Newmont (NYSE:NEM) Given New $52.00 Price Target at Royal Bank of Canada

Newmont (NYSE:NEM) had its target price lifted by Royal Bank of Canada from $47.00 to $52.00 in a research report report published on Tuesday morning,BayStreet.CA reports. The brokerage currently has a sector perform rating on the basic materials company’s stock.

A number of other analysts have also recently weighed in on the stock. JPMorgan Chase & Co. upgraded shares of Newmont from a “neutral” rating to an “overweight” rating in a research note on Tuesday, November 19th. Bernstein Bank raised their price target on Newmont from $55.00 to $58.00 in a report on Monday, November 11th. The Goldman Sachs Group assumed coverage on Newmont in a research note on Monday, January 13th. They set a “buy” rating and a $47.20 price objective for the company. CIBC downgraded Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. Finally, Raymond James cut their price target on Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a research note on Monday, November 25th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Newmont currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.37.

Newmont Price Performance

Shares of NYSE NEM opened at $45.51 on Tuesday. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The stock has a market cap of $51.81 billion, a P/E ratio of -29.94, a P/E/G ratio of 0.38 and a beta of 0.52. The stock has a 50 day moving average of $40.58 and a two-hundred day moving average of $46.50. Newmont has a twelve month low of $29.42 and a twelve month high of $58.72.

Insider Transactions at Newmont

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the business’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $83,080.00. Following the sale, the director now directly owns 52,070 shares in the company, valued at approximately $2,082,800. The trade was a 3.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Harry M. Iv Conger bought 9,498 shares of the stock in a transaction on Wednesday, November 27th. The stock was purchased at an average cost of $42.15 per share, for a total transaction of $400,340.70. Following the acquisition, the director now directly owns 14,498 shares of the company’s stock, valued at $611,090.70. The trade was a 189.96 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 28,154 shares of company stock valued at $1,166,843 in the last quarter. 0.06% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Newmont

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NEM. Waverton Investment Management Ltd raised its position in shares of Newmont by 14.0% during the 3rd quarter. Waverton Investment Management Ltd now owns 531,041 shares of the basic materials company’s stock worth $28,379,000 after purchasing an additional 65,075 shares during the last quarter. Sanctuary Advisors LLC increased its position in Newmont by 117.3% during the third quarter. Sanctuary Advisors LLC now owns 34,686 shares of the basic materials company’s stock worth $1,854,000 after buying an additional 18,722 shares in the last quarter. Nordea Investment Management AB raised its holdings in shares of Newmont by 173.0% in the fourth quarter. Nordea Investment Management AB now owns 2,491,126 shares of the basic materials company’s stock worth $92,832,000 after acquiring an additional 1,578,545 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Newmont by 57.1% in the fourth quarter. Assenagon Asset Management S.A. now owns 2,379,901 shares of the basic materials company’s stock valued at $88,580,000 after acquiring an additional 865,213 shares in the last quarter. Finally, Red Cedar Investment Management LLC acquired a new stake in shares of Newmont during the third quarter valued at $1,263,000. 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.