National Bankshares Forecasts Strong Price Appreciation for Newmont (NYSE:NEM) Stock

Newmont (NYSE:NEM) had its price objective increased by analysts at National Bankshares from $120.00 to $140.00 in a report issued on Wednesday,BayStreet.CA reports. The firm currently has an “outperform” rating on the basic materials company’s stock. National Bankshares’ target price indicates a potential upside of 29.15% from the stock’s previous close.

NEM has been the topic of a number of other reports. The Goldman Sachs Group upped their price target on Newmont from $99.90 to $123.90 and gave the stock a “buy” rating in a research note on Monday, January 12th. BNP Paribas Exane lowered Newmont from an “outperform” rating to a “hold” rating and set a $97.00 target price on the stock. in a research report on Friday, December 5th. TD Securities increased their target price on Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a report on Wednesday, October 8th. Canaccord Genuity Group lifted their price target on shares of Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Finally, Raymond James Financial boosted their price target on shares of Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a research note on Thursday, January 15th. Six analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $117.11.

Newmont Price Performance

Shares of NYSE NEM opened at $108.40 on Wednesday. The firm has a market capitalization of $118.29 billion, a P/E ratio of 16.83, a P/E/G ratio of 0.89 and a beta of 0.40. The firm’s 50-day moving average price is $106.55 and its 200-day moving average price is $88.41. The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17. Newmont has a 1-year low of $41.23 and a 1-year high of $134.88.

Insider Activity at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $92.36, for a total value of $192,108.80. Following the completion of the sale, the director owned 32,709 shares in the company, valued at $3,021,003.24. This represents a 5.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.05% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Newmont

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. GoalVest Advisory LLC bought a new position in shares of Newmont in the fourth quarter valued at approximately $25,000. Physician Wealth Advisors Inc. boosted its position in Newmont by 327.8% in the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 236 shares during the last quarter. Concord Wealth Partners boosted its position 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 last quarter. Cornerstone Planning Group LLC grew its stake in Newmont by 312.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 206 shares during the period. Finally, JPL Wealth Management LLC purchased a new stake in shares of Newmont during the 3rd quarter valued at $27,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

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.