By otakuyassine3@gmail.com 
Newmont (NYSE:NEM – Get Free Report) had its target price upped by Royal Bank of Canada from $47.00 to $52.00 in a research report issued on Tuesday,BayStreet.CA reports. The brokerage currently has a “sector perform” rating on the basic materials company’s stock. Royal Bank of Canada’s price objective would indicate a potential upside of 13.72% from the company’s previous close.
Other research analysts have also recently issued research reports about the stock. CIBC cut shares of Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. JPMorgan Chase & Co. upgraded shares of Newmont from a “neutral” rating to an “overweight” rating in a report on Tuesday, November 19th. Cibc World Mkts downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Scotiabank cut their target price on shares of Newmont from $52.00 to $50.00 and set a “sector perform” rating on the stock in a research note on Tuesday, January 21st. Finally, The Goldman Sachs Group started coverage on shares of Newmont in a research report on Monday, January 13th. They issued a “buy” rating and a $47.20 price objective on the stock. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $53.37.
View Our Latest Stock Analysis on NEM
Newmont Price Performance
Shares of NYSE NEM traded down $0.74 during mid-day trading on Tuesday, hitting $45.73. 4,027,771 shares of the company’s stock traded hands, compared to its average volume of 8,560,226. The company’s 50-day moving average is $40.58 and its two-hundred day moving average is $46.50. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The company has a market capitalization of $52.06 billion, a P/E ratio of -30.06, a PEG ratio of 0.38 and a beta of 0.52. Newmont has a 1 year low of $29.42 and a 1 year high of $58.72.
Insiders Place Their Bets
In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $40.00, for a total value of $120,000.00. Following the sale, the executive vice president now owns 82,596 shares of the company’s stock, valued at approximately $3,303,840. This trade represents a 3.50 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Harry M. Iv Conger acquired 9,498 shares of the company’s stock in a transaction dated Wednesday, November 27th. The shares were bought at an average price of $42.15 per share, for a total transaction of $400,340.70. Following the purchase, the director now owns 14,498 shares in the company, valued at approximately $611,090.70. This represents a 189.96 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 28,154 shares of company stock worth $1,166,843 over the last three months. 0.06% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Newmont
A number of hedge funds have recently made changes to their positions in NEM. Avior Wealth Management LLC grew its position in Newmont by 191.8% during the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock worth $27,000 after buying an additional 326 shares in the last quarter. Prospera Private Wealth LLC purchased a new stake in shares of Newmont in the 3rd quarter worth approximately $28,000. Highline Wealth Partners LLC purchased a new stake in Newmont during the 3rd quarter valued at $32,000. HHM Wealth Advisors LLC lifted its holdings in shares of Newmont by 66.0% during the 4th quarter. HHM Wealth Advisors LLC now owns 880 shares of the basic materials company’s stock valued at $33,000 after buying an additional 350 shares during the period. Finally, Promus Capital LLC bought a new position in Newmont in the 4th quarter worth $38,000. 68.85% of the stock is currently owned by institutional investors.
Newmont Company Profile
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.
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