Newmont (NYSE:NEM) Given New $150.00 Price Target at Canaccord Genuity Group

Key Points

• Canaccord Genuity raised its price target on Newmont (NEM) to $150 from $140 and kept a "buy" rating, implying roughly a 28.8% upside from the current price.
• Analyst consensus is a Moderate Buy$133.91, based on 2 Strong Buy, 15 Buy and 5 Hold ratings.
• Newmont posted a strong quarter, reporting $2.52 EPS vs. $1.81 expected and revenue of $6.82B vs. $6.18B, with a net margin of 31.25% and ROE of 23.28%.

Newmont (NYSE:NEM - Get Free Report) had its price objective boosted by investment analysts at Canaccord Genuity Group from $140.00 to $150.00 in a report released on Friday,MarketScreener reports. The firm currently has a "buy" rating on the basic materials company's stock. Canaccord Genuity Group's price target indicates a potential upside of 28.76% from the company's current price.

A number of other equities analysts have also commented on NEM. BMO Capital Markets dropped their price target on Newmont from $145.00 to $140.00 and set an "outperform" rating for the company in a research note on Friday, February 20th. Raymond James Financial upped their price objective on Newmont from $111.00 to $130.00 and gave the stock an "outperform" rating in a report on Thursday, January 15th. National Bank Financial set a $130.00 target price on Newmont and gave the company a "sector perform" rating in a research report on Thursday. TD Cowen raised their target price on shares of Newmont from $89.00 to $120.00 and gave the company a "hold" rating in a report on Thursday, January 22nd. Finally, Citigroup boosted their price target on shares of Newmont from $118.00 to $150.00 and gave the stock a "buy" rating in a research report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Newmont currently has an average rating of "Moderate Buy" and an average price target of $133.91.

Newmont Price Performance

NEM stock opened at $116.50 on Friday. The company has a market capitalization of $125.81 billion, a PE ratio of 18.23, a price-to-earnings-growth ratio of 0.87 and a beta of 0.46. The company's fifty day moving average price is $115.51 and its 200-day moving average price is $103.72. Newmont has a one year low of $48.27 and a one year high of $134.88. 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 (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, topping the consensus estimate of $1.81 by $0.71. Newmont had a net margin of 31.25% and a return on equity of 23.28%. The business had revenue of $6.82 billion for the quarter, compared to analysts' expectations of $6.18 billion. During the same quarter in the previous year, the company earned $1.40 EPS. The business's quarterly revenue was up 20.6% compared to the same quarter last year. On average, equities analysts anticipate that Newmont will post 3.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $113.09, for a total transaction 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 $5,916,303.35. The trade was a 5.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David James Fry sold 18,394 shares of the stock in a transaction on Monday, March 16th. The shares were sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the completion of the sale, the insider directly owned 17,147 shares in the company, valued at approximately $1,911,033.15. This represents a 51.75% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 24,394 shares of company stock valued at $2,713,281. 0.06% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Newmont

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in Newmont by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company's stock worth $13,390,613,000 after acquiring an additional 637,996 shares during the period. State Street Corp lifted its position in shares of Newmont by 1.0% in the 4th quarter. State Street Corp now owns 49,959,850 shares of the basic materials company's stock worth $4,988,491,000 after purchasing an additional 480,223 shares during the period. Van ECK Associates Corp boosted its stake in shares of Newmont by 23.4% during the fourth quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company's stock valued at $2,973,539,000 after purchasing an additional 5,643,496 shares in the last quarter. Geode Capital Management LLC increased its holdings in Newmont by 3.6% during the fourth quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company's stock valued at $2,738,756,000 after buying an additional 946,824 shares during the period. Finally, Norges Bank bought a new position in Newmont in the fourth quarter worth approximately $1,443,128,000. 68.85% of the stock is owned by institutional investors.

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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