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

Newmont (NYSE:NEM) had its target price hoisted by research analysts at TD Securities from $43.00 to $48.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the basic materials company’s stock. TD Securities’ target price would indicate a potential upside of 12.57% from the stock’s previous close.

Several other analysts have also recently issued reports on the stock. Argus cut shares of Newmont from a “buy” rating to a “hold” rating in a research report on Monday, February 26th. Citigroup reduced their price target 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. National Bank Financial reissued an “outperform overweight” rating on shares of Newmont in a research report on Monday, April 8th. Royal Bank of Canada reduced their target price on shares of Newmont from $45.00 to $40.00 and set a “sector perform” rating on the stock in a report on Thursday, February 8th. Finally, Jefferies Financial Group began coverage on shares of Newmont in a report on Thursday, February 29th. They set a “buy” rating and a $38.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $51.75.

Newmont Trading Down 1.8 %

NYSE NEM traded down $0.77 during trading hours on Friday, reaching $42.64. The company had a trading volume of 7,218,636 shares, compared to its average volume of 13,705,829. The stock has a 50-day moving average of $35.35 and a 200 day moving average of $36.92. Newmont has a 1-year low of $29.42 and a 1-year high of $50.18. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $49.15 billion, a P/E ratio of -17.88, a price-to-earnings-growth ratio of 1.07 and a beta of 0.50.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.20. The company had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.66 billion. Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. Newmont’s revenue for the quarter was up 50.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.40 earnings per share. As a group, research analysts anticipate that Newmont will post 1.99 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. First Personal Financial Services raised its stake in Newmont by 3.0% in the 1st quarter. First Personal Financial Services now owns 46,774 shares of the basic materials company’s stock valued at $1,676,000 after purchasing an additional 1,354 shares during the last quarter. Mesirow Financial Investment Management Inc. purchased a new stake in Newmont in the 1st quarter valued at about $261,000. KG&L Capital Management LLC grew its holdings in Newmont by 47.7% in the 1st quarter. KG&L Capital Management LLC now owns 14,581 shares of the basic materials company’s stock valued at $523,000 after buying an additional 4,710 shares during the period. Meridian Wealth Management LLC grew its holdings in Newmont by 29.5% in the 1st quarter. Meridian Wealth Management LLC now owns 11,773 shares of the basic materials company’s stock valued at $422,000 after buying an additional 2,684 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in Newmont by 39.8% in the 1st quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock valued at $832,354,000 after buying an additional 6,617,145 shares during the period. 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.