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

Newmont (NYSE:NEM) had its target price hoisted by investment analysts at Canaccord Genuity Group from $115.00 to $140.00 in a research note issued to investors on Friday,MarketScreener reports. The firm presently has a “buy” rating on the basic materials company’s stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 12.59% from the stock’s current price.

A number of other research analysts also recently weighed in on NEM. Argus raised their price target on shares of Newmont from $75.00 to $94.00 in a report on Friday, November 21st. The Goldman Sachs Group raised their target price on Newmont from $99.90 to $123.90 and gave the company a “buy” rating in a report on Monday, January 12th. BNP Paribas Exane cut Newmont from an “outperform” rating to a “hold” rating and set a $97.00 price target for the company. in a research report on Friday, December 5th. DZ Bank raised Newmont to a “strong-buy” rating in a report on Monday, January 19th. Finally, Zacks Research lowered Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 18th. 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’s stock. According to MarketBeat, Newmont presently has an average rating of “Buy” and an average target price of $103.77.

Newmont Stock Up 2.2%

Shares of Newmont stock traded up $2.65 during trading on Friday, hitting $124.34. 8,030,429 shares of the stock traded hands, compared to its average volume of 7,640,620. The stock has a market cap of $135.69 billion, a P/E ratio of 19.31, a PEG ratio of 0.92 and a beta of 0.41. The company has a fifty day moving average price of $100.57 and a two-hundred day moving average price of $84.59. Newmont has a twelve month low of $40.85 and a twelve month high of $124.64. 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 quarterly earnings data on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.44. The firm had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.14 billion. Newmont had a net margin of 33.42% and a return on equity of 20.35%. The company’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.81 earnings per share. Equities research analysts predict that Newmont will post 3.45 EPS for the current fiscal year.

Insider Activity at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction 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 sale, the director owned 32,709 shares in the company, valued at approximately $3,021,003.24. This trade represents a 5.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the business’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $81.34, for a total transaction of $406,700.00. Following the transaction, the chief executive officer directly owned 279,923 shares in the company, valued at $22,768,936.82. This trade represents a 1.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 9,160 shares of company stock valued at $767,206 over the last three months. 0.05% of the stock is owned by company insiders.

Institutional Investors Weigh In On Newmont

A number of institutional investors have recently added to or reduced their stakes in the company. Apella Capital LLC grew its holdings 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 worth $219,000 after purchasing an additional 86 shares during the last quarter. New Wave Wealth Advisors LLC boosted its position 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 buying an additional 88 shares in the last quarter. Norden Group LLC grew its stake in Newmont by 0.7% during the fourth quarter. Norden Group LLC now owns 12,367 shares of the basic materials company’s stock worth $1,235,000 after buying an additional 90 shares during the last quarter. Brown Miller Wealth Management LLC increased its holdings 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 buying an additional 113 shares in the last quarter. Finally, Colonial Trust Advisors raised its stake in shares of Newmont by 20.8% in the third quarter. Colonial Trust Advisors now owns 684 shares of the basic materials company’s stock valued at $58,000 after acquiring an additional 118 shares during the last quarter. 68.85% of the stock is 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.