Newmont Corporation (NYSE:NEM) Receives $99.49 Consensus Target Price from Analysts

Shares of Newmont Corporation (NYSE:NEM) have earned a consensus rating of “Buy” from the twenty-three brokerages that are covering the stock, MarketBeat.com reports. Four analysts have rated the stock with a hold recommendation, thirteen have given a buy recommendation and six have assigned a strong buy recommendation to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $103.7722.

A number of equities research analysts have recently weighed in on NEM shares. CIBC set a $112.00 price objective on shares of Newmont and gave the company an “outperformer” rating in a report on Friday, October 10th. Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and lifted their price target for the stock from $71.50 to $114.00 in a research report on Thursday, October 23rd. Argus boosted their price target on Newmont from $75.00 to $94.00 in a research note on Friday, November 21st. Zacks Research cut Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 18th. Finally, Wall Street Zen downgraded Newmont from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 2nd.

Newmont Stock Up 2.2%

NEM stock opened at $124.34 on Thursday. The stock has a market capitalization of $135.69 billion, a PE ratio of 19.31, a price-to-earnings-growth ratio of 0.94 and a beta of 0.41. Newmont has a 52 week low of $40.85 and a 52 week high of $124.64. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17. The firm has a 50 day moving average of $100.57 and a 200 day moving average of $84.78.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.44. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The business had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same quarter in the prior year, the business posted $0.81 EPS. Newmont’s revenue for the quarter was up 20.0% compared to the same quarter last year. Sell-side analysts forecast that Newmont will post 3.45 earnings per share for the current year.

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the transaction, the director directly owned 32,709 shares in the company, valued at $3,021,003.24. The trade was a 5.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the company’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 completion of the sale, the chief executive officer directly owned 279,923 shares in the company, valued at approximately $22,768,936.82. The trade was a 1.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 9,160 shares of company stock valued at $767,206. Company insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Newmont

Several institutional investors and hedge funds have recently modified their holdings of NEM. Brighton Jones LLC raised its position in Newmont by 15.7% during the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock valued at $506,000 after acquiring an additional 1,847 shares in the last quarter. Woodline Partners LP grew its stake in shares of Newmont by 40.7% during the 1st quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock worth $4,644,000 after purchasing an additional 27,813 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of Newmont during the 2nd quarter valued at approximately $240,000. Farther Finance Advisors LLC lifted its stake in shares of Newmont by 5.8% in the 2nd quarter. Farther Finance Advisors LLC now owns 17,339 shares of the basic materials company’s stock valued at $1,010,000 after purchasing an additional 957 shares during the period. Finally, Sowell Financial Services LLC lifted its stake in shares of Newmont by 151.3% in the 2nd quarter. Sowell Financial Services LLC now owns 17,436 shares of the basic materials company’s stock valued at $1,016,000 after purchasing an additional 10,499 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

About Newmont

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.