Newmont Mining (NYSE:NEM) received a $49.00 price target from research analysts at Credit Suisse Group in a research note issued to investors on Friday. The firm currently has a “buy” rating on the basic materials company’s stock. Credit Suisse Group’s price objective would suggest a potential upside of 54.33% from the company’s previous close.
NEM has been the topic of a number of other research reports. Barclays began coverage on Newmont Mining in a research report on Wednesday, October 10th. They issued an “overweight” rating and a $34.00 price target on the stock. BMO Capital Markets restated a “buy” rating and issued a $46.00 price target on shares of Newmont Mining in a research report on Friday, September 21st. Canaccord Genuity set a $40.00 price target on Newmont Mining and gave the stock a “hold” rating in a research report on Tuesday, July 24th. Zacks Investment Research cut Newmont Mining from a “hold” rating to a “strong sell” rating in a research report on Monday, October 8th. Finally, Deutsche Bank set a $37.00 price target on Newmont Mining and gave the stock a “hold” rating in a research report on Tuesday, October 2nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company. Newmont Mining currently has a consensus rating of “Hold” and a consensus target price of $41.33.
Shares of NYSE NEM traded down $0.67 during mid-day trading on Friday, reaching $31.75. The company had a trading volume of 345,168 shares, compared to its average volume of 7,141,352. The company has a debt-to-equity ratio of 0.36, a quick ratio of 4.02 and a current ratio of 4.70. Newmont Mining has a one year low of $29.06 and a one year high of $42.04. The stock has a market capitalization of $17.21 billion, a P/E ratio of 21.78 and a beta of 0.22.
Newmont Mining (NYSE:NEM) last issued its quarterly earnings results on Thursday, October 25th. The basic materials company reported $0.33 EPS for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.11. Newmont Mining had a positive return on equity of 6.19% and a negative net margin of 2.63%. The company had revenue of $1.73 billion for the quarter, compared to analysts’ expectations of $1.80 billion. Equities research analysts forecast that Newmont Mining will post 1.18 earnings per share for the current year.
In related news, insider Gary J. Goldberg sold 4,000 shares of the firm’s stock in a transaction dated Monday, October 1st. The stock was sold at an average price of $30.20, for a total value of $120,800.00. Following the sale, the insider now directly owns 138,533 shares of the company’s stock, valued at $4,183,696.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Nancy Buese sold 2,000 shares of the firm’s stock in a transaction dated Monday, October 1st. The shares were sold at an average price of $30.20, for a total value of $60,400.00. Following the completion of the sale, the chief financial officer now directly owns 86,577 shares in the company, valued at $2,614,625.40. The disclosure for this sale can be found here. Insiders sold 21,750 shares of company stock worth $670,690 over the last ninety days. 0.36% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the company. Dupont Capital Management Corp boosted its stake in shares of Newmont Mining by 38.7% during the second quarter. Dupont Capital Management Corp now owns 6,864 shares of the basic materials company’s stock valued at $259,000 after purchasing an additional 1,916 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Newmont Mining during the second quarter valued at about $273,000. Private Advisor Group LLC acquired a new stake in shares of Newmont Mining during the third quarter valued at about $225,000. Levin Capital Strategies L.P. acquired a new stake in shares of Newmont Mining during the third quarter valued at about $226,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Newmont Mining during the second quarter valued at about $335,000. 83.14% of the stock is currently owned by hedge funds and other institutional investors.
About Newmont Mining
Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of February 22, 2018, the company had proven and probable gold reserves of 68.5 million ounces and an aggregate land position of approximately 23,000 square miles.
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