Newmont (NYSE:NEM) Given New $140.00 Price Target at Canaccord Genuity Group

Newmont (NYSE:NEM) had its price target raised by Canaccord Genuity Group from $115.00 to $140.00 in a research note released on Friday,MarketScreener reports. They currently have a buy rating on the basic materials company’s stock.

Other equities analysts also recently issued reports about the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of Newmont in a research report on Monday, December 29th. UBS Group lifted their target price on shares of Newmont from $105.50 to $125.00 and gave the stock a “buy” rating in a research report on Monday, December 1st. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and upped their price target for the company from $71.50 to $114.00 in a research report on Thursday, October 23rd. Citigroup reiterated a “buy” rating on shares of Newmont in a report on Monday, January 12th. Finally, National Bankshares increased their price objective on Newmont from $110.00 to $120.00 and gave the company an “outperform” rating in a report on Tuesday, December 9th. Six analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $103.77.

Newmont Price Performance

NYSE:NEM traded up $2.65 on Friday, hitting $124.34. The company had a trading volume of 8,030,429 shares, compared to its average volume of 7,640,620. The firm has a 50 day moving average of $100.57 and a two-hundred day moving average of $84.59. The stock has a market capitalization of $135.69 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 0.92 and a beta of 0.41. Newmont has a 52 week low of $40.85 and a 52 week high of $124.64. The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17.

Newmont (NYSE:NEM) last announced its quarterly 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. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The company had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.14 billion. During the same period in the prior year, the business earned $0.81 earnings per share. The company’s revenue for the quarter was up 20.0% compared to the same quarter last year. On average, research analysts anticipate that Newmont will post 3.45 earnings per share for the current year.

Insider Transactions at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $92.36, for a total transaction of $192,108.80. Following the sale, the director owned 32,709 shares in the company, valued at $3,021,003.24. This represents a 5.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont 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 sale, the chief executive officer owned 279,923 shares of the company’s stock, valued at approximately $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 sold a total of 9,160 shares of company stock worth $767,206 over the last three months. 0.05% of the stock is owned by company insiders.

Institutional Investors Weigh In On Newmont

Several hedge funds and other institutional investors have recently bought and sold shares of NEM. Apella Capital LLC grew its stake in shares of Newmont by 4.1% in the 4th quarter. Apella Capital LLC now owns 2,198 shares of the basic materials company’s stock valued at $219,000 after buying an additional 86 shares during the period. New Wave Wealth Advisors LLC grew its stake in Newmont by 1.3% in the fourth quarter. New Wave Wealth Advisors LLC now owns 6,849 shares of the basic materials company’s stock valued at $684,000 after acquiring an additional 88 shares during the period. Norden Group LLC increased its holdings in shares of Newmont by 0.7% during the fourth quarter. Norden Group LLC now owns 12,367 shares of the basic materials company’s stock valued at $1,235,000 after acquiring an additional 90 shares in the last quarter. Brown Miller Wealth Management LLC raised its position in shares of Newmont by 2.7% during the fourth quarter. Brown Miller Wealth Management LLC now owns 4,268 shares of the basic materials company’s stock worth $426,000 after purchasing an additional 113 shares during the period. Finally, Colonial Trust Advisors lifted its holdings in shares of Newmont by 20.8% in the 3rd quarter. Colonial Trust Advisors now owns 684 shares of the basic materials company’s stock worth $58,000 after purchasing an additional 118 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

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.