Newmont (NYSE:NEM) Price Target Raised to $48.00

Newmont (NYSE:NEM) had its target price hoisted by equities research analysts at TD Securities from $43.00 to $48.00 in a note issued to investors on Friday, MarketBeat Ratings reports. The firm currently has a “hold” rating on the basic materials company’s stock. TD Securities’ target price suggests a potential upside of 12.33% from the company’s previous close.

Several other equities research analysts have also commented on NEM. Jefferies Financial Group started coverage on shares of Newmont in a research report on Thursday, February 29th. They set a “buy” rating and a $38.00 target price on the stock. National Bank Financial restated an “outperform overweight” rating on shares of Newmont in a research report on Monday, April 8th. Royal Bank of Canada decreased their target price on shares of Newmont from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Thursday, February 8th. BMO Capital Markets decreased their price objective on shares of Newmont from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday, February 15th. Finally, Citigroup decreased their price objective on shares of Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a research report on Thursday, April 4th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Newmont currently has an average rating of “Moderate Buy” and a consensus target price of $51.75.

Newmont Price Performance

Shares of NEM opened at $42.73 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.15 and a quick ratio of 0.98. The company’s fifty day moving average is $35.54 and its two-hundred day moving average is $36.94. Newmont has a 1 year low of $29.42 and a 1 year high of $50.18.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.35 by $0.20. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.66 billion. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The business’s revenue was up 50.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.40 EPS. On average, analysts forecast that Newmont will post 2.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Grey Street Capital LLC increased its stake in shares of Newmont by 0.4% during the 4th quarter. Grey Street Capital LLC now owns 69,874 shares of the basic materials company’s stock valued at $2,892,000 after acquiring an additional 289 shares during the last quarter. Moody National Bank Trust Division increased its stake in shares of Newmont by 1.7% during the 1st quarter. Moody National Bank Trust Division now owns 18,044 shares of the basic materials company’s stock valued at $647,000 after acquiring an additional 296 shares during the last quarter. Reitz Capital Advisors LLC increased its stake in shares of Newmont by 1.1% during the 4th quarter. Reitz Capital Advisors LLC now owns 28,174 shares of the basic materials company’s stock valued at $1,166,000 after acquiring an additional 298 shares during the last quarter. Antonetti Capital Management LLC increased its stake in shares of Newmont by 30.0% during the 3rd quarter. Antonetti Capital Management LLC now owns 1,300 shares of the basic materials company’s stock valued at $48,000 after acquiring an additional 300 shares during the last quarter. Finally, Sigma Planning Corp increased its stake in shares of Newmont by 4.6% during the 3rd quarter. Sigma Planning Corp now owns 7,052 shares of the basic materials company’s stock valued at $261,000 after acquiring an additional 309 shares during 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.