Newmont Rating Upgraded to Buy by StockNews.com

Newmont Corporation (NYSE:NEM) recently received an upgrade from StockNews.com, moving its rating from "hold" to "buy" in a report released on Monday.

Market Reactions and Analyst Ratings

Multiple other brokerage firms have also provided insights on Newmont's stock. For instance, Raymond James adjusted their target price for Newmont from $62.00 to $59.00, maintaining an "outperform" rating in a report dated November 25. Similarly, Scotiabank revised their price objective down from $52.00 to $50.00, categorizing it under a "sector perform" rating on January 21. Meanwhile, the Royal Bank of Canada raised Newmont's price target from $47.00 to $52.00, continuing to assign it a "sector perform" rating on February 11. CIBC downgraded their rating from "sector outperform" to "neutral" on October 28, while CIBC World Markets also reduced their rating from "strong-buy" to "hold" on the same date. Overall, one analyst rates the stock as a sell, seven categorize it as hold, nine assess it as buy, and two rate it as strong buy. MarketBeat shows that Newmont holds an average rating of "Moderate Buy" along with a consensus target price of $53.37.

Newmont's Price Performance

Notably, during midday trading on Monday, Newmont's stock price decreased by $1.29, bringing it to $44.05. The trading volume reached 22,556,776 shares, which is higher than the average volume of 9,822,314. The company currently has a market capitalization of $50.14 billion, a price-to-earnings ratio of 15.03, and a price-to-earnings growth ratio of 0.41. The one-year low for Newmont's stock is $29.42, while the one-year high is $58.72. The stock's fifty-day moving average stands at $41.64, and its two-hundred-day average is at $46.42. Furthermore, Newmont has a debt-to-equity ratio of 0.30, a quick ratio of 1.73, and a current ratio of 1.96.

Recent Earnings Report

On February 20, Newmont released its last quarterly earnings report, revealing an earnings per share (EPS) of $1.40, surpassing analysts' expectations of $1.11 by $0.29. The company's revenue totaled $5.65 billion, outperforming the anticipated $5.32 billion. Newmont generated a net margin of 17.92% and a return on equity of 13.52%. Analysts predict that Newmont will achieve an EPS of 3.45 for the current fiscal year.

Insider Transactions

In related news, Newmont's Director Bruce R. Brook sold 2,077 shares of stock on January 10, fetching an average price of $40.00 per share, resulting in a total transaction of $83,080. Following this sale, Brook now owns 52,070 shares in Newmont, valued at approximately $2,082,800, reflecting a 3.84% decrease in his holdings. Additionally, Chief Operating Officer Natascha Viljoen sold 9,000 shares on the same date, with an average selling price of $40.00, totaling $360,000. This sale caused a 5.81% decrease in her stock position, and she now owns 145,967 shares valued around $5,838,680. In the last 90 days, insiders have sold a total of 28,154 shares worth $1,166,843, with company insiders currently holding 0.06% of the stock.

Hedge Fund Activity

Recently, several institutional investors and hedge funds have adjusted their positions in Newmont. Waverton Investment Management Ltd increased their stake by 14% in the third quarter, now holding 531,041 shares worth $28,379,000 after buying 65,075 shares recently. Sanctuary Advisors LLC boosted their holdings by 117.3% during the same period, now owning 34,686 shares valued at $1,854,000. Nordea Investment Management AB expanded its stake by 173%, acquiring 2,491,126 shares worth $92,832,000 in the fourth quarter. Assenagon Asset Management S.A. increased their stake by 57.1%, owning 2,379,901 shares worth $88,580,000 after acquiring an additional 865,213 shares. Additionally, Red Cedar Investment Management LLC bought a new stake valued at approximately $1,263,000 in the third quarter. Hedge funds and other institutional investors currently hold around 68.85% of Newmont's stock.

About Newmont Corporation

Newmont Corporation focuses on the exploration and production of gold, alongside other minerals like copper, silver, zinc, and lead. The company's operations span across the United States, Canada, Mexico, the Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.

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