Newmont (NYSE:NEM) Price Target Raised to $140.00

Newmont (NYSE:NEM) had its price target boosted by Canaccord Genuity Group from $115.00 to $140.00 in a report released on Friday,MarketScreener reports. The firm currently has a buy rating on the basic materials company’s stock.

NEM has been the topic of a number of other reports. Wall Street Zen cut shares of Newmont from a “strong-buy” rating to a “buy” rating in a research report on Sunday, November 2nd. Scotiabank raised shares of Newmont from a “sector perform” rating to a “sector outperform” rating and upped their price objective for the company from $71.50 to $114.00 in a research note on Thursday, October 23rd. Zacks Research cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 18th. National Bankshares upped their price target on shares of Newmont from $110.00 to $120.00 and gave the company an “outperform” rating in a research report on Tuesday, December 9th. Finally, Bank of America lifted their price objective on Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Six equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Newmont currently has an average rating of “Buy” and a consensus target price of $103.77.

Newmont Stock Performance

NYSE NEM opened at $124.34 on Friday. Newmont has a 52-week low of $40.85 and a 52-week high of $124.64. The company has a fifty day moving average of $100.57 and a 200-day moving average of $84.96. The company has a market capitalization of $135.69 billion, a P/E ratio of 19.31, a P/E/G ratio of 0.95 and a beta of 0.41. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04.

Newmont (NYSE:NEM) last released its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.44. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The business had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the prior year, the firm earned $0.81 earnings per share. The firm’s revenue was up 20.0% on a year-over-year basis. As a group, equities research analysts predict that Newmont will post 3.45 EPS for the current fiscal year.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction of $406,700.00. Following the transaction, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at approximately $22,768,936.82. The trade was a 1.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the transaction, the director owned 32,709 shares of the company’s stock, valued at $3,021,003.24. This trade represents a 5.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 9,160 shares of company stock worth $767,206 over the last three months. Insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Newmont

A number of institutional investors have recently bought and sold shares of NEM. GoalVest Advisory LLC bought a new position in shares of Newmont in the 4th quarter worth approximately $25,000. Physician Wealth Advisors Inc. boosted its position in shares of Newmont by 327.8% during the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 236 shares in the last quarter. Concord Wealth Partners grew its stake in Newmont by 534.7% in the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 385 shares during the period. JPL Wealth Management LLC bought a new position in Newmont in the third quarter worth $27,000. Finally, Lodestone Wealth Management LLC purchased a new position in Newmont during the fourth quarter valued at $28,000. 68.85% of the stock is owned by institutional investors.

Newmont Company Profile

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.