Newmont (NYSE:NEM) Price Target Raised to $140.00 at BMO Capital Markets

Newmont (NYSE:NEM) had its target price upped by equities research analysts at BMO Capital Markets from $115.00 to $140.00 in a note issued to investors on Wednesday,MarketScreener reports. The firm currently has an “outperform” rating on the basic materials company’s stock. BMO Capital Markets’ price target indicates a potential upside of 27.90% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Canadian Imperial Bank of Commerce decreased their target price on Newmont from $177.00 to $176.00 and set an “outperform” rating on the stock in a report on Tuesday. TD Securities decreased their target price on Newmont from $120.00 to $118.00 and set a “hold” rating on the stock in a report on Tuesday, March 3rd. Macquarie Infrastructure lifted their target price on Newmont from $126.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday, March 27th. DZ Bank upgraded Newmont to a “strong-buy” rating in a report on Monday, January 19th. Finally, Stifel Nicolaus lifted their price target on Newmont from $120.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, February 10th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $139.81.

Newmont Stock Performance

NEM traded down $2.39 during trading hours on Wednesday, hitting $109.46. The company’s stock had a trading volume of 1,284,005 shares, compared to its average volume of 10,059,427. Newmont has a fifty-two week low of $48.27 and a fifty-two week high of $134.88. The company has a current ratio of 2.29, a quick ratio of 2.02 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $118.21 billion, a PE ratio of 17.14, a PEG ratio of 0.84 and a beta of 0.46. The company has a 50-day simple moving average of $114.89 and a 200 day simple moving average of $104.40.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, February 19th. The basic materials company reported $2.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.81 by $0.71. Newmont had a return on equity of 23.28% and a net margin of 31.25%.The company had revenue of $6.82 billion for the quarter, compared to analysts’ expectations of $6.18 billion. During the same period last year, the firm earned $1.40 EPS. The firm’s revenue for the quarter was up 20.6% on a year-over-year basis. As a group, sell-side analysts expect that Newmont will post 8.83 EPS for the current year.

Insider Activity at Newmont

In other Newmont news, insider David James Fry sold 18,394 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $111.45, for a total value of $2,050,011.30. Following the completion of the transaction, the insider owned 17,147 shares of the company’s stock, valued at $1,911,033.15. This represents a 51.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on 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 disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 24,394 shares of company stock valued at $2,713,281. Insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

A number of hedge funds have recently modified their holdings of NEM. GoalVest Advisory LLC acquired a new position in shares of Newmont in the 4th quarter worth approximately $25,000. Pinnacle Bancorp Inc. acquired a new stake in Newmont during the 1st quarter valued at $25,000. Physician Wealth Advisors Inc. increased its holdings in Newmont by 327.8% during the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 236 shares in the last quarter. Swiss RE Ltd. acquired a new stake in Newmont during the 4th quarter valued at $26,000. Finally, Cornerstone Planning Group LLC increased its holdings in Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 206 shares in 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.