Royal Bank of Canada Trims Newmont (NYSE:NEM) Target Price to $40.00

Newmont (NYSE:NEMFree Report) had its price objective trimmed by Royal Bank of Canada from $45.00 to $40.00 in a research report sent to investors on Thursday, Benzinga reports. The brokerage currently has a sector perform rating on the basic materials company’s stock.

Other equities research analysts have also issued research reports about the stock. UBS Group decreased their price objective on shares of Newmont from $42.00 to $40.00 and set a neutral rating on the stock in a report on Wednesday, December 13th. Macquarie began coverage on shares of Newmont in a report on Tuesday, November 21st. They set an outperform rating and a $45.00 price objective on the stock. Raymond James decreased their price objective on shares of Newmont from $59.00 to $57.00 and set an outperform rating on the stock in a report on Friday, October 27th. TD Securities lowered shares of Newmont from a buy rating to a hold rating and set a $46.00 price objective on the stock. in a report on Tuesday, January 9th. Finally, BMO Capital Markets reduced their target price on shares of Newmont from $62.00 to $59.00 and set an outperform rating on the stock in a research note on Wednesday, January 17th. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $54.76.

Read Our Latest Stock Analysis on NEM

Newmont Stock Down 1.6 %

NEM opened at $32.79 on Thursday. The firm’s 50-day simple moving average is $38.02 and its 200-day simple moving average is $38.47. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.72 and a current ratio of 2.12. Newmont has a twelve month low of $32.54 and a twelve month high of $52.76. The firm has a market cap of $26.06 billion, a price-to-earnings ratio of -31.83, a PEG ratio of 2.46 and a beta of 0.52.

Insider Activity at Newmont

In other Newmont news, COO Robert D. Atkinson sold 5,500 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $41.26, for a total transaction of $226,930.00. Following the sale, the chief operating officer now directly owns 54,251 shares in the company, valued at approximately $2,238,396.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.07% of the stock is currently owned by corporate insiders.

Institutional Trading of Newmont

Several hedge funds have recently bought and sold shares of the stock. BI Asset Management Fondsmaeglerselskab A S grew its stake in shares of Newmont by 66.6% in the second quarter. BI Asset Management Fondsmaeglerselskab A S now owns 32,609 shares of the basic materials company’s stock valued at $1,391,000 after buying an additional 13,038 shares in the last quarter. Wintrust Investments LLC boosted its position in Newmont by 5.9% during the second quarter. Wintrust Investments LLC now owns 31,297 shares of the basic materials company’s stock worth $1,335,000 after purchasing an additional 1,738 shares during the period. Private Trust Co. NA boosted its position in Newmont by 62.5% during the second quarter. Private Trust Co. NA now owns 1,233 shares of the basic materials company’s stock worth $53,000 after purchasing an additional 474 shares during the period. MONECO Advisors LLC boosted its position in Newmont by 3.5% during the second quarter. MONECO Advisors LLC now owns 13,937 shares of the basic materials company’s stock worth $595,000 after purchasing an additional 473 shares during the period. Finally, Archford Capital Strategies LLC lifted its holdings in shares of Newmont by 117.8% during the second quarter. Archford Capital Strategies LLC now owns 10,347 shares of the basic materials company’s stock worth $447,000 after buying an additional 5,597 shares in the last quarter. 79.53% of the stock is currently owned by institutional investors and hedge funds.

Newmont Company Profile

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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, 2022, it had proven and probable gold reserves of 96.1 million ounces and land position of 61,500 square kilometers.

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