Newmont (NYSE:NEM) Given New $140.00 Price Target at National Bankshares

Newmont (NYSE:NEM) had its price target boosted by equities researchers at National Bankshares from $120.00 to $140.00 in a research report issued to clients and investors on Wednesday,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 20.03% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. TD Cowen increased their price objective on Newmont from $89.00 to $120.00 and gave the stock a “hold” rating in a report on Thursday, January 22nd. Bank of America lifted their price target on Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Citigroup reissued a “buy” rating on shares of Newmont in a report on Monday, January 12th. Royal Bank Of Canada lifted their price objective on shares of Newmont from $38.00 to $40.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. Finally, The Goldman Sachs Group upped their target price on shares of Newmont from $99.90 to $123.90 and gave the stock a “buy” rating in a research report on Monday, January 12th. Six research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $117.11.

Newmont Stock Down 0.4%

Newmont stock traded down $0.50 during midday trading on Wednesday, reaching $116.64. The stock had a trading volume of 6,455,538 shares, compared to its average volume of 10,307,101. 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 has a 12 month low of $41.23 and a 12 month high of $134.88. The company has a fifty day moving average price of $105.67 and a two-hundred day moving average price of $88.07. The company has a market capitalization of $127.28 billion, a P/E ratio of 18.04, a PEG ratio of 0.86 and a beta of 0.40.

Insider Activity

In related news, Director Bruce R. Brook sold 2,080 shares of the 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 transaction, the director owned 32,709 shares of the company’s stock, valued at approximately $3,021,003.24. This represents a 5.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

A number of hedge funds and other institutional investors have recently modified their holdings of NEM. Norges Bank purchased a new position in Newmont during the 2nd quarter valued at about $919,170,000. Invesco Ltd. increased its stake in shares of Newmont by 45.0% during the 2nd quarter. Invesco Ltd. now owns 15,587,917 shares of the basic materials company’s stock worth $908,152,000 after purchasing an additional 4,839,447 shares in the last quarter. Boston Partners raised its position in shares of Newmont by 4,090.7% during the 2nd quarter. Boston Partners now owns 4,643,057 shares of the basic materials company’s stock worth $272,558,000 after purchasing an additional 4,532,263 shares during the last quarter. LSV Asset Management purchased a new stake in Newmont in the 2nd quarter valued at approximately $187,206,000. Finally, Robeco Institutional Asset Management B.V. grew its holdings in 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 buying an additional 2,723,044 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

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.