Newmont (NYSE:NEM) Price Target Raised to $120.00 at TD Cowen

Newmont (NYSE:NEM) had its price target upped by TD Cowen from $89.00 to $120.00 in a research report released on Thursday morning,MarketScreener reports. TD Cowen currently has a hold rating on the basic materials company’s stock.

Other equities research analysts have also issued research reports about the company. Macquarie upgraded Newmont from a “hold” rating to a “strong-buy” rating in a research note on Friday, December 5th. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 10th. Citigroup restated a “buy” rating on shares of Newmont in a research note on Monday, January 12th. Scotiabank upgraded shares of Newmont from a “sector perform” rating to a “sector outperform” rating and increased their price objective for the company from $71.50 to $114.00 in a research note on Thursday, October 23rd. Finally, Bank of America boosted their target price on shares of Newmont from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Six analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Newmont presently has a consensus rating of “Buy” and a consensus target price of $103.77.

Newmont Stock Up 2.2%

NEM traded up $2.65 during trading hours on Thursday, reaching $124.34. 8,030,429 shares of the stock traded hands, compared to its average volume of 7,640,620. Newmont has a fifty-two week low of $40.85 and a fifty-two week high of $124.64. The company has a market cap of $135.69 billion, a price-to-earnings ratio of 19.31, a PEG ratio of 0.92 and a beta of 0.41. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. The firm’s fifty day simple moving average is $100.57 and its two-hundred day simple moving average is $84.59.

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

Insider Buying and Selling

In related news, CEO Thomas Ronald Palmer sold 5,000 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $22,768,936.82. This represents a 1.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $92.36, for a total transaction of $192,108.80. Following the completion of the transaction, the director owned 32,709 shares of the company’s stock, valued at $3,021,003.24. This represents a 5.98% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 9,160 shares of company stock worth $767,206. Corporate insiders own 0.05% of the company’s stock.

Institutional Trading of Newmont

Hedge funds and other institutional investors have recently made changes to their positions in the business. GoalVest Advisory LLC acquired a new stake in Newmont during the 4th quarter worth about $25,000. Physician Wealth Advisors Inc. raised its holdings in Newmont by 327.8% during the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock valued at $26,000 after buying an additional 236 shares in the last quarter. Concord Wealth Partners grew its holdings in Newmont by 534.7% during the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 385 shares during the last quarter. JPL Wealth Management LLC bought a new position in Newmont in the 3rd quarter worth $27,000. Finally, Lodestone Wealth Management LLC acquired a new position in shares of Newmont during the 4th quarter worth about $28,000. 68.85% of the stock is currently 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.