Newmont (NYSE:NEM) Given New $133.00 Price Target at TD

Key Points

• TD raised its price target for Newmont to $133 from $127 and maintained a “buy” rating, implying approximately 12.4% upside from the reported $118.33 share price.
• Analyst sentiment remains favorable, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $132.50, despite several firms recently lowering their targets.
• Newmont exceeded quarterly EPS expectations, reporting $2.10 versus the $2.05 consensus, while revenue of $6.12 billion came in below the estimated $6.35 billion.

Newmont (NYSE:NEM - Get Free Report) had its target price hoisted by investment analysts at TD from $127.00 to $133.00 in a research note issued on Wednesday,BayStreet.CA reports. The brokerage currently has a "buy" rating on the basic materials company's stock. TD's target price would indicate a potential upside of 12.40% from the company's current price.

Other equities research analysts have also recently issued research reports about the company. Royal Bank Of Canada lowered their target price on Newmont from $140.00 to $135.00 and set an "outperform" rating on the stock in a report on Thursday, July 9th. Barclays cut their price target on Newmont from $125.00 to $124.00 and set an "overweight" rating for the company in a report on Tuesday, July 28th. Canadian Imperial Bank of Commerce restated an "outperform" rating and issued a $168.00 price objective on shares of Newmont in a research report on Tuesday, July 28th. BNP Paribas Exane decreased their price objective on Newmont from $111.00 to $102.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 21st. Finally, Bank of America dropped their price objective on Newmont from $157.00 to $132.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $132.50.

Newmont Price Performance

NEM traded up $1.12 during midday trading on Wednesday, reaching $118.33. 4,026,939 shares of the company's stock were exchanged, compared to its average volume of 9,051,165. Newmont has a 1-year low of $67.20 and a 1-year high of $134.88. The stock has a market capitalization of $124.68 billion, a PE ratio of 14.94, a P/E/G ratio of 1.31 and a beta of 0.47. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. The business's 50-day moving average price is $98.25 and its 200 day moving average price is $109.01.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly 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 net margin of 33.36% and a return on equity of 29.10%. The business had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. During the same period in the prior year, the business earned $1.43 earnings per share. As a group, equities analysts anticipate that Newmont will post 9 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $93.45, for a total value of $280,350.00. Following the completion of the sale, the executive vice president owned 40,315 shares of the company's stock, valued at $3,767,436.75. The trade was a 6.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 shares were sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the transaction, the chief financial officer owned 29,324 shares of the company's stock, valued at $3,081,659.16. The trade was a 28.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 32,091 shares of company stock valued at $3,292,513 in the last quarter. 0.06% of the stock is currently owned by company insiders.

Institutional Trading of Newmont

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NEM. Novem Group increased its stake in shares of Newmont by 3.7% during the fourth quarter. Novem Group now owns 2,487 shares of the basic materials company's stock valued at $248,000 after purchasing an additional 88 shares in the last quarter. Parkside Financial Bank & Trust boosted its position in shares of Newmont by 1.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 7,153 shares of the basic materials company's stock worth $714,000 after purchasing an additional 96 shares in the last quarter. Coston McIsaac & Partners grew its stake in shares of Newmont by 28.6% in the 4th quarter. Coston McIsaac & Partners now owns 450 shares of the basic materials company's stock worth $44,000 after buying an additional 100 shares during the last quarter. Creative Financial Designs Inc. ADV increased its position in Newmont by 6.5% during the 4th quarter. Creative Financial Designs Inc. ADV now owns 1,647 shares of the basic materials company's stock valued at $164,000 after buying an additional 100 shares in the last quarter. Finally, Blue Trust Inc. increased its position in Newmont by 0.6% during the 1st quarter. Blue Trust Inc. now owns 17,194 shares of the basic materials company's stock valued at $1,861,000 after buying an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company's stock.

About Newmont

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source