Zacks Investment Research Upgrades Newmont Mining (NEM) to “Buy”

Newmont Mining (NYSE:NEM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Friday. The firm currently has a $41.00 price target on the basic materials company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.53% from the company’s previous close.

According to Zacks, “Newmont’s shares have outperformed the industry it belongs to in the past three months. The company is making notable progress with its growth projects. We are also impressed with its  efforts to reduce debt and improve efficiency. Moreover, the acquisition of CC&V represents a significant opportunity.”

Several other brokerages have also weighed in on NEM. B. Riley reiterated a “neutral” rating on shares of Newmont Mining in a report on Wednesday, November 1st. TheStreet lowered shares of Newmont Mining from a “b-” rating to a “c” rating in a report on Friday, November 17th. BMO Capital Markets set a $45.00 price objective on shares of Newmont Mining and gave the company a “buy” rating in a report on Tuesday, November 14th. TD Securities set a $42.00 price objective on shares of Newmont Mining and gave the company a “hold” rating in a report on Thursday, October 19th. Finally, Deutsche Bank lowered shares of Newmont Mining from a “buy” rating to a “hold” rating and dropped their price objective for the company from $42.00 to $40.00 in a report on Tuesday, January 16th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Newmont Mining has an average rating of “Hold” and an average price target of $41.80.

Shares of Newmont Mining (NYSE NEM) traded up $0.15 during midday trading on Friday, hitting $36.76. 10,991,803 shares of the stock traded hands, compared to its average volume of 5,220,000. Newmont Mining has a 52-week low of $31.42 and a 52-week high of $42.04. The firm has a market capitalization of $19,610.00, a price-to-earnings ratio of 52.51 and a beta of 0.24. The company has a quick ratio of 3.58, a current ratio of 4.18 and a debt-to-equity ratio of 0.33.

In other Newmont Mining news, COO Thomas Ronald Palmer sold 1,250 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $40.23, for a total value of $50,287.50. Following the completion of the sale, the chief operating officer now directly owns 83,112 shares of the company’s stock, valued at approximately $3,343,595.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gary J. Goldberg sold 1,000 shares of the company’s stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $36.98, for a total transaction of $36,980.00. Following the completion of the sale, the insider now directly owns 334,730 shares of the company’s stock, valued at $12,378,315.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,700 shares of company stock valued at $1,050,806. 0.32% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the business. Timber Hill LLC bought a new stake in Newmont Mining in the 3rd quarter worth about $260,000. Deane Retirement Strategies Inc. bought a new stake in Newmont Mining in the 3rd quarter worth about $1,513,000. Commonwealth Bank of Australia grew its position in Newmont Mining by 5.7% in the 3rd quarter. Commonwealth Bank of Australia now owns 433,082 shares of the basic materials company’s stock worth $16,239,000 after purchasing an additional 23,286 shares in the last quarter. Saratoga Research & Investment Management bought a new stake in Newmont Mining in the 3rd quarter worth about $382,000. Finally, Gabelli Funds LLC grew its position in Newmont Mining by 3.7% in the 3rd quarter. Gabelli Funds LLC now owns 2,731,471 shares of the basic materials company’s stock worth $102,457,000 after purchasing an additional 97,300 shares in the last quarter. 81.97% of the stock is owned by institutional investors and hedge funds.

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About Newmont Mining

Newmont Mining Corporation is a mining company, which is focused on the production of and exploration for gold and copper. The Company is primarily a gold producer with operations and/or assets in the United States, Australia, Peru, Ghana and Suriname. The Company’s segments include North America, South America, Asia Pacific and Africa.

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