The Goldman Sachs Group Issues Positive Forecast for Newmont (NYSE:NEM) Stock Price

Newmont (NYSE:NEM) had its price objective hoisted by equities researchers at The Goldman Sachs Group from $99.90 to $123.90 in a note issued to investors on Monday,MarketScreener reports. The firm presently has a “buy” rating on the basic materials company’s stock. The Goldman Sachs Group’s target price would indicate a potential upside of 8.52% from the stock’s previous close.

Several other equities analysts have also recently weighed in on the company. Royal Bank Of Canada raised their price objective on Newmont from $38.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday, October 27th. TD Securities increased their price objective on Newmont from $67.00 to $89.00 and gave the company a “hold” rating in a research report on Wednesday, October 8th. Zacks Research downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 18th. Scotiabank raised shares of Newmont from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the stock from $71.50 to $114.00 in a research note on Thursday, October 23rd. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $120.00 price objective on shares of Newmont in a report on Sunday, December 7th. Five research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $99.35.

Newmont Stock Performance

Shares of Newmont stock traded up $0.02 during trading on Monday, hitting $114.17. 8,657,446 shares of the stock were exchanged, compared to its average volume of 8,510,003. Newmont has a 1-year low of $40.85 and a 1-year high of $115.70. The company has a current ratio of 2.04, a quick ratio of 1.74 and a debt-to-equity ratio of 0.17. The stock has a market capitalization of $124.59 billion, a price-to-earnings ratio of 17.73, a price-to-earnings-growth ratio of 0.85 and a beta of 0.41. The company has a fifty day moving average price of $96.33 and a 200-day moving average price of $81.90.

Newmont (NYSE:NEM) last released its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.44. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The company had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.14 billion. During the same period in the prior year, the firm posted $0.81 EPS. Newmont’s quarterly revenue was up 20.0% on a year-over-year basis. As a group, equities analysts predict that Newmont will post 3.45 EPS for the current fiscal year.

Insider Activity

In other news, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $92.36, for a total value of $192,108.80. Following the transaction, the director owned 32,709 shares in the company, valued at $3,021,003.24. This represents a 5.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Thomas Ronald Palmer sold 5,000 shares of the firm’s stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $81.34, for a total value of $406,700.00. Following the completion of the transaction, the chief executive officer directly owned 279,923 shares in the company, valued at $22,768,936.82. This trade represents a 1.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 9,160 shares of company stock valued at $767,206 in the last ninety days. Insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

Several institutional investors and hedge funds have recently modified their holdings of NEM. Brighton Jones LLC grew its stake in shares of Newmont by 15.7% in the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock worth $506,000 after buying an additional 1,847 shares in the last quarter. Woodline Partners LP raised its stake in shares of Newmont by 40.7% in the first quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock valued at $4,644,000 after acquiring an additional 27,813 shares during the period. Thurston Springer Miller Herd & Titak Inc. boosted its stake in shares of Newmont by 11.9% during the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,737 shares of the basic materials company’s stock worth $101,000 after purchasing an additional 185 shares during the period. Parallel Advisors LLC grew its holdings in Newmont by 8.2% during the 2nd quarter. Parallel Advisors LLC now owns 7,723 shares of the basic materials company’s stock valued at $450,000 after purchasing an additional 588 shares during the last quarter. Finally, Balefire LLC grew its holdings in Newmont by 4.8% during the 2nd quarter. Balefire LLC now owns 8,663 shares of the basic materials company’s stock valued at $505,000 after purchasing an additional 398 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Newmont Company Profile

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.