Investment analysts at Canaccord Genuity Group increased their price target for Newmont Corporation (NYSE: NEM) from $115.00 to $140.00, according to a research note issued on Friday. This adjustment suggests a potential upside of approximately 12.59% from the stock’s current price. Canaccord Genuity maintains a “buy” rating on the gold mining company’s stock.
Multiple other analysts have also updated their assessments of Newmont. Argus revised its price target from $75.00 to $94.00 on November 21, 2023. Similarly, The Goldman Sachs Group raised its target from $99.90 to $123.90 on January 12, 2023, while maintaining a “buy” rating.
Conversely, BNP Paribas Exane downgraded Newmont from an “outperform” rating to a “hold” rating, setting a target price of $97.00. Meanwhile, DZ Bank upgraded the stock to a “strong-buy” rating on January 19, 2023, and Zacks Research lowered its rating from “strong-buy” to “hold” on November 18, 2023. Overall, six analysts have rated Newmont as a “strong buy,” thirteen have issued “buy” ratings, and four have designated it as a “hold.”
As per MarketBeat, the average rating for Newmont stands at “buy,” with an average target price of $103.77.
Recent Earnings Performance
Newmont reported its quarterly earnings on October 23, 2023, revealing earnings per share of $1.71, exceeding the consensus estimate of $1.27 by $0.44. The company generated revenue of $5.52 billion for the quarter, surpassing analyst expectations of $5.14 billion. This performance reflects a year-over-year revenue increase of 20.0%. In the same quarter last year, Newmont earned $0.81 per share.
Analysts predict that Newmont will post an earnings per share of 3.45 for the current fiscal year, indicating strong anticipated performance.
Insider Transactions and Institutional Holdings
In recent insider activity, Director Bruce R. Brook sold 2,080 shares of Newmont on December 1, 2023, at an average price of $92.36, totaling approximately $192,108.80. Following this transaction, Brook’s ownership in the company decreased by 5.98%, leaving him with 32,709 shares valued at around $3,021,003.24.
Additionally, CEO Thomas Ronald Palmer sold 5,000 shares on November 3, 2023, for a total of $406,700.00. After this sale, Palmer held 279,923 shares, worth approximately $22,768,936.82, reflecting a 1.75% decrease in his stake.
Over the last three months, insiders sold a total of 9,160 shares valued at $767,206, with insiders owning about 0.05% of the stock.
Institutional investors have also been active in adjusting their holdings in Newmont. Apella Capital LLC increased its stake by 4.1% in the fourth quarter, now owning 2,198 shares valued at $219,000. Similarly, New Wave Wealth Advisors LLC boosted its position by 1.3%, holding 6,849 shares worth $684,000.
Overall, institutional investors and hedge funds currently hold 68.85% of Newmont’s stock, indicating robust institutional interest in the company.
About Newmont Corporation
Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont Corporation is a leading global gold mining enterprise involved in the exploration, development, processing, and reclamation of gold properties. The company focuses primarily on gold production, while also generating additional revenue from byproduct metals. Newmont’s operations encompass a range of stages, from early exploration to mining and closure, supported by a portfolio of long-lived mines and development projects.
As Newmont continues to navigate market dynamics, the recent adjustments in target prices and institutional investment may indicate a positive outlook for the company’s future performance.
