Newmont (NYSE:NEM) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Newmont (NYSE:NEM) had its price objective increased by Canaccord Genuity Group from $115.00 to $140.00 in a note issued to investors on Friday,MarketScreener reports. The brokerage currently has a “buy” rating on the basic materials company’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 12.59% from the company’s previous close.

A number of other research firms have also issued reports on NEM. UBS Group boosted 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. Royal Bank Of Canada lifted their price target on Newmont from $38.00 to $40.00 and gave the company an “outperform” rating in a report on Monday, October 27th. The Goldman Sachs Group increased their price objective on Newmont from $99.90 to $123.90 and gave the stock a “buy” rating in a report on Monday, January 12th. CIBC set a $112.00 target price on Newmont and gave the company an “outperformer” rating in a research report on Friday, October 10th. Finally, TD Securities increased their price target on Newmont from $67.00 to $89.00 and gave the stock a “hold” rating in a research note on Wednesday, October 8th. Six investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $103.77.

Newmont Stock Performance

NYSE:NEM traded up $2.65 during midday trading on Friday, reaching $124.34. 8,030,429 shares of the company traded hands, compared to its average volume of 7,640,620. The firm has a market capitalization of $135.69 billion, a price-to-earnings ratio of 19.31, a price-to-earnings-growth ratio of 0.92 and a beta of 0.41. The company has a fifty day moving average price of $100.57 and a 200 day moving average price of $84.59. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. Newmont has a twelve month low of $40.85 and a twelve month high of $124.64.

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

Insiders Place Their Bets

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the transaction, the chief executive officer owned 279,923 shares of the company’s stock, valued at approximately $22,768,936.82. This trade represents a 1.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $92.36, for a total value of $192,108.80. Following the sale, the director owned 32,709 shares in the company, valued at approximately $3,021,003.24. The trade was a 5.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 9,160 shares of company stock worth $767,206 over the last 90 days. Insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

A number of large investors have recently made changes to their positions in the company. Norges Bank acquired a new position in Newmont during the second quarter valued at $919,170,000. Invesco Ltd. increased its stake in Newmont by 45.0% in the 2nd quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock valued at $908,152,000 after buying an additional 4,839,447 shares during the period. Boston Partners lifted its position in Newmont by 4,090.7% in the 2nd quarter. Boston Partners now owns 4,643,057 shares of the basic materials company’s stock worth $272,558,000 after buying an additional 4,532,263 shares in the last quarter. LSV Asset Management acquired a new stake in shares of Newmont during the 2nd quarter valued at $187,206,000. Finally, Robeco Institutional Asset Management B.V. grew its holdings in shares of Newmont by 172.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 4,304,215 shares of the basic materials company’s stock valued at $362,888,000 after acquiring an additional 2,723,044 shares in the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

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.