Raymond James Increases Newmont (NYSE:NEM) Price Target to $63.00

Newmont (NYSE:NEM) had its price objective increased by stock analysts at Raymond James from $54.00 to $63.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the basic materials company’s stock. Raymond James’ price objective points to a potential upside of 42.37% from the stock’s current price. Raymond James also issued estimates for Newmont’s Q1 2025 earnings at $0.81 EPS, Q1 2025 earnings at $0.81 EPS, Q2 2025 earnings at $0.56 EPS, Q2 2025 earnings at $0.56 EPS, Q3 2025 earnings at $0.59 EPS, Q4 2025 earnings at $0.69 EPS, Q4 2025 earnings at $0.69 EPS, FY2025 earnings at $2.65 EPS and FY2025 earnings at $2.65 EPS.

Several other research analysts also recently weighed in on the company. Scotiabank dropped their price target on Newmont from $52.00 to $50.00 and set a “sector perform” rating for the company in a research note on Tuesday, January 21st. StockNews.com upgraded Newmont from a “hold” rating to a “buy” rating in a research report on Monday, February 24th. TD Securities decreased their price objective on Newmont from $46.00 to $45.00 and set a “hold” rating on the stock in a report on Wednesday, February 26th. National Bank Financial upgraded Newmont to a “hold” rating in a research report on Friday, March 21st. Finally, Royal Bank of Canada lifted their target price on Newmont from $51.00 to $52.00 and gave the stock a “sector perform” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and a consensus price target of $54.09.

Newmont Stock Performance

Shares of NEM stock opened at $44.25 on Friday. The firm has a market capitalization of $49.88 billion, a PE ratio of 15.10, a P/E/G ratio of 0.41 and a beta of 0.54. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The company has a 50 day moving average price of $45.34 and a 200-day moving average price of $45.28. Newmont has a 52 week low of $36.60 and a 52 week high of $58.72.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, February 20th. The basic materials company reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.29. Newmont had a return on equity of 13.52% and a net margin of 17.92%. The company had revenue of $5.65 billion for the quarter, compared to the consensus estimate of $5.32 billion. As a group, equities research analysts expect that Newmont will post 3.45 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Bruce R. Brook sold 2,077 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $40.00, for a total transaction of $83,080.00. Following the sale, the director now owns 52,070 shares of the company’s stock, valued at $2,082,800. This trade represents a 3.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Natascha Viljoen sold 9,000 shares of Newmont stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $40.00, for a total transaction of $360,000.00. Following the transaction, the chief operating officer now directly owns 145,967 shares of the company’s stock, valued at approximately $5,838,680. This trade represents a 5.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,231 shares of company stock valued at $1,388,758. Company insiders own 0.05% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. HHM Wealth Advisors LLC raised its position in shares of Newmont by 66.0% during the 4th quarter. HHM Wealth Advisors LLC now owns 880 shares of the basic materials company’s stock worth $33,000 after purchasing an additional 350 shares during the last quarter. Redwood Park Advisors LLC acquired a new position in shares of Newmont during the fourth quarter valued at approximately $37,000. Promus Capital LLC purchased a new position in shares of Newmont in the fourth quarter valued at approximately $38,000. McIlrath & Eck LLC boosted its stake in shares of Newmont by 80.6% in the third quarter. McIlrath & Eck LLC now owns 809 shares of the basic materials company’s stock worth $43,000 after acquiring an additional 361 shares during the last quarter. Finally, Kestra Investment Management LLC purchased a new stake in shares of Newmont during the fourth quarter worth approximately $43,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

About Newmont

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.