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

Newmont (NYSE:NEM) had its target price hoisted by National Bankshares from $110.00 to $120.00 in a research report issued on Tuesday,BayStreet.CA reports. The brokerage presently has an “outperform” rating on the basic materials company’s stock. National Bankshares’ price target indicates a potential upside of 28.63% from the company’s current price.

A number of other research firms have also recently weighed in on NEM. Citigroup boosted their price objective on shares of Newmont from $74.00 to $104.00 and gave the company a “buy” rating in a research report on Wednesday, October 15th. Raymond James Financial set a $99.00 target price on shares of Newmont and gave the stock an “outperform” rating in a report on Friday, October 24th. Bank of America increased their price objective on shares of Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. CIBC set a $112.00 price objective on Newmont and gave the stock an “outperformer” rating in a research note on Friday, October 10th. Finally, Wall Street Zen lowered Newmont from a “strong-buy” rating to a “buy” rating in a research note on Sunday, November 2nd. Five 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.com, the stock has a consensus rating of “Buy” and a consensus target price of $96.37.

Newmont Price Performance

NEM traded up $4.29 during trading on Tuesday, reaching $93.29. 4,919,907 shares of the company traded hands, compared to its average volume of 11,542,259. The company has a market cap of $101.81 billion, a P/E ratio of 14.49, a PEG ratio of 0.63 and a beta of 0.41. The firm has a fifty day simple moving average of $87.01 and a 200 day simple moving average of $73.03. Newmont has a 12-month low of $36.86 and a 12-month high of $98.58. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.44. The firm 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 business’s revenue was up 20.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.81 earnings per share. On average, equities analysts forecast that Newmont will post 3.45 EPS for the current year.

Insider Activity

In other news, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $92.36, for a total value of $192,108.80. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of 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 SEC filing for this sale provides additional information. Insiders have sold a total of 11,240 shares of company stock valued at $943,985 over the last three months. 0.05% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Newmont

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Envestnet Asset Management Inc. lifted its holdings in Newmont by 176.4% in the second quarter. Envestnet Asset Management Inc. now owns 447,960 shares of the basic materials company’s stock valued at $26,098,000 after buying an additional 285,897 shares during the period. Knights of Columbus Asset Advisors LLC lifted its stake in shares of Newmont by 59.6% in the 2nd quarter. Knights of Columbus Asset Advisors LLC now owns 15,653 shares of the basic materials company’s stock valued at $912,000 after purchasing an additional 5,848 shares during the period. Generate Investment Management Ltd boosted its position in shares of Newmont by 25.9% in the 2nd quarter. Generate Investment Management Ltd now owns 378,975 shares of the basic materials company’s stock worth $22,079,000 after purchasing an additional 77,865 shares during the last quarter. Midwest Trust Co acquired a new stake in shares of Newmont during the second quarter worth $4,424,000. Finally, Kaizen Financial Strategies bought a new stake in Newmont in the second quarter valued at about $202,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.