Newmont (NYSE:NEM) PT Lowered to $54.00

Newmont (NYSE:NEM) had its target price dropped by BMO Capital Markets from $56.00 to $54.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an “outperform” rating on the basic materials company’s stock. BMO Capital Markets’ price objective suggests a potential upside of 32.81% from the stock’s previous close.

Several other equities analysts have also issued reports on the stock. Argus lowered shares of Newmont from a “buy” rating to a “hold” rating in a report on Monday, February 26th. Scotiabank reduced their price target on Newmont from $50.00 to $43.50 and set a “sector perform” rating on the stock in a research report on Wednesday, February 28th. StockNews.com raised Newmont from a “sell” rating to a “hold” rating in a research report on Friday, April 26th. National Bank Financial lowered Newmont from an “outperform overweight” rating to a “sector perform overweight” rating in a research report on Tuesday. Finally, Royal Bank of Canada decreased their price target on Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a research note on Thursday, February 8th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $48.35.

Newmont Stock Down 1.0 %

NYSE NEM traded down $0.39 on Thursday, reaching $40.66. 7,306,324 shares of the stock traded hands, compared to its average volume of 14,411,746. Newmont has a 12 month low of $29.42 and a 12 month high of $50.18. The company has a market cap of $46.89 billion, a price-to-earnings ratio of -15.23, a PEG ratio of 0.97 and a beta of 0.48. The company has a fifty day moving average price of $36.40 and a 200-day moving average price of $37.02. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.90 and a current ratio of 2.15.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.35 by $0.20. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.66 billion. During the same quarter last year, the firm posted $0.40 earnings per share. The business’s revenue for the quarter was up 50.2% on a year-over-year basis. As a group, research analysts forecast that Newmont will post 2.32 EPS for the current fiscal year.

Hedge Funds Weigh In On Newmont

A number of large investors have recently bought and sold shares of the business. Valley Wealth Managers Inc. increased its stake in shares of Newmont by 30.1% during the first quarter. Valley Wealth Managers Inc. now owns 294,284 shares of the basic materials company’s stock worth $10,547,000 after purchasing an additional 68,153 shares in the last quarter. Avidian Wealth Solutions LLC boosted its holdings in Newmont by 28.5% in the 1st quarter. Avidian Wealth Solutions LLC now owns 15,683 shares of the basic materials company’s stock worth $562,000 after buying an additional 3,482 shares during the last quarter. General American Investors Co. Inc. increased its stake in Newmont by 154.9% during the 1st quarter. General American Investors Co. Inc. now owns 115,201 shares of the basic materials company’s stock worth $4,129,000 after buying an additional 70,000 shares in the last quarter. Chevy Chase Trust Holdings LLC raised its holdings in shares of Newmont by 3.9% during the first quarter. Chevy Chase Trust Holdings LLC now owns 764,314 shares of the basic materials company’s stock valued at $27,393,000 after acquiring an additional 28,407 shares during the last quarter. Finally, Wellington Shields & Co. LLC raised its holdings in shares of Newmont by 6.0% during the first quarter. Wellington Shields & Co. LLC now owns 22,900 shares of the basic materials company’s stock valued at $821,000 after acquiring an additional 1,300 shares during the last quarter. 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.