Newmont (NYSE:NEM) Given New $123.20 Price Target at The Goldman Sachs Group

Key Points

• The Goldman Sachs Group raised its price target on Newmont to $123.20 (from $122.30) and kept a buy rating, implying about a 3.39% upside; the analyst consensus price target is $133.75 with most analysts rating the stock a Buy.
• Newmont beat expectations for the quarter with EPS $2.52 versus $1.81 expected and revenue of $6.82 billion versus $6.18 billion, a 20.6% year‑over‑year revenue increase and strong margins (ROE 23.28%, net margin 31.25%).
• Insiders sold a total of 24,394 shares (~$2.71M) in the last three months (insiders own 0.05%), while institutional investors hold about 68.85% of the company; shares were trading around $119.16 with a 52‑week range of $48.27–$134.88.

Newmont (NYSE:NEM - Get Free Report) had its target price increased by stock analysts at The Goldman Sachs Group from $122.30 to $123.20 in a report released on Thursday,MarketScreener reports. The firm presently has a "buy" rating on the basic materials company's stock. The Goldman Sachs Group's price objective indicates a potential upside of 3.39% from the stock's previous close.

A number of other equities analysts have also commented on the stock. Bank of America lifted their price target on shares of Newmont from $134.00 to $151.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. BMO Capital Markets cut their price objective on Newmont from $145.00 to $140.00 and set an "outperform" rating on the stock in a research note on Friday, February 20th. DZ Bank upgraded shares of Newmont to a "strong-buy" rating in a report on Monday, January 19th. TD Securities reduced their price objective on shares of Newmont from $120.00 to $118.00 and set a "hold" rating for the company in a report on Tuesday, March 3rd. Finally, Royal Bank Of Canada raised their price target on shares of Newmont from $120.00 to $125.00 and gave the company an "outperform" rating in a research report on Tuesday, February 3rd. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $133.75.

Newmont Trading Up 0.9%

Shares of NEM opened at $119.16 on Thursday. The business's fifty day moving average is $115.33 and its 200-day moving average is $102.26. The firm has a market cap of $128.69 billion, a price-to-earnings ratio of 18.67, a PEG ratio of 0.88 and a beta of 0.46. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.02 and a current ratio of 2.29. Newmont has a 52-week low of $48.27 and a 52-week high of $134.88.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Thursday, February 19th. The basic materials company reported $2.52 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $6.18 billion. During the same period in the prior year, the company earned $1.40 EPS. Newmont's revenue was up 20.6% compared to the same quarter last year. Equities analysts anticipate that Newmont will post 3.45 EPS for the current fiscal year.

Insider Transactions at Newmont

In other Newmont news, insider David James Fry sold 18,394 shares of the firm's stock in a transaction dated 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 in the company, valued at $1,911,033.15. This trade represents a 51.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $113.09, for a total transaction of $339,270.00. Following the completion of the sale, the executive vice president directly owned 52,315 shares in the company, valued at approximately $5,916,303.35. The trade was a 5.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 24,394 shares of company stock worth $2,713,281 in the last three months. 0.05% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Newmont

Several institutional investors and hedge funds have recently bought and sold shares of NEM. Brighton Jones LLC boosted its holdings in Newmont by 15.7% in the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company's stock valued at $506,000 after acquiring an additional 1,847 shares in the last quarter. Woodline Partners LP lifted its stake in shares of Newmont by 40.7% in the 1st quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company's stock valued at $4,644,000 after purchasing an additional 27,813 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of Newmont during the second quarter valued at approximately $240,000. CW Advisors LLC grew its stake in shares of Newmont by 88.5% in the 2nd quarter. CW Advisors LLC now owns 8,032 shares of the basic materials company's stock worth $468,000 after buying an additional 3,771 shares during the last quarter. Finally, Cresset Asset Management LLC raised its stake in Newmont by 1.3% during the second quarter. Cresset Asset Management LLC now owns 19,464 shares of the basic materials company's stock valued at $1,134,000 after buying an additional 251 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

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.

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