Newmont (NYSE:NEM) Given New $116.00 Price Target at TD

Key Points

• TD lowered its price target for Newmont from $118 to $116 and kept a "hold" rating, but analyst coverage is mixed overall — MarketBeat lists a consensus "Moderate Buy" with a $138.26 target while firms like Sanford Bernstein, Jefferies and CIBC have raised targets or upgraded the stock.
• Newmont beat quarterly expectations, reporting $2.52 EPS vs. $1.81 expected and $6.82B in revenue vs. $6.18B, yet the shares fell to $110.24 on the day (down $4.60); analysts forecast about 8.83 EPS for the current fiscal year.

Newmont (NYSE:NEM - Get Free Report) had its target price cut by TD from $118.00 to $116.00 in a research report issued to clients and investors on Tuesday,BayStreet.CA reports. The brokerage presently has a "hold" rating on the basic materials company's stock. TD's price objective would suggest a potential upside of 5.22% from the stock's previous close.

Several other equities analysts have also weighed in on the stock. TD Cowen reduced their price objective on shares of Newmont from $118.00 to $116.00 and set a "hold" rating for the company in a research report on Tuesday. Sanford C. Bernstein upgraded shares of Newmont from a "market perform" rating to an "outperform" rating and raised their price objective for the company from $121.00 to $157.00 in a research report on Friday, February 27th. Scotiabank reduced their price objective on shares of Newmont from $152.00 to $151.00 and set a "sector outperform" rating for the company in a research report on Friday, March 20th. Canadian Imperial Bank of Commerce restated an "outperform" rating and set a $176.00 price objective on shares of Newmont in a research report on Tuesday. Finally, Jefferies Financial Group upped their price objective on shares of Newmont from $162.00 to $165.00 and gave the company a "buy" rating in a research note on Friday, April 10th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $138.26.

Newmont Price Performance

Shares of NYSE:NEM traded down $4.60 during trading hours on Tuesday, hitting $110.24. 4,224,824 shares of the company's stock traded hands, compared to its average volume of 10,167,732. Newmont has a 52 week low of $48.27 and a 52 week high of $134.88. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.02 and a current ratio of 2.29. The company's fifty day simple moving average is $115.39 and its two-hundred day simple moving average is $104.19. The company has a market cap of $119.05 billion, a price-to-earnings ratio of 17.26, a price-to-earnings-growth ratio of 0.90 and a beta of 0.46.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings data on Thursday, February 19th. The basic materials company reported $2.52 earnings per share for the quarter, beating the consensus estimate of $1.81 by $0.71. Newmont had a net margin of 31.25% and a return on equity of 23.28%. The company had revenue of $6.82 billion during the quarter, compared to analyst estimates of $6.18 billion. During the same quarter last year, the firm posted $1.40 EPS. The business's revenue for the quarter was up 20.6% on a year-over-year basis. As a group, equities analysts anticipate that Newmont will post 8.83 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $113.09, for a total value of $339,270.00. Following the completion of the sale, the executive vice president directly owned 52,315 shares of the company's stock, valued at $5,916,303.35. This represents a 5.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider David James Fry sold 18,394 shares of the stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the completion of the sale, the insider directly owned 17,147 shares of the company's stock, valued at $1,911,033.15. This trade represents a 51.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 24,394 shares of company stock valued at $2,713,281 over the last three months. 0.06% of the stock is owned by insiders.

Hedge Funds Weigh In On Newmont

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GoalVest Advisory LLC bought a new position in Newmont during the fourth quarter valued at approximately $25,000. Physician Wealth Advisors Inc. raised its position in Newmont by 327.8% during the third quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company's stock valued at $26,000 after acquiring an additional 236 shares in the last quarter. Swiss RE Ltd. bought a new position in Newmont during the fourth quarter valued at approximately $26,000. Cornerstone Planning Group LLC raised its position in Newmont by 312.1% during the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock valued at $27,000 after acquiring an additional 206 shares in the last quarter. Finally, JPL Wealth Management LLC acquired a new position in Newmont during the third quarter valued at approximately $27,000. Institutional investors own 68.85% of the company's stock.

Newmont Company Profile

Newmont Corporation NYSE: NEM is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company's core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.

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