BMO Capital Markets Reiterates Outperform Rating for Newmont (NYSE:NEM)

Newmont (NYSE:NEM)‘s stock had its “outperform” rating reaffirmed by analysts at BMO Capital Markets in a report released on Tuesday, Marketbeat reports. They presently have a $58.00 price target on the basic materials company’s stock, down from their prior price target of $65.00. BMO Capital Markets’ price target suggests a potential upside of 66.76% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Royal Bank of Canada reissued a “sector perform” rating and set a $52.00 price target on shares of Newmont in a research report on Wednesday, September 6th. Argus dropped their price target on Newmont from $55.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday, July 25th. CIBC lowered Newmont from a “sector outperform” rating to a “neutral” rating and dropped their target price for the stock from $54.00 to $50.00 in a research report on Friday, July 21st. Canaccord Genuity Group dropped their target price on Newmont from $63.00 to $57.00 and set a “buy” rating on the stock in a research report on Monday, July 24th. Finally, StockNews.com assumed coverage on Newmont in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.05.

Newmont Trading Down 5.1 %

Shares of NEM stock opened at $34.78 on Tuesday. The firm has a 50-day moving average price of $38.51 and a 200 day moving average price of $41.31. Newmont has a twelve month low of $34.53 and a twelve month high of $60.08. The company has a market capitalization of $27.64 billion, a price-to-earnings ratio of -33.77, a PEG ratio of 1.70 and a beta of 0.41. The company has a current ratio of 2.12, a quick ratio of 1.72 and a debt-to-equity ratio of 0.31.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, October 26th. The basic materials company reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.06). Newmont had a positive return on equity of 6.28% and a negative net margin of 7.35%. The firm had revenue of $2.49 billion for the quarter, compared to analysts’ expectations of $3.20 billion. Research analysts forecast that Newmont will post 1.83 earnings per share for the current fiscal year.

Insider Activity at Newmont

In related news, COO Robert D. Atkinson sold 5,500 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $37.60, for a total value of $206,800.00. Following the completion of the transaction, the chief operating officer now owns 65,251 shares in the company, valued at approximately $2,453,437.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Robert D. Atkinson sold 5,500 shares of the stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $37.60, for a total value of $206,800.00. Following the completion of the sale, the chief operating officer now directly owns 65,251 shares of the company’s stock, valued at approximately $2,453,437.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas Ronald Palmer sold 11,000 shares of the stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $36.47, for a total value of $401,170.00. Following the completion of the sale, the chief executive officer now directly owns 245,039 shares of the company’s stock, valued at $8,936,572.33. The disclosure for this sale can be found here. Insiders sold 50,049 shares of company stock worth $1,901,528 in the last quarter. 0.07% of the stock is owned by company insiders.

Institutional Investors Weigh In On Newmont

A number of hedge funds and other institutional investors have recently made changes to their positions in NEM. Bank Julius Baer & Co. Ltd Zurich increased its holdings in shares of Newmont by 101,647.2% during the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 547,513,832 shares of the basic materials company’s stock valued at $23,356,940,000 after acquiring an additional 546,975,720 shares during the last quarter. Norges Bank acquired a new position in shares of Newmont during the 4th quarter valued at about $332,897,000. BlackRock Inc. increased its holdings in shares of Newmont by 4.6% during the 2nd quarter. BlackRock Inc. now owns 99,433,731 shares of the basic materials company’s stock valued at $4,241,843,000 after acquiring an additional 4,409,771 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec increased its holdings in shares of Newmont by 103.3% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 4,489,270 shares of the basic materials company’s stock valued at $356,749,000 after acquiring an additional 2,281,418 shares during the last quarter. Finally, Two Sigma Investments LP grew its holdings in Newmont by 238.8% in the 1st quarter. Two Sigma Investments LP now owns 3,008,877 shares of the basic materials company’s stock valued at $147,495,000 after buying an additional 2,120,768 shares during the last quarter. 79.53% of the stock is owned by hedge funds and other institutional investors.

Newmont Company Profile

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, and Ghana. As of December 31, 2022, it had proven and probable gold reserves of 96.1 million ounces and land position of 61,500 square kilometers.