3.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Natascha Viljoen sold 9,000 shares of the business’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $40.00, for a total value of $360,000.00. Following the completion of the sale, the chief operating officer now owns 145,967 shares of the company’s stock, valued at $5,838,680. This trade represents a 5.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,231 shares of company stock worth $1,388,758. 0.05% of the stock is owned by insiders.

Hedge Funds Weigh In On Newmont

A number of hedge funds have recently bought and sold shares of the business. Sanctuary Advisors LLC increased its holdings in shares of Newmont by 117.3% during the third quarter. Sanctuary Advisors LLC now owns 34,686 shares of the basic materials company’s stock worth $1,854,000 after purchasing an additional 18,722 shares during the period. Nordea Investment Management AB increased its stake in Newmont by 173.0% during the 4th quarter. Nordea Investment Management AB now owns 2,491,126 shares of the basic materials company’s stock worth $92,832,000 after acquiring an additional 1,578,545 shares during the period. Assenagon Asset Management S.A. increased its stake in Newmont by 57.1% during the 4th quarter. Assenagon Asset Management S.A. now owns 2,379,901 shares of the basic materials company’s stock worth $88,580,000 after acquiring an additional 865,213 shares during the period. Brookstone Capital Management acquired a new position in Newmont in the 4th quarter valued at $245,000. Finally, Moody National Bank Trust Division lifted its position in shares of Newmont by 13.6% during the 4th quarter. Moody National Bank Trust Division now owns 22,079 shares of the basic materials company’s stock valued at $822,000 after acquiring an additional 2,645 shares during the period. 68.85% of the stock is 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.