Newmont (NYSE:NEM) Rating Increased to Strong-Buy at Wall Street Zen

Key Points

• Newmont's stock rating has been upgraded to Strong-Buy by Wall Street Zen, reflecting increasing confidence in the company's performance.
• The company's latest earnings report revealed a surprising $1.71 earnings per share, surpassing analysts' forecasts by $0.44
• Analysts have diverse outlooks on Newmont, with five rating it as Strong Buy, while one has given it a Sell rating, indicating varied sentiment among investors.

Newmont (NYSE:NEM - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a report released on Saturday.

A number of other equities analysts have also weighed in on NEM. CIBC set a $112.00 price objective on Newmont and gave the stock an "outperformer" rating in a research note on Friday, October 10th. National Bankshares restated an "outperform" rating on shares of Newmont in a research report on Monday, September 22nd. Cibc World Mkts upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 10th. The Goldman Sachs Group set a $104.30 price objective on shares of Newmont and gave the company a "buy" rating in a research report on Sunday, October 12th. Finally, Weiss Ratings lowered shares of Newmont from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, October 8th. Five investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $90.59.

Newmont Stock Performance

NEM opened at $83.25 on Friday. The firm has a market cap of $91.45 billion, a P/E ratio of 12.93, a PEG ratio of 0.60 and a beta of 0.34. Newmont has a 1-year low of $36.86 and a 1-year high of $98.58. The company has a 50 day simple moving average of $81.17 and a two-hundred day simple moving average of $65.41. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, topping analysts' consensus estimates of $1.27 by $0.44. The business had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.14 billion. Newmont had a net margin of 33.42% and a return on equity of 20.69%. The company's revenue was up 20.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.81 earnings per share. Equities analysts forecast that Newmont will post 3.45 earnings per share for the current fiscal year.

Insider Transactions at Newmont

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of the firm's stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the sale, the chief accounting officer owned 32,615 shares of the company's stock, valued at $2,218,472.30. This trade represents a 17.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $190,980.00. Following the completion of the sale, the executive vice president directly owned 58,736 shares of the company's stock, valued at approximately $3,739,133.76. The trade was a 4.86% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,249 shares of company stock worth $1,132,065. 0.05% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Newmont

A number of institutional investors and hedge funds have recently modified their holdings of the business. Cloud Capital Management LLC bought a new stake in shares of Newmont during the first quarter worth $26,000. Colonial Trust Advisors lifted its holdings in Newmont by 315.4% during the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock valued at $27,000 after buying an additional 429 shares in the last quarter. Concord Wealth Partners lifted its holdings in Newmont by 534.7% during the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company's stock valued at $27,000 after buying an additional 385 shares in the last quarter. Evermay Wealth Management LLC lifted its holdings in Newmont by 408.2% during the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company's stock valued at $29,000 after buying an additional 400 shares in the last quarter. Finally, Private Trust Co. NA lifted its holdings in Newmont by 122.6% during the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock valued at $30,000 after buying an additional 347 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

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.

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