Newmont (NYSE:NEM) PT Lowered to $54.00

Newmont (NYSE:NEM) had its price target reduced by analysts at BMO Capital Markets from $56.00 to $54.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the basic materials company’s stock. BMO Capital Markets’ price objective suggests a potential upside of 31.35% from the stock’s previous close.

NEM has been the subject of a number of other reports. National Bank Financial cut shares of Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research report on Tuesday. Jefferies Financial Group began coverage on shares of Newmont in a research note on Thursday, February 29th. They issued a “buy” rating and a $38.00 price target on the stock. TD Securities increased their price objective on shares of Newmont from $43.00 to $48.00 and gave the company a “hold” rating in a report on Friday, April 26th. Royal Bank of Canada reduced their target price on shares of Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a report on Thursday, February 8th. Finally, Scotiabank lowered their price objective on shares of Newmont from $50.00 to $43.50 and set a “sector perform” rating on the stock in a research report on Wednesday, February 28th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Newmont presently has a consensus rating of “Moderate Buy” and an average price target of $51.61.

Newmont Stock Up 1.3 %

Newmont stock traded up $0.53 during midday trading on Thursday, reaching $41.11. The company’s stock had a trading volume of 3,046,753 shares, compared to its average volume of 13,636,452. The business has a 50-day simple moving average of $36.00 and a 200-day simple moving average of $36.99. The company has a quick ratio of 1.90, a current ratio of 2.15 and a debt-to-equity ratio of 0.32. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $50.18. The company has a market cap of $47.41 billion, a P/E ratio of -15.32, a P/E/G ratio of 1.04 and a beta of 0.48.

Newmont (NYSE:NEM) last announced its quarterly 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. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.66 billion. During the same quarter in the previous year, the company earned $0.40 EPS. The company’s quarterly revenue was up 50.2% on a year-over-year basis. On average, research analysts expect that Newmont will post 2.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Newmont

A number of institutional investors and hedge funds have recently modified their holdings of NEM. Mizuho Securities Co. Ltd. purchased a new stake in shares of Newmont in the third quarter worth about $26,000. Life Planning Partners Inc purchased a new stake in Newmont in the fourth quarter valued at approximately $26,000. Manchester Capital Management LLC raised its stake in Newmont by 171.9% in the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 397 shares in the last quarter. OFI Invest Asset Management bought a new position in Newmont during the third quarter valued at approximately $30,000. Finally, CVA Family Office LLC bought a new position in Newmont during the fourth quarter valued at approximately $34,000. 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.