Newmont (NYSE:NEM) Upgraded at Barclays

Newmont (NYSE:NEM) was upgraded by equities researchers at Barclays to a “strong-buy” rating in a research note issued to investors on Thursday,Zacks.com reports.

Several other research firms also recently commented on NEM. Argus increased their price objective on Newmont from $94.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, April 23rd. Wall Street Zen raised Newmont from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 16th. TD Cowen reissued a “buy” rating on shares of Newmont in a report on Monday, April 27th. National Bank Financial increased their price objective on Newmont from $130.00 to $140.00 and gave the company a “sector perform” rating in a report on Friday, April 24th. Finally, Jefferies Financial Group increased their price objective on Newmont from $162.00 to $165.00 and gave the company a “buy” rating in a report on Friday, April 10th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $142.05.

Newmont Trading Down 0.5%

Newmont stock opened at $107.74 on Thursday. The firm has a 50-day moving average of $111.03 and a 200-day moving average of $108.00. Newmont has a one year low of $51.80 and a one year high of $134.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. The company has a market cap of $115.02 billion, a price-to-earnings ratio of 13.97, a P/E/G ratio of 1.55 and a beta of 0.43.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, topping analysts’ consensus estimates of $2.07 by $0.83. The company had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The company’s quarterly revenue was up 45.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.25 EPS. On average, equities analysts expect that Newmont will post 9.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Newmont news, EVP Peter Wexler sold 13,378 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the transaction, the executive vice president owned 67,865 shares in the company, valued at $7,472,615.15. This trade represents a 16.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $330,330.00. Following the transaction, the executive vice president owned 49,315 shares in the company, valued at $5,430,074.65. The trade was a 5.73% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 43,068 shares of company stock worth $4,769,475 in the last quarter. Insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in NEM. Norges Bank bought a new position in Newmont during the 4th quarter worth $1,443,128,000. Van ECK Associates Corp increased its position in Newmont by 23.4% during the 4th quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock worth $2,973,539,000 after buying an additional 5,643,496 shares during the period. Arrowstreet Capital Limited Partnership increased its position in Newmont by 110.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 8,743,228 shares of the basic materials company’s stock worth $873,011,000 after buying an additional 4,588,018 shares during the period. AQR Capital Management LLC increased its position in Newmont by 82.5% during the 4th quarter. AQR Capital Management LLC now owns 7,402,278 shares of the basic materials company’s stock worth $739,117,000 after buying an additional 3,345,543 shares during the period. Finally, Assetmark Inc. increased its position in Newmont by 398.3% during the 4th quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company’s stock worth $286,619,000 after buying an additional 2,294,396 shares during the period. Institutional investors own 68.85% of the company’s stock.

About Newmont

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.