Newmont Goldcorp (NYSE:NEM) received a $48.00 price objective from analysts at Raymond James in a research note issued to investors on Tuesday, BayStreet.CA reports. The brokerage presently has an “outperform” rating on the basic materials company’s stock. Raymond James’ target price points to a potential upside of 22.94% from the stock’s previous close.
A number of other analysts also recently issued reports on the company. Royal Bank of Canada raised Newmont Goldcorp from an “underperform” rating to a “sector perform” rating and set a $45.00 price objective on the stock in a research note on Monday, September 9th. B. Riley lowered their target price on Newmont Goldcorp from $43.90 to $41.30 and set a “neutral” rating for the company in a research report on Monday, October 21st. National Bank Financial reiterated an “outperform market weight” rating on shares of Newmont Goldcorp in a research report on Wednesday, October 23rd. BMO Capital Markets cut their target price on shares of Newmont Goldcorp from $50.00 to $47.00 and set an “outperform” rating for the company in a report on Tuesday. They noted that the move was a valuation call. Finally, Macquarie started coverage on shares of Newmont Goldcorp in a research report on Thursday, September 12th. They issued a “neutral” rating on the stock. One research analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Newmont Goldcorp currently has a consensus rating of “Buy” and an average target price of $43.41.
Shares of NEM traded up $0.30 during midday trading on Tuesday, hitting $39.05. 5,565,893 shares of the company traded hands, compared to its average volume of 5,556,034. The stock has a market cap of $31.48 billion, a price-to-earnings ratio of 28.92 and a beta of -0.06. The firm has a 50 day moving average of $38.20 and a 200-day moving average of $37.62. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.76 and a current ratio of 2.18. Newmont Goldcorp has a 52 week low of $29.77 and a 52 week high of $41.23.
Newmont Goldcorp (NYSE:NEM) last issued its earnings results on Tuesday, November 5th. The basic materials company reported $0.36 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.03). Newmont Goldcorp had a return on equity of 4.71% and a net margin of 25.42%. The firm had revenue of $2.71 billion during the quarter, compared to the consensus estimate of $2.83 billion. During the same period last year, the firm posted $0.33 earnings per share. The company’s revenue for the quarter was up 57.2% compared to the same quarter last year. Sell-side analysts predict that Newmont Goldcorp will post 1.32 earnings per share for the current fiscal year.
In other Newmont Goldcorp news, CAO John Kitlen sold 750 shares of the business’s stock in a transaction that occurred on Monday, September 9th. The stock was sold at an average price of $39.32, for a total transaction of $29,490.00. Following the completion of the transaction, the chief accounting officer now owns 41,923 shares in the company, valued at $1,648,412.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas Ronald Palmer sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $39.68, for a total value of $158,720.00. Following the transaction, the chief executive officer now directly owns 246,073 shares in the company, valued at approximately $9,764,176.64. The disclosure for this sale can be found here. In the last three months, insiders have sold 31,750 shares of company stock worth $1,216,328. Corporate insiders own 0.44% of the company’s stock.
Several hedge funds have recently modified their holdings of NEM. Advantage Investment Management LLC grew its position in shares of Newmont Goldcorp by 556.0% during the 2nd quarter. Advantage Investment Management LLC now owns 656 shares of the basic materials company’s stock worth $25,000 after buying an additional 556 shares in the last quarter. Sterling Investment Advisors Ltd. purchased a new stake in Newmont Goldcorp in the second quarter worth about $25,000. Valley National Advisers Inc. lifted its stake in Newmont Goldcorp by 1,212.0% in the second quarter. Valley National Advisers Inc. now owns 656 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 606 shares during the period. Reilly Financial Advisors LLC purchased a new stake in Newmont Goldcorp in the third quarter worth about $26,000. Finally, Parkside Financial Bank & Trust grew its holdings in Newmont Goldcorp by 65.6% during the 2nd quarter. Parkside Financial Bank & Trust now owns 760 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 301 shares in the last quarter. 81.06% of the stock is owned by hedge funds and other institutional investors.
About Newmont Goldcorp
Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of December 31, 2018, the company had proven and probable gold reserves of 65.4 million ounces and an aggregate land position of approximately 24,000 square miles.
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