Newmont (NYSE:NEM) Price Target Raised to $61.00

Newmont (NYSE:NEM – Get Rating) had its target price raised by Raymond James from $57.00 to $61.00 in a research note issued to investors on Tuesday, BayStreet.CA reports. They currently have an outperform rating on the basic materials company’s stock. Raymond James also issued estimates for Newmont’s Q4 2022 earnings at $0.45 EPS, FY2022 earnings at $1.86 EPS, Q1 2023 earnings at $0.60 EPS, Q2 2023 earnings at $0.59 EPS, Q3 2023 earnings at $0.66 EPS, Q4 2023 earnings at $0.64 EPS and FY2023 earnings at $2.48 EPS.

Several other research analysts have also issued reports on the stock. Credit Suisse Group lifted their price target on shares of Newmont to $54.00 in a research report on Monday, November 21st. Canaccord Genuity Group restated a hold rating and issued a $56.00 price target (up previously from $50.00) on shares of Newmont in a research report on Thursday, January 19th. StockNews.com began coverage on shares of Newmont in a research report on Wednesday, October 12th. They issued a hold rating on the stock. Eight Capital lowered their price objective on shares of Newmont to $58.00 in a research report on Thursday, October 27th. Finally, Barclays lifted their price objective on shares of Newmont from $54.00 to $57.00 and gave the stock an equal weight rating in a research report on Monday, January 30th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, Newmont currently has an average rating of Hold and a consensus target price of $63.53.

Newmont Price Performance

Shares of NYSE:NEM opened at $49.85 on Tuesday. Newmont has a 12 month low of $37.45 and a 12 month high of $86.37. The stock has a market cap of $39.57 billion, a price-to-earnings ratio of 41.61 and a beta of 0.29. The stock’s 50 day moving average price is $49.73 and its 200 day moving average price is $45.96. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.72 and a quick ratio of 2.29.

Newmont (NYSE:NEM – Get Rating) last posted its quarterly earnings results on Tuesday, November 1st. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.02). The business had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.79 billion. Newmont had a return on equity of 8.07% and a net margin of 8.28%. Equities research analysts anticipate that Newmont will post 1.82 earnings per share for the current fiscal year.

Insider Activity

In related news, COO Robert D. Atkinson sold 3,000 shares of Newmont stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $48.23, for a total value of $144,690.00. Following the completion of the sale, the chief operating officer now owns 33,947 shares of the company’s stock, valued at approximately $1,637,263.81. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Thomas Ronald Palmer sold 11,000 shares of Newmont stock in a transaction on Thursday, December 1st. The shares were sold at an average price of $48.42, for a total value of $532,620.00. Following the completion of the sale, the chief executive officer now owns 210,949 shares of the company’s stock, valued at approximately $10,214,150.58. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Robert D. Atkinson sold 3,000 shares of Newmont stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $48.23, for a total transaction of $144,690.00. Following the completion of the sale, the chief operating officer now directly owns 33,947 shares of the company’s stock, valued at approximately $1,637,263.81. The disclosure for this sale can be found here. Insiders have sold a total of 28,000 shares of company stock worth $1,353,100 in the last ninety days. Corporate insiders own 0.11% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Janiczek Wealth Management LLC lifted its position in Newmont by 310.0% during the 3rd quarter. Janiczek Wealth Management LLC now owns 3,206 shares of the basic materials company’s stock worth $136,000 after acquiring an additional 2,424 shares during the last quarter. Stephens Inc. AR lifted its position in Newmont by 73.2% during the 3rd quarter. Stephens Inc. AR now owns 57,409 shares of the basic materials company’s stock worth $2,413,000 after acquiring an additional 24,254 shares during the last quarter. S.A. Mason LLC acquired a new position in Newmont during the 3rd quarter worth $55,000. Ieq Capital LLC lifted its position in Newmont by 39.9% during the 3rd quarter. Ieq Capital LLC now owns 17,179 shares of the basic materials company’s stock worth $722,000 after acquiring an additional 4,896 shares during the last quarter. Finally, State of Michigan Retirement System lifted its position in Newmont by 0.3% during the 3rd quarter. State of Michigan Retirement System now owns 214,845 shares of the basic materials company’s stock worth $9,030,000 after acquiring an additional 700 shares during the last quarter. Institutional investors and hedge funds own 77.60% of the company’s stock.

Newmont Company Profile

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Newmont Corp. is a gold producer, engages in the exploration and acquisition of gold properties, contains copper, silver, lead, zinc or other metals. It operates through the following geographical segments: North America, South America, Nevada, Australia, and Africa. The North America segment consists primarily of carlin, phoenix, twin creeks and long canyon in the state of Nevada and Cripple Creek and Victor in the state of Colorado, in the United States.