Newmont (NYSE:NEM) Stock Price Expected to Rise, National Bankshares Analyst Says

Newmont (NYSE:NEM) had its price objective lifted by equities research analysts at National Bankshares from $120.00 to $140.00 in a research note issued to investors on Wednesday,BayStreet.CA reports. The firm presently has an “outperform” rating on the basic materials company’s stock. National Bankshares’ price objective would indicate a potential upside of 20.03% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. TD Securities boosted their price objective on Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a research note on Wednesday, October 8th. Argus boosted their target price on shares of Newmont from $75.00 to $94.00 in a research report on Friday, November 21st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Newmont in a research note on Monday, December 29th. Canaccord Genuity Group upped their price objective on shares of Newmont from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Finally, Bank of America increased their price target on Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Six equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $117.11.

Newmont Trading Down 0.4%

Shares of NEM traded down $0.50 during mid-day trading on Wednesday, hitting $116.64. The company had a trading volume of 6,455,538 shares, compared to its average volume of 10,307,101. Newmont has a 1-year low of $41.23 and a 1-year high of $134.88. The business’s 50-day simple moving average is $105.67 and its 200-day simple moving average is $88.07. The stock has a market cap of $127.28 billion, a PE ratio of 18.04, a P/E/G ratio of 0.86 and a beta of 0.40. The company has a quick ratio of 1.74, a current ratio of 2.04 and a debt-to-equity ratio of 0.17.

Insiders Place Their Bets

In other news, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction on Monday, December 1st. The stock was 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 of the company’s stock, valued at $3,021,003.24. This represents a 5.98% 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. Insiders own 0.05% of the company’s stock.

Hedge Funds Weigh In On Newmont

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Newmont by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company’s stock valued at $13,390,613,000 after buying an additional 637,996 shares during the last quarter. Norges Bank bought a new stake in Newmont in the second quarter worth approximately $919,170,000. Invesco Ltd. grew its position in Newmont by 45.0% in the second 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 raised its holdings in shares of Newmont by 9.6% during the 3rd 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. Finally, Boston Partners raised its holdings in Newmont by 49.3% during the third quarter. Boston Partners now owns 6,931,710 shares of the basic materials company’s stock valued at $585,828,000 after buying an additional 2,288,653 shares in the last quarter. 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.