Raymond James Forecasts Strong Price Appreciation for Newmont (NYSE:NEM) Stock

Newmont (NYSE:NEM) had its price objective hoisted by equities researchers 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 would suggest 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.

A number of other equities research analysts also recently issued reports on the company. Scotiabank reduced their price target on Newmont from $52.00 to $50.00 and set a “sector perform” rating on the stock in a research report on Tuesday, January 21st. TD Securities decreased their price target on Newmont from $46.00 to $45.00 and set a “hold” rating on the stock in a research report on Wednesday, February 26th. The Goldman Sachs Group started coverage on Newmont in a research note on Monday, January 13th. They issued a “buy” rating and a $47.20 price target for the company. National Bank Financial upgraded shares of Newmont to a “hold” rating in a research note on Friday, March 21st. Finally, StockNews.com raised shares of Newmont from a “hold” rating to a “buy” rating in a research note on Monday, February 24th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Newmont has a consensus rating of “Moderate Buy” and a consensus target price of $54.09.

Newmont Price Performance

Shares of NEM opened at $44.25 on Friday. The company’s 50-day moving average is $45.34 and its 200-day moving average is $45.28. 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 firm has a market capitalization of $49.88 billion, a PE ratio of 15.10, a PEG ratio of 0.41 and a beta of 0.54. Newmont has a fifty-two week low of $36.60 and a fifty-two week high of $58.72.

Newmont (NYSE:NEM) last posted its earnings results on Thursday, February 20th. The basic materials company reported $1.40 EPS for the quarter, beating the consensus estimate 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. Equities analysts forecast that Newmont will post 3.45 EPS for the current year.

Insider Transactions at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the completion of the transaction, the executive vice president now directly owns 82,596 shares in the company, valued at approximately $3,303,840. The trade was a 3.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of Newmont stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $40.00, for a total value of $83,080.00. Following the sale, the director now directly owns 52,070 shares of the company’s stock, valued at approximately $2,082,800. This trade represents a 3.84 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,231 shares of company stock valued at $1,388,758. 0.05% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of NEM. HHM Wealth Advisors LLC increased its position in shares of Newmont by 66.0% during the fourth quarter. HHM Wealth Advisors LLC now owns 880 shares of the basic materials company’s stock valued at $33,000 after buying an additional 350 shares during the period. Redwood Park Advisors LLC purchased a new position in shares of Newmont during the 4th quarter worth approximately $37,000. Promus Capital LLC purchased a new position in shares of Newmont in the 4th quarter valued at approximately $38,000. McIlrath & Eck LLC lifted its holdings in shares of Newmont by 80.6% during the third quarter. McIlrath & Eck LLC now owns 809 shares of the basic materials company’s stock valued at $43,000 after purchasing an additional 361 shares during the last quarter. Finally, Kestra Investment Management LLC bought a new stake in shares of Newmont in the 4th quarter worth approximately $43,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

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.