Raymond James Lowers Newmont (NYSE:NEM) Price Target to $59.00

Newmont (NYSE:NEM) had its price target reduced by investment analysts at Raymond James from $62.00 to $59.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “outperform” rating on the basic materials company’s stock. Raymond James’ price target indicates a potential upside of 39.66% from the stock’s previous close. 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.

Other equities research analysts have also issued reports about the stock. JPMorgan Chase & Co. raised shares of Newmont from a “neutral” rating to an “overweight” rating in a research note on Tuesday, November 19th. Royal Bank of Canada lowered their price target on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 24th. CIBC downgraded Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. Jefferies Financial Group lifted their price target on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Finally, Cibc World Mkts lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $54.31.

Newmont Trading Down 0.5 %

Shares of NYSE:NEM opened at $42.25 on Monday. The business has a 50-day moving average price of $49.80 and a 200-day moving average price of $47.50. The stock has a market cap of $48.09 billion, a price-to-earnings ratio of -27.79, a PEG ratio of 0.38 and a beta of 0.51. Newmont has a 52-week low of $29.42 and a 52-week high of $58.72. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM) last posted its 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 business had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The company’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.36 earnings per share. Equities analysts predict that Newmont will post 3.09 EPS for the current year.

Insider Activity at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $161,430.00. Following the sale, the executive vice president now owns 91,596 shares of the company’s stock, valued at $4,928,780.76. This trade represents a 3.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the sale, the chief executive officer now owns 291,469 shares in the company, valued at $15,293,378.43. The trade was a 6.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 46,000 shares of company stock worth $2,444,440. Corporate insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

Large investors have recently modified their holdings of the company. Van ECK Associates Corp boosted its holdings in Newmont by 2.6% in the second quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock valued at $2,131,939,000 after purchasing an additional 1,289,084 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Newmont by 1.4% in the 3rd quarter. Geode Capital Management LLC now owns 23,484,382 shares of the basic materials company’s stock valued at $1,253,457,000 after buying an additional 326,243 shares in the last quarter. Legal & General Group Plc grew its position in shares of Newmont by 1.4% in the 2nd quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company’s stock valued at $337,909,000 after buying an additional 109,084 shares during the last quarter. FMR LLC raised its stake in Newmont by 21.1% during the 3rd quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock worth $376,953,000 after acquiring an additional 1,226,697 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Newmont by 8.6% in the second quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock valued at $289,445,000 after acquiring an additional 545,903 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other institutional investors.

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.