Newmont (NYSE:NEM) Stock Price Target Lowered at National Bank Financial

Key Points

• National Bank Financial lowered Newmont’s price target from $140 to $135 while maintaining a “sector perform” rating, implying roughly 15% upside from the prior close.
• Analyst sentiment remains positive overall, with MarketBeat reporting a “Moderate Buy” consensus rating and an average price target of $133.21.
• Newmont reported quarterly EPS of $2.10, narrowly beating expectations, while revenue of $6.12 billion fell short of the $6.35 billion consensus estimate; company insiders sold shares during the quarter.

Newmont (NYSE:NEM - Get Free Report) had its price target lowered by equities researchers at National Bank Financial from $140.00 to $135.00 in a research note issued on Tuesday, BayStreet reports. The firm currently has a "sector perform" rating on the basic materials company's stock. National Bank Financial's price objective would suggest a potential upside of 15.06% from the stock's previous close.

Several other research firms also recently issued reports on NEM. The Goldman Sachs Group cut their price objective on Newmont from $122.50 to $111.40 and set a "buy" rating on the stock in a report on Wednesday, July 1st. Argus set a $110.00 target price on shares of Newmont in a report on Monday, August 3rd. TD raised their target price on shares of Newmont from $127.00 to $133.00 and gave the stock a "buy" rating in a report on Wednesday, August 12th. Canaccord Genuity Group dropped their target price on shares of Newmont from $160.00 to $130.00 and set a "buy" rating on the stock in a research report on Thursday, July 23rd. Finally, Citigroup reissued a "buy" rating on shares of Newmont in a research report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $133.21.

Newmont Price Performance

Shares of NYSE NEM traded down $0.68 during mid-day trading on Tuesday, reaching $117.33. The company had a trading volume of 2,686,312 shares, compared to its average volume of 8,526,168. The company has a 50-day moving average price of $122.08 and a two-hundred day moving average price of $110.96. The stock has a market cap of $123.63 billion, a PE ratio of 14.82, a P/E/G ratio of 2.20 and a beta of 0.51. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15. Newmont has a 1-year low of $76.05 and a 1-year high of $135.29.

Newmont (NYSE:NEM - Get Free Report) last announced its earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, beating the consensus estimate of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%. The business had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. During the same period in the prior year, the business posted $1.43 earnings per share. On average, equities analysts anticipate that Newmont will post 9.05 earnings per share for the current year.

Insider Activity

In other news, CFO Brian Tabolt sold 11,445 shares of Newmont 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 in the company, valued at approximately $3,081,659.16. The trade was a 28.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Natascha Viljoen sold 7,764 shares of the company's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $104.00, for a total value of $807,456.00. Following the transaction, the chief executive officer directly owned 135,235 shares in the company, valued at $14,064,440. The trade was a 5.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 35,973 shares of company stock worth $3,927,169. 0.06% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Newmont

Several institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. bought a new position in Newmont in the 2nd quarter valued at $11,289,753,000. State Street Corp increased its stake in shares of Newmont by 3.1% in the 2nd quarter. State Street Corp now owns 52,396,702 shares of the basic materials company's stock valued at $4,893,852,000 after buying an additional 1,565,716 shares during the period. Bank of New York Mellon Corp raised its position in shares of Newmont by 5.3% during the first quarter. Bank of New York Mellon Corp now owns 12,237,940 shares of the basic materials company's stock worth $1,324,757,000 after acquiring an additional 615,461 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Newmont by 2.0% during the first quarter. Dimensional Fund Advisors LP now owns 9,359,524 shares of the basic materials company's stock worth $1,012,792,000 after acquiring an additional 184,586 shares during the last quarter. Finally, Amundi raised its position in shares of Newmont by 4.4% during the first quarter. Amundi now owns 8,780,775 shares of the basic materials company's stock worth $950,519,000 after acquiring an additional 372,415 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

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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