Newmont (NYSE:NEM) Upgraded at Barclays

Key Points

• Barclays upgraded Newmont to a “strong-buy” rating, adding to a generally bullish Wall Street view of the gold miner. The stock now has a consensus rating of “Moderate Buy” with an average price target of $142.05.
• Newmont posted better-than-expected quarterly results, reporting EPS of $2.90 versus estimates of $2.07 and revenue of $7.31 billion versus expectations of $6.83 billion. Revenue rose 45.8% year over year.
• Shares were trading around $107.74, below both the 50-day and 200-day moving averages, while insiders recently sold shares and institutional ownership remained high at 68.85%.

Newmont (NYSE:NEM - Get Free Report) was upgraded by investment analysts at Barclays to a "strong-buy" rating in a research report issued on Thursday,Zacks.com reports.

A number of other brokerages have also commented on NEM. The Goldman Sachs Group lifted their price objective on Newmont from $123.20 to $125.10 and gave the stock a "buy" rating in a research report on Tuesday, April 28th. TD Cowen reiterated a "buy" rating on shares of Newmont in a research report on Monday, April 27th. Jefferies Financial Group lifted their price objective on Newmont from $162.00 to $165.00 and gave the stock a "buy" rating in a research report on Friday, April 10th. TD lifted their price objective on Newmont from $116.00 to $129.00 and gave the stock a "hold" rating in a research report on Monday, April 27th. Finally, BNP Paribas Exane boosted their target price on Newmont from $123.00 to $128.00 and gave the stock a "neutral" rating in a research report on Monday, March 2nd. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $142.05.

Newmont Stock Performance

Newmont stock opened at $107.74 on Thursday. The stock has a 50-day simple moving average of $111.03 and a 200 day simple moving average of $108.00. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. Newmont has a 12-month low of $51.80 and a 12-month high of $134.88. The stock has a market capitalization of $115.02 billion, a price-to-earnings ratio of 13.97, a P/E/G ratio of 1.55 and a beta of 0.43.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.07 by $0.83. The business had revenue of $7.31 billion during the quarter, compared to analysts' expectations of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The firm's revenue for the quarter was up 45.8% compared to the same quarter last year. During the same period in the previous year, the business posted $1.25 earnings per share. On average, research analysts anticipate that Newmont will post 9.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Peter Wexler sold 13,378 shares of the business's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $1,473,051.58. Following the completion of the transaction, the executive vice president directly owned 67,865 shares in the company, valued at approximately $7,472,615.15. The trade was a 16.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $330,330.00. Following the completion of the transaction, the executive vice president owned 49,315 shares of the company's stock, valued at $5,430,074.65. This represents a 5.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 43,068 shares of company stock valued at $4,769,475 over the last 90 days. 0.06% of the stock is owned by company insiders.

Hedge Funds Weigh In On Newmont

Institutional investors and hedge funds have recently modified their holdings of the business. GoalVest Advisory LLC acquired a new position in shares of Newmont in the 4th quarter valued at approximately $25,000. Pinnacle Bancorp Inc. bought a new stake in Newmont in the 1st quarter valued at approximately $25,000. Cedar Mountain Advisors LLC bought a new stake in Newmont in the 1st quarter valued at approximately $25,000. Physician Wealth Advisors Inc. lifted its stake in Newmont by 327.8% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company's stock valued at $26,000 after acquiring an additional 236 shares in the last quarter. Finally, Swiss RE Ltd. bought a new stake in Newmont in the 4th quarter valued at approximately $26,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

About Newmont

Newmont Corporation NYSE: NEM is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company's core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.

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