Newmont (NYSE:NEM) Price Target Raised to $155.00

by · The Cerbat Gem

Newmont (NYSE:NEM – Free Report) had its price target lifted by Royal Bank Of Canada from $135.00 to $155.00 in a report released on Wednesday,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the basic materials company’s stock.

NEM has been the subject of a number of other research reports. Raymond James Financial reaffirmed an “outperform” rating and issued a $140.00 price target on shares of Newmont in a report on Monday, August 24th. BNP Paribas Exane dropped their price objective on shares of Newmont from $111.00 to $102.00 and set a “neutral” rating on the stock in a report on Tuesday, July 21st. Scotiabank upped their target price on Newmont from $147.00 to $149.00 and gave the company an “outperform” rating in a research report on Wednesday, August 12th. Macquarie Infrastructure reduced their target price on Newmont from $133.00 to $123.00 and set an “outperform” rating for the company in a research note on Monday, June 15th. Finally, BMO Capital Markets lowered their price target on Newmont from $145.00 to $135.00 and set an “outperform” rating for the company in a research report on Tuesday, June 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Newmont has an average rating of “Moderate Buy” and a consensus target price of $133.07.

Read Our Latest Research Report on NEM

Newmont Stock Performance

Shares of NEM stock opened at $123.31 on Wednesday. Newmont has a 12-month low of $76.05 and a 12-month high of $135.29. The business’s fifty day simple moving average is $113.22 and its 200-day simple moving average is $109.74. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15. The company has a market cap of $129.93 billion, a PE ratio of 15.57, a PEG ratio of 1.74 and a beta of 0.52.

Newmont (NYSE:NEM – Get Free Report) last announced its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The company had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. During the same period in the prior year, the company posted $1.43 EPS. Analysts expect that Newmont will post 9.09 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Thursday, September 3rd will be given a dividend of $0.26 per share. The ex-dividend date is Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a yield of 0.8%. Newmont’s payout ratio is currently 13.13%.

Insider Buying and Selling at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $123.00, for a total value of $369,000.00. Following the completion of the transaction, the executive vice president owned 37,315 shares of the company’s stock, valued at $4,589,745. The trade was a 7.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 3,882 shares of the company’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $123.00, for a total value of $477,486.00. Following the completion of the sale, the chief executive officer owned 131,353 shares in the company, valued at $16,156,419. The trade was a 2.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 32,091 shares of company stock valued at $3,414,187. 0.06% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of NEM. Cedar Mountain Advisors LLC purchased a new position in shares of Newmont during the 1st quarter valued at approximately $25,000. Pinnacle Bancorp Inc. purchased a new stake in Newmont during the first quarter worth $25,000. Clearstead Trust LLC acquired a new stake in Newmont during the second quarter valued at $25,000. Kilter Group LLC acquired a new stake in Newmont during the second quarter valued at $26,000. Finally, Bayban purchased a new position in Newmont in the fourth quarter valued at $30,000. 68.85% of the stock is owned by institutional investors and hedge funds.

About Newmont

(Get Free Report)

Newmont Corporation (NYSE: NEM) is a global mining company primarily focused on the exploration, development and production of gold. The company also produces copper, silver, zinc and lead as byproducts or from polymetallic operations. Its activities include operating mines, developing mineral projects and managing related processing and infrastructure assets.

Founded in 1921, Newmont became one of the first gold companies to be listed on the New York Stock Exchange. The company expanded significantly with its acquisition of Newcrest Mining, completed in 2023, which added major assets in Australia, Canada and Papua New Guinea to its portfolio.

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