Newmont (NYSE:NEM) Given New $137.00 Price Target at Raymond James Financial

Key Points

• Raymond James trimmed its price target on Newmont from $139 to $137 but kept an outperform rating, implying nearly 49% upside from the prior close.
• Wall Street remains generally constructive on the gold miner, with a consensus rating of Moderate Buy and an average target price of $139.88 despite several recent target cuts from other firms.
• Newmont’s latest results were strong, as the company beat quarterly EPS and revenue estimates, while revenue rose 45.8% year over year; the stock, however, traded down to $91.99 on Tuesday.

Newmont (NYSE:NEM - Get Free Report) had its price objective dropped by analysts at Raymond James Financial from $139.00 to $137.00 in a report released on Tuesday,MarketScreener reports. The brokerage presently has an "outperform" rating on the basic materials company's stock. Raymond James Financial's price target indicates a potential upside of 48.94% from the stock's previous close.

Several other equities analysts also recently commented on NEM. The Goldman Sachs Group decreased their target price on Newmont from $125.10 to $122.50 and set a "buy" rating on the stock in a research report on Thursday, June 4th. Macquarie Infrastructure dropped their target price on Newmont from $133.00 to $123.00 and set an "outperform" rating for the company in a report on Monday, June 15th. TD Cowen restated a "buy" rating on shares of Newmont in a research note on Monday, April 27th. BMO Capital Markets decreased their target price on shares of Newmont from $145.00 to $135.00 and set an "outperform" rating on the stock in a research report on Tuesday, June 23rd. Finally, Canadian Imperial Bank of Commerce set a $175.00 target price on shares of Newmont and gave the stock an "outperform" rating in a report on Monday, June 1st. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Newmont presently has a consensus rating of "Moderate Buy" and a consensus target price of $139.88.

Newmont Stock Performance

Shares of NEM traded down $2.52 during trading hours on Tuesday, hitting $91.99. The company had a trading volume of 862,520 shares, compared to its average volume of 9,391,316. The business has a fifty day moving average of $107.56 and a 200-day moving average of $110.94. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. The firm has a market cap of $98.20 billion, a price-to-earnings ratio of 12.00, a PEG ratio of 1.59 and a beta of 0.42. Newmont has a 12 month low of $55.37 and a 12 month high of $134.88.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating analysts' consensus estimates of $2.07 by $0.83. The business had revenue of $7.31 billion for the quarter, compared to analyst estimates of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. Newmont's quarterly revenue was up 45.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.25 EPS. Equities analysts anticipate that Newmont will post 9.91 EPS for the current fiscal year.

Insider Buying and Selling

In other Newmont news, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $252,812.56. Following the transaction, the insider directly owned 23,163 shares of the company's stock, valued at approximately $2,550,477.93. The trade was a 9.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Peter Toth sold 3,000 shares of the company's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $315,960.00. Following the completion of the sale, the executive vice president directly owned 46,315 shares in the company, valued at approximately $4,877,895.80. This represents a 6.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 28,556 shares of company stock valued at $3,120,276. Company insiders own 0.06% of the company's stock.

Institutional Trading of Newmont

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Basecamp Wealth Advisors LLC boosted its holdings in Newmont by 37.4% during the 1st quarter. Basecamp Wealth Advisors LLC now owns 842 shares of the basic materials company's stock worth $91,000 after acquiring an additional 229 shares during the last quarter. US Asset Management LLC raised its stake in Newmont by 32.8% in the 1st quarter. US Asset Management LLC now owns 4,154 shares of the basic materials company's stock valued at $450,000 after acquiring an additional 1,027 shares during the period. FAS Wealth Partners Inc. boosted its holdings in Newmont by 3.8% in the 1st quarter. FAS Wealth Partners Inc. now owns 3,709 shares of the basic materials company's stock worth $401,000 after buying an additional 137 shares during the period. DV Trading LLC raised its stake in shares of Newmont by 33.4% during the 1st quarter. DV Trading LLC now owns 5,203 shares of the basic materials company's stock valued at $563,000 after purchasing an additional 1,303 shares during the period. Finally, Parallel Advisors LLC lifted its holdings in shares of Newmont by 9.6% in the first quarter. Parallel Advisors LLC now owns 10,057 shares of the basic materials company's stock worth $1,089,000 after buying an additional 878 shares in the last quarter. 68.85% of the stock is owned by institutional investors.

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.

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