Newmont (NYSE:NEM) Given New $145.00 Price Target at BMO Capital Markets

Newmont (NYSE:NEM) had its price target hoisted by equities researchers at BMO Capital Markets from $114.00 to $145.00 in a report released on Wednesday,MarketScreener reports. The firm currently has an “outperform” rating on the basic materials company’s stock. BMO Capital Markets’ target price indicates a potential upside of 29.12% from the company’s previous close.

Several other analysts have also recently weighed in on NEM. Scotiabank lifted their price target on shares of Newmont from $114.00 to $152.00 and gave the company an “outperform” rating in a report on Monday. National Bankshares increased their price objective on Newmont from $110.00 to $120.00 and gave the stock an “outperform” rating in a report on Tuesday, December 9th. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 10th. TD Cowen lifted their price target on shares of Newmont from $89.00 to $120.00 and gave the company a “hold” rating in a research report on Thursday, January 22nd. Finally, Zacks Research downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 18th. Six investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $112.38.

Newmont Stock Down 11.5%

Shares of NEM opened at $112.30 on Wednesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. Newmont has a 1 year low of $41.23 and a 1 year high of $134.88. The stock has a 50 day simple moving average of $104.52 and a two-hundred day simple moving average of $86.86. The firm has a market cap of $122.55 billion, a P/E ratio of 17.44, a P/E/G ratio of 0.97 and a beta of 0.41.

Insider Transactions at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of the firm’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $92.36, for a total value of $192,108.80. Following the transaction, the director directly owned 32,709 shares of the company’s stock, valued at approximately $3,021,003.24. This trade represents a 5.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the firm’s stock in a transaction dated 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. This trade represents a 1.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 9,160 shares of company stock worth $767,206. 0.05% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Newmont

Several large investors have recently made changes to their positions in the business. Estate Counselors LLC acquired a new position in Newmont in the 3rd quarter valued at about $4,182,000. AustralianSuper Pty Ltd raised its position in shares of Newmont by 124.8% during the 3rd quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company’s stock valued at $27,843,000 after buying an additional 183,360 shares during the period. 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 acquiring an additional 285,897 shares during the last quarter. Knights of Columbus Asset Advisors LLC grew its position in Newmont by 59.6% in the second quarter. Knights of Columbus Asset Advisors LLC now owns 15,653 shares of the basic materials company’s stock worth $912,000 after acquiring an additional 5,848 shares during the period. Finally, Robeco Institutional Asset Management B.V. increased its stake in Newmont by 172.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 4,304,215 shares of the basic materials company’s stock worth $362,888,000 after acquiring an additional 2,723,044 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other 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.