Newmont (NYSE:NEM) Given New $54.00 Price Target at BMO Capital Markets

Newmont (NYSE:NEM - Get Free Report) had its price objective decreased by research analysts at BMO Capital Markets from $56.00 to $54.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an "outperform" rating on the basic materials company's stock. BMO Capital Markets' price objective indicates a potential upside of 31.55% from the company's previous close.

NEM has been the subject of several other reports. TD Securities boosted their target price on Newmont from $43.00 to $48.00 and gave the stock a "hold" rating in a report on Friday, April 26th. Jefferies Financial Group initiated coverage on Newmont in a report on Thursday, February 29th. They issued a "buy" rating and a $38.00 price target on the stock. StockNews.com raised Newmont from a "sell" rating to a "hold" rating in a research note on Friday, April 26th. Citigroup dropped their price target on Newmont from $60.00 to $45.00 and set a "buy" rating on the stock in a research report on Thursday, April 4th. Finally, National Bank Financial downgraded shares of Newmont from an "outperform overweight" rating to a "sector perform overweight" rating in a report on Tuesday. Seven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Newmont currently has a consensus rating of "Moderate Buy" and a consensus price target of $51.61.

Newmont Stock Up 1.2 %

NYSE:NEM traded up $0.47 during midday trading on Thursday, reaching $41.05. 8,104,674 shares of the stock traded hands, compared to its average volume of 13,702,354. The business has a 50-day moving average of $36.00 and a two-hundred day moving average of $36.99. The stock has a market capitalization of $47.34 billion, a PE ratio of -15.42, a price-to-earnings-growth ratio of 1.04 and a beta of 0.48. Newmont has a 12-month low of $29.42 and a 12-month high of $50.18. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.90 and a current ratio of 2.15.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.55 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $0.20. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The firm had revenue of $4.02 billion during the quarter, compared to analysts' expectations of $3.66 billion. During the same quarter in the previous year, the business posted $0.40 earnings per share. The business's quarterly revenue was up 50.2% compared to the same quarter last year. On average, equities analysts forecast that Newmont will post 2.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Newmont

Hedge funds and other institutional investors have recently made changes to their positions in the business. Kingswood Wealth Advisors LLC acquired a new position in Newmont in the 3rd quarter valued at $372,000. Pinnacle Associates Ltd. boosted its holdings in shares of Newmont by 15.6% in the third quarter. Pinnacle Associates Ltd. now owns 12,753 shares of the basic materials company's stock valued at $471,000 after buying an additional 1,721 shares during the period. Raymond James & Associates raised its position in Newmont by 18.3% during the third quarter. Raymond James & Associates now owns 530,565 shares of the basic materials company's stock worth $19,604,000 after acquiring an additional 82,115 shares in the last quarter. Stratos Wealth Advisors LLC bought a new position in Newmont during the third quarter worth about $1,729,000. Finally, Mn Services Vermogensbeheer B.V. grew its stake in Newmont by 2.8% during the third quarter. Mn Services Vermogensbeheer B.V. now owns 389,180 shares of the basic materials company's stock worth $14,380,000 after buying an additional 10,700 shares in the last quarter. Institutional investors and hedge funds own 68.85% of the company's stock.

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.