Newmont (NYSE:NEM) Upgraded to Buy by StockNews.com

Newmont (NYSE:NEM - Get Free Report) has received a positive shift in its rating from equities researchers at StockNews.com, which moved the stock from a "hold" designation to a "buy" rating in a report issued on Monday.

Analyst Ratings Overview

In addition to StockNews.com's upgrade, several other financial institutions have provided their insights regarding the stock. For instance, Raymond James reduced their target price for Newmont from $62.00 to $59.00, maintaining an "outperform" rating as of November 25th. Similarly, Scotiabank decreased their price objective from $52.00 to $50.00 while assigning a "sector perform" rating on January 21st. On the other hand, Royal Bank of Canada raised their target for Newmont from $47.00 to $52.00, also classifying it as a "sector perform" stock on February 11th. CIBC made the decision to lower Newmont's rating from "sector outperform" to "neutral" on October 28th, the same day CIBC World Markets downgraded the stock from a "strong-buy" to a "hold" rating.

As it stands, one analyst has given Newmont a sell rating, while seven others have provided hold ratings. Nine analysts rate the stock as a buy, and two have issued a strong buy. According to MarketBeat data, Newmont shares currently hold an average rating of "Moderate Buy" with a consensus target price set at $53.37.

Newmont's Stock Performance

During midday trading on Monday, NEM shares fell by $1.29, reaching a price of $44.05. The trading volume hit approximately 22,556,776 shares, which is significantly higher than the average of 9,822,314. Newmont has a market capitalization of $50.14 billion, a P/E ratio of 15.03, and a price-to-earnings-growth (PEG) ratio of 0.41, with a beta of 0.52. Over the last year, the stock reached a low of $29.42 and a high of $58.72. Newmont's 50-day moving average stands at $41.64, while its 200-day moving average is $46.42. The company also boasts a debt-to-equity ratio of 0.30, with quick and current ratios of 1.73 and 1.96, respectively.

Recent Earnings Report

Newmont last announced its quarterly earnings on February 20th. The company reported earnings per share (EPS) of $1.40, surpassing the analysts' expectations of $1.11 by $0.29. The company generated revenue of $5.65 billion for the quarter, which exceeded projections of $5.32 billion. Newmont noted a net margin of 17.92% and a return on equity of 13.52%; analysts predict the company will earn an average of $3.45 per share for the current fiscal year.

Insider Trading Activity

In other news related to Newmont, Director Bruce R. Brook sold 2,077 shares of the company's stock on January 10th for an average price of $40.00, totaling $83,080.00. Post-sale, he holds 52,070 shares worth approximately $2,082,800, reflecting a 3.84% decrease in his position. Additionally, COO Natascha Viljoen sold 9,000 shares on the same day, bringing in a total of $360,000.00 at an average price of $40.00, leaving her with 145,967 shares valued at around $5,838,680, representing a 5.81% reduction in holdings. In total, insiders sold 28,154 shares over the last 90 days, valued at $1,166,843, with insiders holding 0.06% of stocks in Newmont.

Institutional Investor Activity

Institutional investors and hedge funds have also been active regarding Newmont shares, with Waverton Investment Management Ltd increasing its stake by 14.0% in Q3, now owning 531,041 shares worth about $28,379,000 after acquiring an additional 65,075 shares. Sanctuary Advisors LLC raised its stake by 117.3%, owning 34,686 shares valued at $1,854,000 after purchasing an extra 18,722 shares. Nordea Investment Management AB escalated its position by 173.0% in Q4, now holding 2,491,126 shares worth $92,832,000 following an additional purchase of 1,578,545 shares. Assenagon Asset Management S.A. increased its stake by 57.1% in Q4, holding 2,379,901 shares worth $88,580,000 after acquiring an additional 865,213 shares. Additionally, Red Cedar Investment Management LLC took a new stake in Newmont valued at about $1,263,000 in Q3. Currently, hedge funds and institutional investors hold 68.85% of the company's stock.

About Newmont Corporation

Newmont Corporation is primarily engaged in producing and exploring for gold, while also focusing on copper, silver, zinc, and lead. The firm operates or possesses assets across numerous countries, including the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.

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