Raymond James Increases Newmont (NYSE:NEM) Price Target to $66.00

Newmont (NYSE:NEM) had its price target upped by stock analysts at Raymond James from $65.00 to $66.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the basic materials company’s stock. Raymond James’ target price would indicate a potential upside of 36.31% from the stock’s current price. Raymond James also issued estimates for Newmont’s FY2024 earnings at $3.03 EPS and Q1 2025 earnings at $0.88 EPS.

A number of other equities research analysts also recently weighed in on the company. Royal Bank of Canada lowered their price target on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a report on Thursday. Jefferies Financial Group raised their price target on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. UBS Group boosted their price objective on shares of Newmont from $65.00 to $67.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. BMO Capital Markets increased their price objective on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, JPMorgan Chase & Co. downgraded Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $54.85.

Newmont Trading Down 1.7 %

NEM opened at $48.42 on Friday. The stock has a market capitalization of $55.56 billion, a PE ratio of -22.84, a P/E/G ratio of 0.49 and a beta of 0.50. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. Newmont has a 12-month low of $29.42 and a 12-month high of $58.72. The firm’s fifty day moving average price is $53.39 and its 200 day moving average price is $46.82.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.05). The company had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The business’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.36 EPS. As a group, research analysts expect that Newmont will post 3.07 EPS for the current fiscal year.

Insider Transactions at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the transaction, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $1,049,400.00. Following the completion of the sale, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the transaction, the executive vice president now directly owns 94,596 shares in the company, valued at $4,963,452.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 66,000 shares of company stock valued at $3,434,640. Company insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in NEM. JFS Wealth Advisors LLC boosted its stake in shares of Newmont by 716.7% during the 3rd quarter. JFS Wealth Advisors LLC now owns 4,067 shares of the basic materials company’s stock worth $217,000 after acquiring an additional 3,569 shares in the last quarter. Pinnacle Associates Ltd. boosted its position in shares of Newmont by 24.2% in the 3rd quarter. Pinnacle Associates Ltd. now owns 19,505 shares of the basic materials company’s stock valued at $1,043,000 after purchasing an additional 3,797 shares during the period. First Trust Direct Indexing L.P. increased its stake in Newmont by 13.7% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 30,571 shares of the basic materials company’s stock worth $1,634,000 after purchasing an additional 3,676 shares in the last quarter. New York State Teachers Retirement System raised its holdings in Newmont by 0.5% during the 3rd quarter. New York State Teachers Retirement System now owns 861,012 shares of the basic materials company’s stock worth $46,021,000 after buying an additional 4,637 shares during the period. Finally, Golden State Equity Partners purchased a new stake in Newmont during the third quarter valued at about $436,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.