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

Newmont (NYSE:NEM) had its target price raised by stock analysts at National Bank Financial from $120.00 to $140.00 in a report released on Monday. The brokerage currently has a “sector perform” rating on the basic materials company’s stock. National Bank Financial’s price objective points to a potential upside of 13.30% from the stock’s current price.

Several other analysts also recently issued reports on the stock. Barclays reduced their price target on shares of Newmont from $125.00 to $124.00 and set an “overweight” rating for the company in a research report on Tuesday, July 28th. Citigroup reduced their price objective on shares of Newmont from $150.00 to $125.00 and set a “buy” rating for the company in a report on Monday, July 20th. UBS Group decreased their target price on shares of Newmont from $140.00 to $120.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Canadian Imperial Bank of Commerce set a $170.00 target price on shares of Newmont in a report on Friday, August 14th. Finally, The Goldman Sachs Group dropped their price target on shares of Newmont from $122.50 to $111.40 and set a “buy” rating on the stock in a research report on Wednesday, July 1st. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $133.78.

Newmont Stock Performance

Shares of NEM stock opened at $123.57 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. Newmont has a one year low of $76.05 and a one year high of $135.29. The business’s 50 day simple moving average is $115.05 and its 200 day simple moving average is $109.75. The stock has a market capitalization of $130.20 billion, a PE ratio of 15.60, a PEG ratio of 1.78 and a beta of 0.52.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The company had revenue of $6.12 billion for the quarter, compared to the consensus estimate of $6.35 billion. During the same period in the previous year, the business earned $1.43 EPS. As a group, research analysts forecast that Newmont will post 9.09 earnings per share for the current year.

Insider Buying and Selling at Newmont

In other news, CEO Natascha Viljoen sold 3,882 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $123.00, for a total value of $477,486.00. Following the completion of the transaction, the chief executive officer directly owned 131,353 shares of the company’s stock, valued at $16,156,419. This represents a 2.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $123.00, for a total value of $369,000.00. Following the sale, the executive vice president directly owned 37,315 shares of the company’s stock, valued at $4,589,745. The trade was a 7.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 32,091 shares of company stock worth $3,414,187. Insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NEM. Blue Trust Inc. boosted its holdings in Newmont by 0.6% in the first quarter. Blue Trust Inc. now owns 17,194 shares of the basic materials company’s stock worth $1,861,000 after purchasing an additional 100 shares during the period. Cary Street Partners Investment Advisory LLC increased its position in Newmont by 6.2% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,832 shares of the basic materials company’s stock worth $183,000 after buying an additional 107 shares during the period. Accel Wealth Management lifted its stake in Newmont by 0.8% in the second quarter. Accel Wealth Management now owns 14,744 shares of the basic materials company’s stock valued at $1,377,000 after buying an additional 115 shares during the last quarter. Bell Investment Advisors Inc boosted its stake in Newmont by 41.8% during the 1st quarter. Bell Investment Advisors Inc now owns 397 shares of the basic materials company’s stock valued at $43,000 after purchasing an additional 117 shares during the period. Finally, Compound Planning Inc. boosted its position in shares of Newmont by 0.6% during the first quarter. Compound Planning Inc. now owns 21,192 shares of the basic materials company’s stock worth $2,294,000 after buying an additional 121 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Company Profile

Newmont Corporation (NYSE: NEM) is a global mining company primarily focused on the exploration, development and production of gold. The company also produces copper, silver, zinc and lead as byproducts or from polymetallic operations. Its activities include operating mines, developing mineral projects and managing related processing and infrastructure assets.

Founded in 1921, Newmont became one of the first gold companies to be listed on the New York Stock Exchange. The company expanded significantly with its acquisition of Newcrest Mining, completed in 2023, which added major assets in Australia, Canada and Papua New Guinea to its portfolio.