Newmont (NYSE:NEM) Price Target Raised to $120.00

Newmont (NYSE:NEM) had its target price boosted by TD Cowen from $89.00 to $120.00 in a research report report published on Thursday morning,MarketScreener reports. They currently have a hold rating on the basic materials company’s stock.

Several other research analysts also recently commented on the company. UBS Group lifted their price target on Newmont from $105.50 to $125.00 and gave the stock a “buy” rating in a research report on Monday, December 1st. TD Securities raised their price objective on shares of Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a research note on Wednesday, October 8th. DZ Bank raised shares of Newmont to a “strong-buy” rating in a research report on Monday, January 19th. Argus upped their target price on shares of Newmont from $75.00 to $94.00 in a research note on Friday, November 21st. Finally, Raymond James Financial increased their price target on shares of Newmont from $111.00 to $130.00 and gave the company an “outperform” rating in a report on Thursday, January 15th. Six investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $103.77.

Newmont Trading Up 2.2%

Shares of NYSE:NEM opened at $124.34 on Thursday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. The stock’s 50-day moving average is $100.57 and its 200-day moving average is $84.78. The company has a market cap of $135.69 billion, a P/E ratio of 19.31, a P/E/G ratio of 0.94 and a beta of 0.41. Newmont has a 52-week low of $40.85 and a 52-week high of $124.64.

Newmont (NYSE:NEM) last posted its quarterly earnings data 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. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The business had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.14 billion. During the same quarter in the previous year, the firm earned $0.81 EPS. The firm’s revenue was up 20.0% compared to the same quarter last year. Equities research analysts predict that Newmont will post 3.45 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $81.34, for a total transaction of $406,700.00. Following the sale, the chief executive officer directly owned 279,923 shares in the company, valued at approximately $22,768,936.82. The trade was a 1.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the company’s 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 sale, the director directly owned 32,709 shares in the company, valued at approximately $3,021,003.24. The trade was a 5.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 9,160 shares of company stock worth $767,206 in the last quarter. Corporate insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

Institutional investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Newmont in the 2nd quarter worth about $919,170,000. Invesco Ltd. lifted its holdings in Newmont by 45.0% during the 2nd quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock valued at $908,152,000 after purchasing an additional 4,839,447 shares during the last quarter. Boston Partners boosted its position in Newmont by 4,090.7% in the second quarter. Boston Partners now owns 4,643,057 shares of the basic materials company’s stock valued at $272,558,000 after buying an additional 4,532,263 shares in the last quarter. LSV Asset Management bought a new stake in Newmont during the second quarter worth about $187,206,000. Finally, Robeco Institutional Asset Management B.V. grew its stake in Newmont by 172.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 4,304,215 shares of the basic materials company’s stock worth $362,888,000 after buying an additional 2,723,044 shares during the last quarter. 68.85% of the stock is 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.