Newmont (NYSE:NEM) Given Hold Rating at Freedom Broker

Key Points

• Freedom Broker reiterated a “Hold” rating on Newmont and cut its price target from $130 to $116, implying approximately 2.08% upside from the reported share price.
• Analyst sentiment remains more positive overall: Newmont has an average “Moderate Buy” rating and a consensus price target of $134.06, despite several recent target reductions.
• Newmont shares fell to $113.63 in Thursday trading. The company recently exceeded quarterly earnings expectations, reporting $2.10 in EPS versus a $2.05 consensus estimate.

Newmont (NYSE:NEM - Get Free Report)'s stock had its "hold" rating reiterated by equities research analysts at Freedom Broker in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $116.00 price target on the basic materials company's stock, down from their prior price target of $130.00. Freedom Broker's target price would indicate a potential upside of 2.08% from the company's current price.

Several other analysts also recently commented on NEM. Sanford C. Bernstein reduced their price target on shares of Newmont from $147.00 to $144.00 and set an "outperform" rating for the company in a research report on Wednesday, September 9th. RBC Dominion Securities set a $155.00 price objective on shares of Newmont and gave the stock an "outperform" rating in a research report on Thursday. Canadian Imperial Bank of Commerce set a $154.00 price objective on shares of Newmont in a research note on Friday, October 16th. Raymond James Financial reaffirmed an "outperform" rating and issued a $140.00 target price on shares of Newmont in a report on Monday, August 24th. Finally, UBS Group decreased their target price on shares of Newmont from $140.00 to $120.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Newmont presently has an average rating of "Moderate Buy" and an average price target of $134.06.

Newmont Stock Performance

NEM traded down $3.55 during trading on Thursday, hitting $113.63. 9,527,946 shares of the stock were exchanged, compared to its average volume of 8,512,312. The firm has a market capitalization of $119.73 billion, a P/E ratio of 14.35, a PEG ratio of 2.16 and a beta of 0.51. Newmont has a 1-year low of $76.05 and a 1-year high of $135.29. The stock has a fifty day moving average price of $122.06 and a two-hundred day moving average price of $111.00. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, beating the consensus estimate of $2.05 by $0.05. The business had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. Newmont had a return on equity of 29.10% and a net margin of 33.36%. During the same period in the prior year, the company earned $1.43 earnings per share. As a group, sell-side analysts predict that Newmont will post 9.04 earnings per share for the current year.

Insider Buying and Selling

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total value of $344,430.00. Following the transaction, the executive vice president directly owned 34,315 shares of the company's stock, valued at approximately $3,939,705.15. The trade was a 8.04% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the company's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total transaction of $1,202,755.05. Following the transaction, the chief financial officer owned 29,324 shares of the company's stock, valued at approximately $3,081,659.16. The trade was a 28.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 35,973 shares of company stock valued at $3,927,169 over the last three months. 0.06% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Monetary Solutions Ltd purchased a new stake in shares of Newmont in the third quarter valued at $103,000. Royal Fund Management LLC purchased a new stake in Newmont during the 3rd quarter worth about $8,017,000. Visionary Horizons LLC acquired a new position in Newmont in the 3rd quarter valued at about $776,000. Strategic Planning Group LLC acquired a new position in Newmont in the 3rd quarter valued at about $10,263,000. Finally, Brookstone Capital Management acquired a new position in Newmont in the 3rd quarter valued at about $4,484,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Company Profile

Newmont Corporation NYSE: NEM is a global mining company primarily engaged in the exploration, development, and production of gold. The company also produces copper, silver, zinc, and lead as byproducts of its mining operations. Its activities span the full mining life cycle, including resource discovery, project development, mine operations, processing, reclamation, and closure.

Founded in 1921, Newmont has grown into one of the world's largest gold producers. The company operates and develops mines across several regions, including North America, South America, Australia, Africa, and Papua New Guinea.

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