BMO Capital Markets Forecasts Strong Price Appreciation for Newmont (NYSE:NEM) Stock

Newmont (NYSE:NEM) had its price target hoisted by investment analysts at BMO Capital Markets from $135.00 to $145.00 in a report issued on Tuesday. The brokerage currently has an “outperform” rating on the basic materials company’s stock. BMO Capital Markets’ price target points to a potential upside of 23.83% from the company’s current price.

NEM has been the topic of a number of other reports. Zacks Research cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 14th. Canaccord Genuity Group reduced their price target on shares of Newmont from $160.00 to $130.00 and set a “buy” rating on the stock in a report on Thursday, July 23rd. TD Securities upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. Royal Bank Of Canada boosted their target price on Newmont from $135.00 to $155.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 16th. Finally, Raymond James Financial restated an “outperform” rating and set a $140.00 price target on shares of Newmont in a report on Monday, August 24th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Newmont presently has a consensus rating of “Moderate Buy” and a consensus price target of $134.26.

Newmont Stock Performance

Shares of NYSE NEM opened at $117.09 on Tuesday. The stock has a market cap of $123.38 billion, a PE ratio of 14.78, a price-to-earnings-growth ratio of 1.62 and a beta of 0.52. Newmont has a 1 year low of $76.05 and a 1 year high of $135.29. The firm has a fifty day moving average price of $117.32 and a 200-day moving average price of $109.80. 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 issued its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, topping the consensus estimate of $2.05 by $0.05. The company had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same quarter in the prior year, the firm posted $1.43 EPS. Equities analysts anticipate that Newmont will post 9.09 earnings per share for the current fiscal year.

Insider Transactions at Newmont

In other Newmont news, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $123.00, for a total transaction of $477,486.00. Following the sale, the chief executive officer owned 131,353 shares of the company’s stock, valued at approximately $16,156,419. This trade represents a 2.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of Newmont stock in a transaction on Wednesday, August 5th. The shares were 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 owned 29,324 shares in the company, valued at $3,081,659.16. This represents a 28.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 29,091 shares of company stock valued at $3,137,047. Company insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

Several institutional investors and hedge funds have recently added to or reduced their stakes in NEM. Blue Trust Inc. increased its stake in shares of Newmont by 0.6% in the 1st quarter. Blue Trust Inc. now owns 17,194 shares of the basic materials company’s stock valued at $1,861,000 after purchasing an additional 100 shares in the last quarter. Accel Wealth Management increased its position in shares of Newmont by 0.8% in the second quarter. Accel Wealth Management now owns 14,744 shares of the basic materials company’s stock valued at $1,377,000 after buying an additional 115 shares in the last quarter. Bell Investment Advisors Inc raised its stake in shares of Newmont by 41.8% during the 1st quarter. Bell Investment Advisors Inc now owns 397 shares of the basic materials company’s stock worth $43,000 after buying an additional 117 shares during the period. Compound Planning Inc. lifted its position in shares of Newmont by 0.6% during the 1st quarter. Compound Planning Inc. now owns 21,192 shares of the basic materials company’s stock valued at $2,294,000 after buying an additional 121 shares in the last quarter. Finally, Zhang Financial LLC increased its holdings in Newmont by 0.8% in the 1st quarter. Zhang Financial LLC now owns 15,768 shares of the basic materials company’s stock worth $1,707,000 after acquiring an additional 124 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Company Profile

Newmont Corporation is a global mining company focused primarily on the exploration, development and production of gold. Its portfolio also includes operations and projects involving copper, silver, zinc and lead. The company’s activities span the mining life cycle, including exploration, mine development, production, processing, reclamation and related environmental management.

Founded in 1921, Newmont is headquartered in Denver, Colorado, and has built a long history in the gold-mining industry through organic development, acquisitions and joint ventures.