Newmont Goldcorp (NYSE:NEM) has been assigned a $45.00 target price by investment analysts at Barclays in a note issued to investors on Tuesday, TipRanks reports. The brokerage presently has a “buy” rating on the basic materials company’s stock. Barclays‘s price objective suggests a potential upside of 16.55% from the stock’s current price.
A number of other research analysts have also recently commented on NEM. Royal Bank of Canada upgraded Newmont Goldcorp from an “underperform” rating to a “sector perform” rating and set a $45.00 price target on the stock in a research report on Monday, September 9th. Raymond James set a $47.00 price target on Newmont Goldcorp and gave the stock an “outperform” rating in a research report on Monday, September 23rd. ValuEngine upgraded Newmont Goldcorp from a “strong sell” rating to a “sell” rating in a research report on Friday, October 11th. TheStreet cut Newmont Goldcorp from a “b-” rating to a “c+” rating in a research report on Tuesday, October 1st. Finally, BMO Capital Markets upgraded Newmont Goldcorp from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $45.00 to $50.00 in a research report on Wednesday, September 11th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Newmont Goldcorp presently has an average rating of “Buy” and a consensus price target of $43.89.
Shares of NYSE NEM traded up $0.78 during mid-day trading on Tuesday, reaching $38.61. The company had a trading volume of 2,312,978 shares, compared to its average volume of 6,716,955. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.38 and a current ratio of 1.83. Newmont Goldcorp has a one year low of $29.06 and a one year high of $41.23. The firm has a market cap of $31.16 billion, a price-to-earnings ratio of 28.60 and a beta of -0.10. The business’s 50-day simple moving average is $38.98 and its 200 day simple moving average is $36.48.
Newmont Goldcorp (NYSE:NEM) last issued its quarterly earnings results on Thursday, July 25th. The basic materials company reported $0.12 EPS for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.11). Newmont Goldcorp had a positive return on equity of 4.79% and a negative net margin of 1.03%. The company had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.29 billion. During the same quarter in the previous year, the business posted $0.26 EPS. The firm’s revenue for the quarter was up 35.8% on a year-over-year basis. On average, sell-side analysts anticipate that Newmont Goldcorp will post 1.42 EPS for the current year.
In related news, President Thomas Ronald Palmer sold 16,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $35.89, for a total value of $574,240.00. Following the sale, the president now directly owns 256,823 shares of the company’s stock, valued at $9,217,377.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO John Kitlen sold 750 shares of the firm’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $39.32, for a total value of $29,490.00. Following the completion of the sale, the chief accounting officer now directly owns 41,923 shares in the company, valued at $1,648,412.36. The disclosure for this sale can be found here. Insiders sold 78,555 shares of company stock worth $3,020,824 over the last ninety days. 0.44% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its stake in shares of Newmont Goldcorp by 27.8% during the second quarter. BlackRock Inc. now owns 109,649,438 shares of the basic materials company’s stock valued at $4,218,213,000 after purchasing an additional 23,820,369 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Newmont Goldcorp by 52.2% in the second quarter. Vanguard Group Inc. now owns 89,715,566 shares of the basic materials company’s stock worth $3,451,358,000 after acquiring an additional 30,786,889 shares during the period. Van ECK Associates Corp lifted its stake in shares of Newmont Goldcorp by 33.0% in the second quarter. Van ECK Associates Corp now owns 37,040,057 shares of the basic materials company’s stock worth $1,424,931,000 after acquiring an additional 9,198,168 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Newmont Goldcorp by 32.7% in the second quarter. Bank of New York Mellon Corp now owns 13,512,764 shares of the basic materials company’s stock worth $519,836,000 after acquiring an additional 3,328,151 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Newmont Goldcorp by 13.2% in the second quarter. Price T Rowe Associates Inc. MD now owns 11,868,501 shares of the basic materials company’s stock worth $456,581,000 after acquiring an additional 1,380,005 shares during the period. 80.30% of the stock is currently owned by hedge funds and other institutional investors.
Newmont Goldcorp Company Profile
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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