Royal Bank of Canada Lowers Newmont (NYSE:NEM) Price Target to $40.00

Newmont (NYSE:NEMGet Free Report) had its price target lowered by stock analysts at Royal Bank of Canada from $45.00 to $40.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “sector perform” rating on the basic materials company’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 21.99% from the stock’s previous close.

A number of other analysts also recently weighed in on NEM. Raymond James cut their price target on shares of Newmont from $59.00 to $57.00 and set an “outperform” rating on the stock in a research report on Friday, October 27th. TD Securities downgraded shares of Newmont from a “buy” rating to a “hold” rating and set a $46.00 target price on the stock. in a report on Tuesday, January 9th. UBS Group dropped their target price on shares of Newmont from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Wednesday, December 13th. BMO Capital Markets dropped their target price on shares of Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a report on Wednesday, January 17th. Finally, Macquarie began coverage on shares of Newmont in a report on Tuesday, November 21st. They set an “outperform” rating and a $45.00 target price on the stock. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $54.76.

Check Out Our Latest Research Report on NEM

Newmont Stock Performance

Shares of NYSE:NEM opened at $32.79 on Thursday. The company has a market capitalization of $26.06 billion, a price-to-earnings ratio of -31.83, a P/E/G ratio of 2.48 and a beta of 0.52. The firm’s 50 day simple moving average is $38.02 and its 200 day simple moving average is $38.51. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.12 and a quick ratio of 1.72. Newmont has a fifty-two week low of $32.54 and a fifty-two week high of $52.76.

Insider Activity at Newmont

In related news, COO Robert D. Atkinson sold 5,500 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $41.26, for a total value of $226,930.00. Following the completion of the transaction, the chief operating officer now directly owns 54,251 shares of the company’s stock, valued at $2,238,396.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.07% of the stock is owned by company insiders.

Hedge Funds Weigh In On Newmont

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BI Asset Management Fondsmaeglerselskab A S boosted its position in Newmont by 66.6% during the second quarter. BI Asset Management Fondsmaeglerselskab A S now owns 32,609 shares of the basic materials company’s stock worth $1,391,000 after purchasing an additional 13,038 shares during the period. Wintrust Investments LLC boosted its position in shares of Newmont by 5.9% in the second quarter. Wintrust Investments LLC now owns 31,297 shares of the basic materials company’s stock valued at $1,335,000 after acquiring an additional 1,738 shares during the period. Private Trust Co. NA boosted its position in shares of Newmont by 62.5% in the second quarter. Private Trust Co. NA now owns 1,233 shares of the basic materials company’s stock valued at $53,000 after acquiring an additional 474 shares during the period. MONECO Advisors LLC boosted its position in shares of Newmont by 3.5% in the second quarter. MONECO Advisors LLC now owns 13,937 shares of the basic materials company’s stock valued at $595,000 after acquiring an additional 473 shares during the period. Finally, Archford Capital Strategies LLC boosted its position in shares of Newmont by 117.8% in the second quarter. Archford Capital Strategies LLC now owns 10,347 shares of the basic materials company’s stock valued at $447,000 after acquiring an additional 5,597 shares during the period. 79.53% of the stock is owned by institutional investors.

Newmont Company Profile

(Get Free Report)

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, and Ghana. As of December 31, 2022, it had proven and probable gold reserves of 96.1 million ounces and land position of 61,500 square kilometers.

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