The Goldman Sachs Group Forecasts Strong Price Appreciation for Newmont (NYSE:NEM) Stock

Newmont (NYSE:NEM) had its price objective increased by stock analysts at The Goldman Sachs Group from $99.90 to $123.90 in a research report issued on Monday,MarketScreener reports. The brokerage currently has a “buy” rating on the basic materials company’s stock. The Goldman Sachs Group’s price objective points to a potential upside of 8.52% from the company’s previous close.

Several other analysts have also commented on the company. Royal Bank Of Canada increased their price objective on Newmont from $38.00 to $40.00 and gave the company an “outperform” rating in a report on Monday, October 27th. 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. Bank of America lifted their target price on shares of Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Macquarie raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, December 5th. Finally, National Bankshares lifted their price objective on shares of Newmont from $110.00 to $120.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 9th. Five investment 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 company. Based on data from MarketBeat, Newmont currently has a consensus rating of “Buy” and an average target price of $99.35.

Newmont Trading Up 0.0%

Shares of NYSE NEM traded up $0.02 during trading hours on Monday, reaching $114.17. The stock had a trading volume of 8,657,446 shares, compared to its average volume of 8,510,003. Newmont has a 52-week low of $40.85 and a 52-week high of $115.70. The firm has a market cap of $124.59 billion, a price-to-earnings ratio of 17.73, a P/E/G ratio of 0.85 and a beta of 0.41. The business’s fifty day moving average price is $96.33 and its two-hundred day moving average price is $81.90. 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 (NYSE:NEM) last announced its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.27 by $0.44. The firm had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The company’s revenue was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.81 EPS. Analysts expect that Newmont will post 3.45 EPS for the current fiscal year.

Insider Activity at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of the 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 sale, the director directly owned 32,709 shares of the company’s stock, valued at approximately $3,021,003.24. This represents a 5.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont 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 transaction, the chief executive officer directly owned 279,923 shares of the company’s stock, valued at $22,768,936.82. The trade was a 1.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 9,160 shares of company stock worth $767,206. Insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

Institutional investors have recently modified their holdings of the business. Norges Bank purchased a new position in shares of Newmont during the 2nd quarter valued at approximately $919,170,000. Invesco Ltd. increased its holdings in Newmont by 45.0% in the 2nd quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock worth $908,152,000 after acquiring an additional 4,839,447 shares in the last quarter. Legal & General Group Plc lifted its holdings in Newmont by 9.6% during the third quarter. Legal & General Group Plc now owns 8,156,669 shares of the basic materials company’s stock valued at $687,223,000 after purchasing an additional 711,940 shares in the last quarter. Boston Partners grew its position in shares of Newmont by 49.3% in the third quarter. Boston Partners now owns 6,931,710 shares of the basic materials company’s stock valued at $585,828,000 after purchasing an additional 2,288,653 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in Newmont by 33.8% in the 3rd quarter. Victory Capital Management Inc. now owns 4,925,237 shares of the basic materials company’s stock valued at $414,270,000 after buying an additional 1,244,845 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

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.