Newmont (NYSE:NEM) Earns “Hold” Rating from Canaccord Genuity Group

Newmont (NYSE:NEMGet Rating)‘s stock had its “hold” rating reiterated by research analysts at Canaccord Genuity Group in a report released on Thursday, Marketbeat Ratings reports. They presently have a $56.00 price target on the basic materials company’s stock, up from their prior price target of $50.00. Canaccord Genuity Group’s target price suggests a potential upside of 4.99% from the stock’s current price.

A number of other equities research analysts also recently issued reports on NEM. Credit Suisse Group increased their target price on shares of Newmont to $54.00 in a research report on Monday, November 21st. Eight Capital dropped their price target on shares of Newmont to $58.00 in a research note on Thursday, October 27th. National Bank Financial increased their price target on shares of Newmont from C$76.00 to C$86.00 in a research note on Friday, January 13th. Fundamental Research restated a “buy” rating and set a $52.00 price target (down previously from $63.91) on shares of Newmont in a research note on Tuesday, November 15th. Finally, TD Securities dropped their price target on shares of Newmont from $49.00 to $47.00 and set a “hold” rating on the stock in a research note on Wednesday, November 2nd. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Newmont has a consensus rating of “Hold” and an average price target of $63.63.

Newmont Stock Up 1.7 %

NEM stock opened at $53.34 on Thursday. Newmont has a 12-month low of $37.45 and a 12-month high of $86.37. The company has a quick ratio of 2.29, a current ratio of 2.72 and a debt-to-equity ratio of 0.28. The company has a market cap of $42.34 billion, a price-to-earnings ratio of 42.33 and a beta of 0.27. The company has a 50 day moving average of $48.31 and a two-hundred day moving average of $46.24.

Newmont (NYSE:NEMGet Rating) last released its earnings results on Tuesday, November 1st. The basic materials company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.02). Newmont had a return on equity of 8.07% and a net margin of 8.28%. The company had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.79 billion. On average, equities analysts anticipate that Newmont will post 1.79 earnings per share for the current fiscal year.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of the firm’s stock in a transaction on Thursday, December 1st. The shares were sold at an average price of $48.42, for a total value of $532,620.00. Following the sale, the chief executive officer now directly owns 210,949 shares in the company, valued at approximately $10,214,150.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Newmont news, CEO Thomas Ronald Palmer sold 11,000 shares of the firm’s stock in a transaction on Thursday, December 1st. The shares were sold at an average price of $48.42, for a total value of $532,620.00. Following the sale, the chief executive officer now directly owns 210,949 shares in the company, valued at approximately $10,214,150.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Robert D. Atkinson sold 3,000 shares of the firm’s stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $48.23, for a total transaction of $144,690.00. Following the completion of the sale, the chief operating officer now owns 33,947 shares in the company, valued at $1,637,263.81. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,890 shares of company stock worth $2,160,662. 0.11% of the stock is owned by insiders.

Institutional Trading of Newmont

Several hedge funds and other institutional investors have recently bought and sold shares of NEM. Secure Asset Management LLC lifted its holdings in shares of Newmont by 185.5% during the 4th quarter. Secure Asset Management LLC now owns 34,962 shares of the basic materials company’s stock worth $1,650,000 after acquiring an additional 22,714 shares during the period. Emerald Advisors LLC lifted its holdings in shares of Newmont by 1.0% during the 4th quarter. Emerald Advisors LLC now owns 44,113 shares of the basic materials company’s stock worth $2,082,000 after acquiring an additional 438 shares during the period. Clear Harbor Asset Management LLC lifted its holdings in shares of Newmont by 270.8% during the 4th quarter. Clear Harbor Asset Management LLC now owns 47,291 shares of the basic materials company’s stock worth $2,232,000 after acquiring an additional 34,537 shares during the period. HB Wealth Management LLC bought a new position in shares of Newmont during the 4th quarter worth about $490,000. Finally, Royal Fund Management LLC lifted its holdings in shares of Newmont by 20.7% during the 4th quarter. Royal Fund Management LLC now owns 96,304 shares of the basic materials company’s stock worth $4,546,000 after acquiring an additional 16,519 shares during the period. 77.60% of the stock is currently owned by institutional investors and hedge funds.

About Newmont

(Get Rating)

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, and Ghana. As of December 31, 2021, it had proven and probable gold reserves of 92.8 million ounces and land position of 62,800 square kilometers.

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Analyst Recommendations for Newmont (NYSE:NEM)

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