Newmont (NYSE:NEM) Price Target Raised to $155.00

Newmont (NYSE:NEM) had its price target boosted by equities researchers at Royal Bank Of Canada from $135.00 to $155.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the basic materials company’s stock. Royal Bank Of Canada’s price target would indicate a potential upside of 26.83% from the stock’s current price.

NEM has been the topic of a number of other research reports. Jefferies Financial Group dropped their target price on Newmont from $158.00 to $146.00 and set a “buy” rating on the stock in a research report on Monday, July 6th. Argus set a $110.00 price objective on shares of Newmont in a research note on Monday, August 3rd. TD Securities raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Newmont in a research note on Monday. Finally, TD raised their target price on shares of Newmont from $127.00 to $133.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Newmont presently has an average rating of “Moderate Buy” and an average target price of $133.07.

Newmont Stock Performance

Newmont stock traded down $1.98 during mid-day trading on Wednesday, reaching $122.21. 2,696,497 shares of the company traded hands, compared to its average volume of 8,872,083. The firm’s fifty day moving average is $111.50 and its two-hundred day moving average is $109.73. The company has a market capitalization of $128.77 billion, a price-to-earnings ratio of 15.44, a price-to-earnings-growth ratio of 1.73 and a beta of 0.52. Newmont has a fifty-two week low of $76.05 and a fifty-two week high of $135.29. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, beating analysts’ consensus estimates of $2.05 by $0.05. The firm had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same period in the previous year, the company earned $1.43 earnings per share. On average, equities research analysts expect that Newmont will post 9.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Newmont

In other news, CEO Natascha Viljoen sold 7,764 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $104.00, for a total transaction of $807,456.00. Following the sale, the chief executive officer directly owned 135,235 shares in the company, valued at $14,064,440. This trade represents a 5.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the company’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the transaction, the chief financial officer directly owned 29,324 shares of the company’s stock, valued at $3,081,659.16. The trade was a 28.07% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 32,091 shares of company stock valued at $3,414,187. Corporate insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of Newmont in the second quarter valued at approximately $11,289,753,000. Van ECK Associates Corp acquired a new position in Newmont in the 2nd quarter valued at $671,197,000. Norges Bank purchased a new position in Newmont in the 4th quarter valued at $1,443,128,000. Bank of New York Mellon Corp acquired a new stake in Newmont during the 2nd quarter worth $1,219,505,000. Finally, First Eagle Investment Management LLC purchased a new stake in shares of Newmont during the second quarter worth $241,820,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Company Profile

Newmont Corporation (NYSE: NEM) is a global mining company primarily focused on the exploration, development and production of gold. The company also produces copper, silver, zinc and lead as byproducts or from polymetallic operations. Its activities include operating mines, developing mineral projects and managing related processing and infrastructure assets.

Founded in 1921, Newmont became one of the first gold companies to be listed on the New York Stock Exchange. The company expanded significantly with its acquisition of Newcrest Mining, completed in 2023, which added major assets in Australia, Canada and Papua New Guinea to its portfolio.