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

On Monday, StockNews.com upgraded Newmont (NYSE:NEM) from a "hold" rating to a "buy" rating in a research note. This change highlights the analysts' positive outlook on the company's future performance.

Analyst Ratings Overview

Other brokerages have also recently revised their perspectives on Newmont. For instance, Raymond James adjusted their target price for Newmont from $62.00 to $59.00 while maintaining an "outperform" rating. Scotiabank lowered their price target from $52.00 to $50.00 and assigned a "sector perform" rating. Meanwhile, Royal Bank of Canada increased their target price on Newmont from $47.00 to $52.00, continuing to hold a "sector perform" rating. Additionally, CIBC downgraded Newmont from a "sector outperform" rating to a "neutral" rating. Overall, analysts have given Newmont a mix of ratings, with one analyst recommending a sell, seven recommending a hold, nine suggesting a buy, and two giving it a strong buy status. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $53.37.

Newmont's Price Performance

On the day of the upgrade, Newmont saw its stock trading down by $1.29, hitting a price of $44.05 per share. The trading volume reached 22,556,776 shares, significantly higher than the average volume of 9,822,314 shares. Newmont holds a market capital of $50.14 billion, with a price-to-earnings (P/E) ratio of 15.03. Its 52-week range shows a low of $29.42 and a high of $58.72, with a fifty-day moving average of $41.64 and a two-hundred-day average of $46.42. The company has manageable debt levels as indicated by a debt-to-equity ratio of 0.30.

Recent Earnings Report

Newmont announced its quarterly earnings data on February 20. The company reported earnings per share (EPS) of $1.40, surpassing analysts' expectations of $1.11 by $0.29. The revenue for the quarter reached $5.65 billion, exceeding the anticipated $5.32 billion. Newmont's net margin was reported at 17.92%, with a return on equity of 13.52%. Analysts predict that the company will post earnings of approximately $3.45 per share for the current fiscal year.

Insider Transactions

In other updates concerning insider trading, Director Bruce R. Brook sold 2,077 shares of Newmont on January 10 at an average price of $40.00, bringing the total transaction amount to $83,080. Post-transaction, Brook retained ownership of 52,070 shares in the company. Additionally, COO Natascha Viljoen also sold 9,000 shares at the same price, for a total of $360,000. In the past 90 days, insiders have sold a collective total of 28,154 shares, valued at $1,166,843, with 0.06% of the stock currently held by insiders.

Institutional Investor Activity

Recently, institutional investors have been active with their shares of Newmont. Waverton Investment Management Ltd increased its stake in Newmont by 14.0% in the third quarter, owning 531,041 shares valued at $28,379,000. Sanctuary Advisors LLC raised its stake by 117.3%, now holding 34,686 shares. Nordea Investment Management AB has ramped up its holdings by 173.0%, now owning a significant 2,491,126 shares worth $92,832,000. Overall, approximately 68.85% of Newmont’s stock is currently owned by hedge funds and institutional investors.

About Newmont

Newmont Corporation is engaged in gold production and exploration, and it also studies resources for copper, silver, zinc, and lead. Its operations span across several countries including the United States, Canada, Mexico, Peru, and Australia, among others.

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