Newmont (NYSE:NEM) Upgraded at Weiss Ratings

Key Points

• Newmont was upgraded by Weiss Ratings from a "hold (c+)" rating to a "buy (b-)" rating, reflecting increased confidence in the company's stock.
• The company reported impressive quarterly earnings of $1.71 per share, surpassing analysts' estimates and marking a 20% increase in revenue compared to the previous year.
• Institutional investors hold 68.85% of Newmont's stock, indicating strong interest and support from major financial entities.

Newmont (NYSE:NEM - Get Free Report) was upgraded by research analysts at Weiss Ratings from a "hold (c+)" rating to a "buy (b-)" rating in a research report issued on Saturday,Weiss Ratings reports.

A number of other research firms have also commented on NEM. Stifel Canada raised Newmont to a "strong-buy" rating in a research report on Tuesday, July 8th. Cibc World Mkts raised Newmont from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 10th. Scotiabank raised Newmont from a "sector perform" rating to a "sector outperform" rating and upped their price target for the company from $71.50 to $114.00 in a research report on Thursday. Royal Bank Of Canada upgraded Newmont from a "sector perform" rating to an "outperform" rating and upped their target price for the stock from $66.00 to $95.00 in a report on Wednesday, September 10th. Finally, UBS Group upped their price target on Newmont from $92.00 to $105.50 and gave the stock a "buy" rating in a research note on Thursday, October 16th. Five investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $90.59.

Newmont Price Performance

NEM opened at $83.25 on Friday. The stock has a 50-day moving average price of $81.17 and a 200-day moving average price of $65.56. Newmont has a 12-month low of $36.86 and a 12-month high of $98.58. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $91.45 billion, a P/E ratio of 12.93, a PEG ratio of 0.57 and a beta of 0.34.

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

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total transaction of $176,779.20. Following the transaction, the director directly owned 36,869 shares in the company, valued at approximately $3,133,496.31. The trade was a 5.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Friday, August 1st. The shares were sold at an average price of $63.66, for a total value of $190,980.00. Following the transaction, the executive vice president owned 58,736 shares in the company, valued at $3,739,133.76. This trade represents a 4.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,249 shares of company stock worth $1,132,065. Corporate insiders own 0.05% of the company's stock.

Institutional Investors Weigh In On Newmont

A number of institutional investors and hedge funds have recently bought and sold shares of NEM. Vicus Capital bought a new stake in shares of Newmont in the third quarter worth about $367,000. MGO One Seven LLC increased its holdings in shares of Newmont by 6.6% in the third quarter. MGO One Seven LLC now owns 66,033 shares of the basic materials company's stock worth $5,567,000 after purchasing an additional 4,069 shares during the last quarter. Citizens Financial Group Inc. RI increased its holdings in shares of Newmont by 8.3% in the third quarter. Citizens Financial Group Inc. RI now owns 20,718 shares of the basic materials company's stock worth $1,747,000 after purchasing an additional 1,592 shares during the last quarter. Tema Etfs LLC bought a new stake in shares of Newmont in the third quarter worth about $1,412,000. Finally, ORG Wealth Partners LLC grew its position in Newmont by 104.1% in the third quarter. ORG Wealth Partners LLC now owns 2,464 shares of the basic materials company's stock worth $208,000 after acquiring an additional 1,257 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

Newmont Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.