Royal Bank Of Canada Issues Positive Forecast for Newmont (NYSE:NEM) Stock Price

Newmont (NYSE:NEM) had its price target boosted by equities research analysts at Royal Bank Of Canada from $135.00 to $155.00 in a note issued to investors on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the basic materials company’s stock. Royal Bank Of Canada’s target price points to a potential upside of 26.83% from the stock’s previous close.

Other analysts also recently issued research reports about the stock. Wall Street Zen downgraded shares of Newmont from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. BMO Capital Markets lowered their price objective on Newmont from $145.00 to $135.00 and set an “outperform” rating for the company in a research report on Tuesday, June 23rd. TD Securities raised Newmont from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 14th. Jefferies Financial Group decreased their price target on Newmont from $158.00 to $146.00 and set a “buy” rating on the stock in a research note on Monday, July 6th. Finally, Bank of America lowered their price target on Newmont from $157.00 to $132.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Newmont has an average rating of “Moderate Buy” and an average price target of $133.07.

Newmont Trading Down 1.6%

Shares of NEM stock traded down $1.98 on Wednesday, hitting $122.21. 2,696,497 shares of the stock traded hands, compared to its average volume of 8,872,083. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55. Newmont has a twelve month low of $76.05 and a twelve month high of $135.29. The firm’s 50-day moving average price is $111.50 and its two-hundred day moving average price is $109.73. The stock has a market capitalization of $128.77 billion, a PE ratio of 15.44, a PEG ratio of 1.73 and a beta of 0.52.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.05. Newmont had a net margin of 33.36% and a return on equity of 29.10%. The firm had revenue of $6.12 billion during the quarter, compared to analysts’ expectations of $6.35 billion. During the same period last year, the business earned $1.43 earnings per share. As a group, analysts anticipate that Newmont will post 9.01 EPS for the current year.

Insider Activity at Newmont

In related news, CFO Brian Tabolt sold 11,445 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the sale, the chief financial officer directly owned 29,324 shares of the company’s stock, valued at $3,081,659.16. This represents a 28.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $123.00, for a total value of $369,000.00. Following the sale, the executive vice president directly owned 37,315 shares in the company, valued at $4,589,745. This represents a 7.44% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 32,091 shares of company stock worth $3,414,187 in the last three months. 0.06% of the stock is owned by company insiders.

Institutional Trading of Newmont

A number of large investors have recently made changes to their positions in NEM. BlackRock Inc. acquired a new position in shares of Newmont during the second quarter worth $11,289,753,000. State Street Corp lifted its position in shares of Newmont by 1.0% during 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 buying an additional 480,223 shares during the last quarter. Van ECK Associates Corp purchased a new stake in Newmont in the second quarter valued at $671,197,000. Geode Capital Management LLC boosted its stake in Newmont by 3.6% in 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 acquiring an additional 946,824 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Newmont during the fourth quarter worth about $1,443,128,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

About Newmont

Newmont Corporation (NYSE: NEM) is a global mining company primarily focused on the exploration, development and production of gold. The company also produces copper, silver, zinc and lead as byproducts or from polymetallic operations. Its activities include operating mines, developing mineral projects and managing related processing and infrastructure assets.

Founded in 1921, Newmont became one of the first gold companies to be listed on the New York Stock Exchange. The company expanded significantly with its acquisition of Newcrest Mining, completed in 2023, which added major assets in Australia, Canada and Papua New Guinea to its portfolio.