Raymond James Increases Newmont Goldcorp (NYSE:NEM) Price Target to $80.00

Newmont Goldcorp (NYSE:NEM) had its price target raised by analysts at Raymond James from $78.00 to $80.00 in a research report issued on Friday, BayStreet.CA reports. The firm currently has an “outperform” rating on the basic materials company’s stock. Raymond James’ price objective points to a potential upside of 15.61% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. TD Securities lifted their price objective on Newmont Goldcorp from $81.00 to $83.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. JPMorgan Chase & Co. boosted their price objective on shares of Newmont Goldcorp from $70.00 to $73.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Credit Suisse Group reaffirmed a “buy” rating and issued a $72.00 price target on shares of Newmont Goldcorp in a report on Wednesday. Deutsche Bank increased their price target on shares of Newmont Goldcorp from $70.00 to $74.00 and gave the company a “buy” rating in a research report on Wednesday, June 17th. Finally, UBS Group raised their price target on Newmont Goldcorp from $46.00 to $58.00 and gave the stock a “neutral” rating in a research report on Friday, April 17th. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $71.08.

Shares of NYSE NEM opened at $69.20 on Friday. The stock has a market capitalization of $55.54 billion, a price-to-earnings ratio of 14.45 and a beta of 0.34. Newmont Goldcorp has a 52 week low of $33.00 and a 52 week high of $70.30. The firm has a 50-day moving average price of $61.12 and a 200 day moving average price of $54.20. The company has a quick ratio of 2.81, a current ratio of 2.81 and a debt-to-equity ratio of 0.26.

Newmont Goldcorp (NYSE:NEM) last issued its earnings results on Thursday, July 30th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.02). Newmont Goldcorp had a net margin of 36.79% and a return on equity of 5.70%. The company had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Equities research analysts expect that Newmont Goldcorp will post 2.52 EPS for the current fiscal year.

In related news, EVP E Randall Engel sold 3,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $63.34, for a total value of $221,690.00. Following the completion of the sale, the executive vice president now directly owns 304,341 shares in the company, valued at $19,276,958.94. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Dean Gehring sold 1,528 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $68.78, for a total transaction of $105,095.84. Following the transaction, the executive vice president now directly owns 19,862 shares of the company’s stock, valued at approximately $1,366,108.36. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 127,745 shares of company stock valued at $8,155,009. Corporate insiders own 0.28% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of NEM. Successful Portfolios LLC increased its stake in Newmont Goldcorp by 3.0% during the first quarter. Successful Portfolios LLC now owns 7,613 shares of the basic materials company’s stock worth $345,000 after acquiring an additional 221 shares during the last quarter. Pacer Advisors Inc. grew its holdings in shares of Newmont Goldcorp by 1.5% during the 1st quarter. Pacer Advisors Inc. now owns 15,662 shares of the basic materials company’s stock worth $928,000 after purchasing an additional 230 shares during the period. Wealth Quarterback LLC increased its position in Newmont Goldcorp by 23.5% during the 1st quarter. Wealth Quarterback LLC now owns 1,219 shares of the basic materials company’s stock worth $55,000 after purchasing an additional 232 shares in the last quarter. Tarbox Family Office Inc. raised its holdings in Newmont Goldcorp by 73.8% in the first quarter. Tarbox Family Office Inc. now owns 570 shares of the basic materials company’s stock valued at $26,000 after buying an additional 242 shares during the period. Finally, Atlas Capital Advisors LLC lifted its position in Newmont Goldcorp by 2.9% during the second quarter. Atlas Capital Advisors LLC now owns 9,066 shares of the basic materials company’s stock valued at $560,000 after buying an additional 259 shares in the last quarter. 81.29% of the stock is currently owned by institutional investors and hedge funds.

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.

Further Reading: 52-week highs

Analyst Recommendations for Newmont Goldcorp (NYSE:NEM)

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