Zacks Research Upgrades Newmont (NYSE:NEM) to “Strong-Buy”

Newmont (NYSE:NEM) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other research analysts have also recently commented on the company. Weiss Ratings cut Newmont from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 27th. Barclays initiated coverage on shares of Newmont in a research report on Thursday, May 21st. They set an “overweight” rating and a $133.00 price objective for the company. Bank of America raised their target price on shares of Newmont from $134.00 to $151.00 and gave the company a “buy” rating in a report on Thursday, February 26th. National Bank Financial boosted their target price on shares of Newmont from $130.00 to $140.00 and gave the company a “sector perform” rating in a research report on Friday, April 24th. Finally, Macquarie Infrastructure cut their price target on shares of Newmont from $133.00 to $123.00 and set an “outperform” rating for the company in a report on Monday. Three analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Newmont has an average rating of “Moderate Buy” and an average target price of $141.79.

Newmont Stock Up 2.5%

NYSE NEM opened at $108.46 on Monday. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. The company has a market cap of $115.79 billion, a price-to-earnings ratio of 14.07, a PEG ratio of 1.75 and a beta of 0.42. The company has a 50 day moving average of $110.66 and a 200-day moving average of $110.41. Newmont has a 1-year low of $55.37 and a 1-year high of $134.88.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.07 by $0.83. The business had revenue of $7.31 billion for the quarter, compared to the consensus estimate of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The firm’s quarterly revenue was up 45.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.25 earnings per share. On average, equities research analysts expect that Newmont will post 9.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $105.32, for a total value of $408,852.24. Following the completion of the transaction, the chief executive officer owned 142,999 shares of the company’s stock, valued at approximately $15,060,654.68. This represents a 2.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Wexler sold 13,378 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the completion of the sale, the executive vice president owned 67,865 shares in the company, valued at approximately $7,472,615.15. The trade was a 16.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders sold a total of 28,556 shares of company stock worth $3,120,276 in the last ninety days. Insiders own 0.06% of the company’s stock.

Institutional Trading of Newmont

A number of hedge funds and other institutional investors have recently modified their holdings of NEM. CWM LLC boosted its position in Newmont by 64.6% during the 4th quarter. CWM LLC now owns 202,892 shares of the basic materials company’s stock worth $20,259,000 after buying an additional 79,617 shares during the period. Wealth Enhancement Advisory Services LLC increased its position in Newmont by 24.1% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 280,920 shares of the basic materials company’s stock valued at $30,775,000 after acquiring an additional 54,530 shares during the period. AustralianSuper Pty Ltd increased its position in Newmont by 124.8% in the 3rd quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company’s stock valued at $27,843,000 after acquiring an additional 183,360 shares during the period. Leonteq Securities AG bought a new position in shares of Newmont during the fourth quarter valued at $9,018,000. Finally, Waverton Investment Management Ltd raised its stake in shares of Newmont by 3.4% during the third quarter. Waverton Investment Management Ltd now owns 704,331 shares of the basic materials company’s stock valued at $59,365,000 after acquiring an additional 23,139 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Key Stories Impacting Newmont

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Newmont announced key executive appointments, naming veteran insiders to the CFO, COO, and CTO roles starting July 1. Investors often view management continuity and promoting experienced leaders as a sign of operational stability and smoother execution. Newmont Announces Key Executive Appointments for the Next Phase of Delivery
• Positive Sentiment: Several recent commentaries highlighted Newmont as a value idea and a Zacks Rank #1 stock, which can boost investor interest and reinforce the bullish case for the shares. Best Value Stocks to Buy for June 16th
• Positive Sentiment: Gold-price optimism is helping sentiment around Newmont, with reports suggesting the recent gold pullback may be more of a reset than a trend reversal. As one of the largest gold miners, Newmont tends to benefit when investors expect gold to rebound. Gold’s Correction Looks More Like a Reset. Newmont and These 4 Stocks Are Buys.
• Neutral Sentiment: Analyst and media coverage continues to keep Newmont in focus, including pieces on whether the stock remains attractive versus peers like Agnico Eagle Mines. This keeps attention high, but does not by itself change fundamentals. NEM or AEM: Which Is the Better Value Stock Right Now?
• Negative Sentiment: One note of caution is that Macquarie trimmed its price target on Newmont, even while keeping an outperform rating. That kind of revision can temper enthusiasm if investors worry about near-term upside. Macquarie adjusts price target on Newmont

Newmont Company Profile

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.