Newmont (NYSE:NEM) Rating Increased to Buy at The Goldman Sachs Group

Key Points

• Goldman Sachs has upgraded Newmont (NYSE:NEM) from a "hold" rating to a "buy" rating, with a price target of $104.30, indicating a potential upside of 16.71% from current levels.
• Newmont's quarterly earnings report revealed an EPS of $1.43, significantly surpassing the consensus estimate of $0.95, alongside a 20.8% year-over-year revenue increase.
• Institutional investors own 68.85% of Newmont's stock, with several firms recently adjusting their positions in the company.

Newmont (NYSE:NEM - Get Free Report) was upgraded by The Goldman Sachs Group from a "hold" rating to a "buy" rating in a research note issued to investors on Sunday, MarketBeat reports. The brokerage presently has a $104.30 price target on the basic materials company's stock. The Goldman Sachs Group's price target suggests a potential upside of 16.71% from the stock's current price.

A number of other research analysts also recently weighed in on the company. 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. Raymond James Financial set a $96.00 target price on Newmont in a research note on Friday. Weiss Ratings cut Newmont from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, October 8th. TD Securities raised their target price on Newmont from $67.00 to $89.00 and gave the stock a "hold" rating in a report on Wednesday, October 8th. Finally, Macquarie cut Newmont from a "strong-buy" rating to a "hold" rating in a report on Tuesday, September 2nd. Five analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $83.18.

Newmont Trading Up 5.0%

Shares of NEM stock opened at $89.36 on Friday. The firm has a market cap of $98.16 billion, a P/E ratio of 16.04, a price-to-earnings-growth ratio of 0.94 and a beta of 0.34. The business has a 50-day moving average price of $77.25 and a two-hundred day moving average price of $62.93. The company has a quick ratio of 1.91, a current ratio of 2.23 and a debt-to-equity ratio of 0.23. Newmont has a 12-month low of $36.86 and a 12-month high of $89.42.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, topping the consensus estimate of $0.95 by $0.48. The firm had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The company's quarterly revenue was up 20.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.72 earnings per share. Equities analysts anticipate that Newmont will post 3.45 EPS for the current fiscal year.

Insider Activity at Newmont

In related news, CAO Brian Tabolt sold 7,015 shares of the business's stock in a transaction that occurred on Wednesday, August 6th. The stock was 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 in the company, valued at approximately $2,218,472.30. The trade was 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 accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 58,736 shares of the company's stock, valued at $3,739,133.76. This trade represents a 4.86% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,249 shares of company stock worth $1,132,065. Company insiders own 0.05% of the company's stock.

Institutional Investors Weigh In On Newmont

Hedge funds have recently added to or reduced their stakes in the business. Summit Financial Wealth Advisors LLC boosted its stake in shares of Newmont by 2.3% during the 3rd quarter. Summit Financial Wealth Advisors LLC now owns 6,584 shares of the basic materials company's stock worth $566,000 after acquiring an additional 145 shares in the last quarter. Hemington Wealth Management raised its holdings in Newmont by 17.6% in the 2nd quarter. Hemington Wealth Management now owns 1,135 shares of the basic materials company's stock valued at $66,000 after acquiring an additional 170 shares during the last quarter. IVC Wealth Advisors LLC increased its holdings in shares of Newmont by 1.3% during the 2nd quarter. IVC Wealth Advisors LLC now owns 13,947 shares of the basic materials company's stock worth $813,000 after buying an additional 173 shares during the last quarter. L2 Asset Management LLC increased its holdings in shares of Newmont by 3.6% during the 2nd quarter. L2 Asset Management LLC now owns 4,987 shares of the basic materials company's stock worth $291,000 after buying an additional 174 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. boosted its position in shares of Newmont by 11.9% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,737 shares of the basic materials company's stock worth $101,000 after purchasing an additional 185 shares during the period. 68.85% of the stock is owned by hedge funds and other 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.