Newmont (NYSE:NEM) Given New $59.00 Price Target at Raymond James

Newmont (NYSE:NEM) had its target price decreased by stock analysts at Raymond James from $62.00 to $59.00 in a report released on Monday,Benzinga reports. The firm presently has an “outperform” rating on the basic materials company’s stock. Raymond James’ price target would suggest a potential upside of 39.66% from the stock’s current price. Raymond James also issued estimates for Newmont’s Q4 2024 earnings at $0.88 EPS, FY2024 earnings at $2.96 EPS, Q2 2025 earnings at $0.83 EPS, Q2 2025 earnings at $0.77 EPS, Q3 2025 earnings at $0.78 EPS, Q3 2025 earnings at $0.83 EPS, Q4 2025 earnings at $0.81 EPS, FY2025 earnings at $3.15 EPS and FY2025 earnings at $3.39 EPS.

A number of other equities research analysts also recently commented on the stock. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research report on Thursday, August 29th. JPMorgan Chase & Co. raised Newmont from a “neutral” rating to an “overweight” rating in a report on Tuesday, November 19th. Cibc World Mkts lowered Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Royal Bank of Canada reduced their target price on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a report on Thursday, October 24th. Finally, UBS Group lowered shares of Newmont from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $67.00 to $54.00 in a research report on Wednesday, October 30th. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $54.31.

Newmont Stock Down 0.5 %

Shares of NYSE:NEM opened at $42.25 on Monday. Newmont has a 1-year low of $29.42 and a 1-year high of $58.72. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The stock has a market cap of $48.09 billion, a P/E ratio of -27.79, a P/E/G ratio of 0.38 and a beta of 0.51. The firm has a fifty day moving average price of $49.80 and a 200 day moving average price of $47.50.

Newmont (NYSE:NEM) last released its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The company had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The business’s quarterly revenue was up 84.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.36 EPS. Sell-side analysts predict that Newmont will post 3.09 EPS for the current year.

Insider Activity at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $1,049,400.00. Following the completion of the transaction, the chief executive officer now directly owns 291,469 shares in the company, valued at approximately $15,293,378.43. This trade represents a 6.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 46,000 shares of company stock worth $2,444,440. 0.06% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Newmont

Several institutional investors and hedge funds have recently made changes to their positions in NEM. LRI Investments LLC bought a new stake in Newmont during the first quarter valued at $25,000. Strategic Financial Concepts LLC acquired a new position in Newmont in the second quarter valued at approximately $25,000. Meeder Asset Management Inc. bought a new position in shares of Newmont during the second quarter valued at approximately $27,000. Hoese & Co LLP bought a new position in shares of Newmont during the third quarter valued at approximately $27,000. Finally, Avior Wealth Management LLC raised its position in shares of Newmont by 191.8% during the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 326 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.