Newmont (NYSE:NEM) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Newmont (NYSE:NEM) had its price objective raised by analysts at The Goldman Sachs Group from $122.30 to $123.20 in a research note issued to investors on Thursday,MarketScreener reports. The brokerage presently has a “buy” rating on the basic materials company’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 3.39% from the company’s previous close.

Several other analysts have also issued reports on NEM. National Bank Financial boosted their target price on shares of Newmont from $120.00 to $140.00 and gave the company an “outperform” rating in a research report on Wednesday, February 4th. Bank of America boosted their price target on Newmont from $134.00 to $151.00 and gave the company a “buy” rating in a report on Thursday, February 26th. Scotiabank dropped their price target on shares of Newmont from $152.00 to $151.00 and set a “sector outperform” rating for the company in a research report on Friday, March 20th. Wall Street Zen lowered Newmont from a “buy” rating to a “hold” rating in a research note on Saturday, April 4th. Finally, Canadian Imperial Bank of Commerce cut their price objective on shares of Newmont from $71.00 to $67.00 in a report on Friday, February 27th. Two analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $133.75.

Newmont Price Performance

NYSE NEM opened at $119.16 on Thursday. The stock has a market capitalization of $128.69 billion, a price-to-earnings ratio of 18.67, a PEG ratio of 0.88 and a beta of 0.46. Newmont has a 1-year low of $48.27 and a 1-year high of $134.88. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.29 and a quick ratio of 2.02. The business’s fifty day moving average price is $115.33 and its 200-day moving average price is $102.26.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, February 19th. The basic materials company reported $2.52 EPS for the quarter, beating analysts’ consensus estimates of $1.81 by $0.71. The company had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.18 billion. Newmont had a return on equity of 23.28% and a net margin of 31.25%.Newmont’s revenue for the quarter was up 20.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.40 earnings per share. On average, equities analysts predict that Newmont will post 3.45 earnings per share for the current year.

Insider Activity

In other Newmont news, insider David James Fry sold 18,394 shares of Newmont stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the completion of the transaction, the insider owned 17,147 shares in the company, valued at approximately $1,911,033.15. This trade represents a 51.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $113.09, for a total value of $339,270.00. Following the completion of the transaction, the executive vice president directly owned 52,315 shares of the company’s stock, valued at approximately $5,916,303.35. This trade represents a 5.42% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 24,394 shares of company stock worth $2,713,281 over the last ninety days. 0.05% of the stock is owned by insiders.

Institutional Investors Weigh In On Newmont

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. McAlvany Wealth Management LLC acquired a new position in Newmont during the fourth quarter worth about $2,711,000. Rockefeller Capital Management L.P. increased its holdings in shares of Newmont by 5.4% in the 4th quarter. Rockefeller Capital Management L.P. now owns 431,746 shares of the basic materials company’s stock valued at $43,110,000 after acquiring an additional 22,133 shares during the last quarter. World Investment Advisors increased its position in shares of Newmont by 298.1% during the fourth quarter. World Investment Advisors now owns 19,255 shares of the basic materials company’s stock worth $1,923,000 after purchasing an additional 14,418 shares in the last quarter. Nalls Sherbakoff Group LLC acquired a new stake in shares of Newmont in the fourth quarter valued at approximately $30,000. Finally, Larry Mathis Financial Planning LLC acquired a new position in shares of Newmont in the 4th quarter valued at $569,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

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.