BMO Capital Markets Initiates Coverage on Newmont (NYSE:NEM)

Analysts at BMO Capital Markets initiated coverage on shares of Newmont (NYSE:NEM) in a report issued on Wednesday. The brokerage set an “outperform” rating and a $63.00 price target on the basic materials company’s stock. BMO Capital Markets’ price objective would suggest a potential upside of 10.70% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Scotiabank reduced their price objective on 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 shares of Newmont to a “hold” rating in a research report on Friday, March 21st. The Goldman Sachs Group started coverage on Newmont in a research note on Monday, January 13th. They set a “buy” rating and a $47.20 target price for the company. StockNews.com raised Newmont from a “hold” rating to a “buy” rating in a research report on Monday, February 24th. Finally, Royal Bank of Canada boosted their price target on Newmont from $51.00 to $52.00 and gave the company a “sector perform” rating in a research report on Friday, April 4th. One analyst has rated the stock with a sell rating, seven have given a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Newmont presently has a consensus rating of “Moderate Buy” and an average price target of $55.02.

Newmont Price Performance

Shares of NYSE:NEM traded up $2.33 during midday trading on Wednesday, hitting $56.91. The company had a trading volume of 2,635,398 shares, compared to its average volume of 9,803,593. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The business’s 50-day simple moving average is $46.56 and its 200-day simple moving average is $45.04. The stock has a market cap of $64.15 billion, a price-to-earnings ratio of 19.41, a price-to-earnings-growth ratio of 0.41 and a beta of 0.54. Newmont has a twelve month low of $36.60 and a twelve month high of $58.72.

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

Insiders Place Their Bets

In related news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $42.89, for a total transaction of $128,670.00. Following the completion of the transaction, the executive vice president now owns 79,596 shares of the company’s stock, valued at approximately $3,413,872.44. This represents a 3.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $42.89, for a total value of $89,082.53. Following the completion of the transaction, the director now owns 49,993 shares in the company, valued at $2,144,199.77. The trade was a 3.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 19,154 shares of company stock valued at $825,678 in the last ninety days. Insiders own 0.05% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC grew its position in Newmont by 117.3% in the third quarter. Sanctuary Advisors LLC now owns 34,686 shares of the basic materials company’s stock valued at $1,854,000 after acquiring an additional 18,722 shares in the last quarter. Nordea Investment Management AB lifted its holdings in Newmont by 173.0% in 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 buying an additional 1,578,545 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of Newmont by 57.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 2,379,901 shares of the basic materials company’s stock valued at $88,580,000 after acquiring an additional 865,213 shares in the last quarter. Brookstone Capital Management purchased a new stake in shares of Newmont during the fourth quarter worth about $245,000. Finally, Moody National Bank Trust Division boosted its holdings in Newmont by 13.6% in the fourth quarter. Moody National Bank Trust Division now owns 22,079 shares of the basic materials company’s stock valued at $822,000 after purchasing an additional 2,645 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other 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.