Stock Analysis:Newmont Mining Corporation (NYSE:NEM) Target Upped
In an interesting research report distributed by Credit Suisse on Tuesday, 8 December, Newmont Mining Corporation (NYSE:NEM) had its price target increased to $26.50. The firm currently has a solid Outperform rating on shares.
From a total of 19 analysts covering Newmont Mining Corporation (NYSE:NEM) stock, 8 rate it a ”Buy”, 1 a “Sell”, and 12 a ”Hold”. This means that 38% of the ratings are positive. The highest target price is $35 while the lowest target price is $18. The mean of all analyst targets is $23.58 with a 20.02% above today’s ($19.38) stock price. Newmont Mining Corporation was the topic of 24 analyst reports since July 24, 2015 according to the firm StockzIntelligence Inc. FBR Capital maintained shares on December 7 with “Mkt Perform” rating. UBS maintained shares with “Neutral” rating and $17.50 target share price in a report from a September 30. RBC Capital Markets maintained NEM stock in a recent report from November 6 with “Outperform” rating. Scotia Capital upgraded the rating on September 1. Scotia Capital has a “Outperform” rating and a $24.50 price target on shares. Finally, HSBC downgraded the stock to “Hold” rating in a report issued on an October 26.
The stock decreased 1.87% or $0.37 during the last trading session, striking $19.38. Approximately shares of stock traded hands. Newmont Mining Corp (NYSE:NEM) has declined 24.44% since May 6, 2015 and is downtrending. It has underperformed by 23.65% the S&P500.
The overall sentiment of institutions has decreased to 0.9 in Q2 2015. Its down 0.09, from 0.99 in 2015Q2. The ratio is negative, as 101 institutions have sold all the shares of Newmont Mining Corp that they owned while 155 funds have taken shares off the table. 49 funds have purchased shares for the first time while 181 added to their positions. These institutions now hold 305.60 million shares or 21.72% less than the 390.38 million shares they owned in 2015Q2.
The Fund Asa Gold & Precious Metals Ltd currently is holding shares equating to 9.82% of its total portfolio in Newmont Mining Corp representing a total of 695,368 shares. Another fund,D.C. Capital Advisors Ltd, is holding a total of 600,000 shares equating to 6.13% of their holdings. Additionally, Orrell Capital Management Inc has a 110,500 share stake in Newmont Mining Corp which represents 4.07% of their total portfolio. The Fund, Foundation Resource Management Inc, based out of Arkansas, has also built up a stake in the stock, which represents a total of 3.76% of their total portfolio. Finally New Century Advisors Llc, a fund which is based in the state of Maryland reported a total holdings of 205,400 shares.
Newmont Mining Corporation is a global mining company, which is focused on the production of and exploration for gold and copper. The company has a market cap of $10.45 billion. The Firm is primarily a gold producer with activities and/or assets in the United States, Australia, Peru, Indonesia, Ghana, New Zealand and Suriname. It has 20.75 P/E ratio. The Company’s business divisions include North America, South America, Asia Pacific and Africa.
According to Zacks Investment Research, “Newmont Mining Corp. is engaged in the production of gold, the exploration for gold and the acquisition and development of gold properties worldwide. The company produces gold from mines in Nevada and California, and, outside of the United States, from operations in Peru, Indonesia, Mexico and Uzbekistan.” Get a free copy of the Zacks research report on Newmont Mining Corp (NEM).