Zacks Research Upgrades Newmont (NYSE:NEM) to "Strong-Buy"

Key Points

• Zacks Research has upgraded Newmont (NYSE:NEM) from a "hold" rating to a "strong-buy" rating, indicating a positive outlook for the stock.
• The company reported $1.43 EPS for the last quarter, exceeding analysts' expectations and showing a 20.8% year-over-year revenue growth.
• Despite the upgrade, some analysts, including BNP Paribas, have adjusted their ratings, reflecting mixed views on Newmont's stock potential among experts.

Newmont (NYSE:NEM - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Monday,Zacks.com reports.

Several other analysts also recently commented on the stock. BNP Paribas downgraded shares of Newmont from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 4th. Raymond James Financial set a $96.00 target price on Newmont in a research note on Friday, October 10th. Cibc World Mkts raised 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 target on shares of Newmont and gave the company a "buy" rating in a research report on Sunday, October 12th. Finally, TD Securities raised their price target on shares of Newmont from $67.00 to $89.00 and gave the stock a "hold" rating in a research note on Wednesday, October 8th. Five investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Newmont currently has a consensus rating of "Moderate Buy" and an average price target of $87.59.

Newmont Trading Down 0.5%

NEM opened at $85.88 on Monday. The firm has a market capitalization of $94.34 billion, a PE ratio of 15.42, a P/E/G ratio of 0.65 and a beta of 0.34. 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 has a fifty-two week low of $36.86 and a fifty-two week high of $98.58. The company's 50-day moving average is $80.11 and its 200 day moving average is $64.69.

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

Insider Buying and Selling at Newmont

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

Institutional Investors Weigh In On Newmont

Institutional investors and hedge funds have recently bought and sold shares of the stock. Cloud Capital Management LLC bought a new position in shares of Newmont in the 1st quarter worth $26,000. Colonial Trust Advisors increased its stake in Newmont by 315.4% in the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock valued at $27,000 after acquiring an additional 429 shares during the last quarter. Concord Wealth Partners increased its stake in Newmont by 534.7% in the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company's stock valued at $27,000 after acquiring an additional 385 shares during the last quarter. Evermay Wealth Management LLC raised its position in Newmont by 408.2% during the second quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company's stock valued at $29,000 after purchasing an additional 400 shares in the last quarter. Finally, Private Trust Co. NA boosted its holdings in shares of Newmont by 122.6% in the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock worth $30,000 after purchasing an additional 347 shares in the last quarter. 68.85% of the stock is owned by hedge funds and other 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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