Canaccord Genuity Group Forecasts Strong Price Appreciation for Newmont (NYSE:NEM) Stock

Newmont (NYSE:NEM) had its price objective upped by research analysts at Canaccord Genuity Group from $115.00 to $140.00 in a research report issued on Friday,MarketScreener reports. The firm presently has a “buy” rating on the basic materials company’s stock. Canaccord Genuity Group’s price objective points to a potential upside of 12.59% from the company’s previous close.

Other analysts also recently issued research reports about the company. Royal Bank Of Canada lifted their target price on Newmont from $38.00 to $40.00 and gave the company an “outperform” rating in a research report on Monday, October 27th. National Bankshares raised their price target on Newmont from $110.00 to $120.00 and gave the company an “outperform” rating in a research note on Tuesday, December 9th. CIBC set a $112.00 price objective on Newmont and gave the stock an “outperformer” rating in a research note on Friday, October 10th. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a report on Friday, October 10th. Finally, UBS Group raised their target price on shares of Newmont from $105.50 to $125.00 and gave the company a “buy” rating in a research note on Monday, December 1st. Six research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $103.77.

Newmont Stock Up 2.2%

Newmont stock opened at $124.34 on Friday. 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 has a 1-year low of $40.85 and a 1-year high of $124.64. The company has a fifty day simple moving average of $100.57 and a 200 day simple moving average of $84.78. The company has a market cap of $135.69 billion, a P/E ratio of 19.31, a price-to-earnings-growth ratio of 0.94 and a beta of 0.41.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, topping the consensus estimate of $1.27 by $0.44. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The firm had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.14 billion. During the same period in the previous year, the firm posted $0.81 EPS. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. Research analysts anticipate that Newmont will post 3.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Newmont news, 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 value of $406,700.00. Following the transaction, the chief executive officer directly owned 279,923 shares in the company, valued at $22,768,936.82. The trade was a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction dated 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 disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 9,160 shares of company stock worth $767,206. 0.05% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Brighton Jones LLC boosted its holdings in shares of Newmont by 15.7% during the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock worth $506,000 after acquiring an additional 1,847 shares during the period. Woodline Partners LP lifted its holdings in 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 last quarter. Sivia Capital Partners LLC bought a new stake in Newmont in the 2nd quarter valued at $240,000. Fifth Third Bancorp grew its holdings in Newmont by 11.0% in the 2nd quarter. Fifth Third Bancorp now owns 42,634 shares of the basic materials company’s stock valued at $2,484,000 after buying an additional 4,220 shares in the last quarter. Finally, TD Private Client Wealth LLC increased its position in Newmont by 198.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 12,170 shares of the basic materials company’s stock worth $709,000 after buying an additional 8,091 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.