Newmont (NYSE:NEM) Given a $74.00 Price Target by CIBC Analysts

Newmont (NYSE:NEM) received a $74.00 target price from investment analysts at CIBC in a research note issued to investors on Tuesday, Marketbeat.com reports. The brokerage presently has a “neutral” rating on the basic materials company’s stock. CIBC’s target price suggests a potential upside of 26.60% from the company’s current price.

A number of other analysts have also recently weighed in on the company. Raymond James Financial reiterated an “outperform” rating and set a $66.00 price target on shares of Newmont in a research report on Friday, April 25th. Stifel Nicolaus began coverage on Newmont in a research note on Wednesday, July 9th. They issued a “buy” rating and a $73.00 target price on the stock. UBS Group upped their price target on shares of Newmont from $60.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, July 3rd. Stifel Canada raised shares of Newmont to a “strong-buy” rating in a research note on Tuesday, July 8th. Finally, Royal Bank Of Canada upped their target price on shares of Newmont from $52.00 to $66.00 and gave the stock a “sector perform” rating in a research report on Wednesday, June 4th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.49.

Newmont Stock Performance

Shares of Newmont stock opened at $58.45 on Tuesday. The firm’s 50-day simple moving average is $55.64 and its 200-day simple moving average is $49.34. Newmont has a 1 year low of $36.86 and a 1 year high of $61.17. The firm has a market cap of $65.06 billion, a PE ratio of 13.11, a price-to-earnings-growth ratio of 0.65 and a beta of 0.33. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.70 and a current ratio of 1.98.

Newmont (NYSE:NEM) last released its quarterly earnings data on Wednesday, April 23rd. The basic materials company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $0.71 by $0.54. Newmont had a net margin of 25.77% and a return on equity of 15.75%. The firm had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.82 billion. During the same quarter in the previous year, the company posted $0.55 earnings per share. Equities analysts forecast that Newmont will post 3.45 earnings per share for the current fiscal year.

Insider Activity at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total transaction of $176,250.00. Following the transaction, the executive vice president owned 74,526 shares in the company, valued at $4,378,402.50. This trade represents a 3.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the business’s stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $58.75, for a total transaction of $122,023.75. Following the completion of the sale, the director owned 43,103 shares of the company’s stock, valued at $2,532,301.25. The trade was a 4.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 12,231 shares of company stock valued at $679,813. Corporate insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Newmont

Institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC increased its stake in Newmont by 5.2% during the fourth quarter. Geode Capital Management LLC now owns 24,697,779 shares of the basic materials company’s stock valued at $919,484,000 after acquiring an additional 1,213,397 shares during the period. Norges Bank acquired a new stake in shares of Newmont during the 4th quarter worth approximately $626,074,000. Bank of New York Mellon Corp increased its position in shares of Newmont by 8.9% during the first quarter. Bank of New York Mellon Corp now owns 16,014,066 shares of the basic materials company’s stock valued at $773,159,000 after purchasing an additional 1,306,783 shares during the period. Northern Trust Corp raised its stake in shares of Newmont by 1.5% in the first quarter. Northern Trust Corp now owns 12,934,095 shares of the basic materials company’s stock valued at $624,458,000 after purchasing an additional 191,940 shares in the last quarter. Finally, Amundi lifted its position in Newmont by 2.8% in the first quarter. Amundi now owns 12,646,114 shares of the basic materials company’s stock worth $611,187,000 after purchasing an additional 343,535 shares during the period. 68.85% of the stock is currently owned by institutional investors.

Newmont Company Profile

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, Papua New Guinea, Ecuador, Fiji, and Ghana.