Newmont (NYSE:NEM) Price Target Lowered to $123.00 at Macquarie Infrastructure

Key Points

• Macquarie Infrastructure cut its price target on Newmont to $123 from $133 while keeping an outperform rating. The new target still implies about 15.78% upside from the stock’s current price.
• Other analysts remain generally positive on Newmont, with recent moves including upgrades and higher targets from firms such as Sanford C. Bernstein, Argus, and Barclays. Overall, MarketBeat shows a Moderate Buy consensus with an average price target of $141.79.
• Newmont reported strong quarterly results, beating earnings and revenue estimates with EPS of $2.90 versus $2.07 expected and revenue of $7.31 billion. The company also said quarterly revenue rose 45.8% year over year.

Newmont (NYSE:NEM - Get Free Report) had its price objective dropped by stock analysts at Macquarie Infrastructure from $133.00 to $123.00 in a research note issued to investors on Monday,MarketScreener reports. The firm presently has an "outperform" rating on the basic materials company's stock. Macquarie Infrastructure's target price suggests a potential upside of 15.78% from the stock's current price.

NEM has been the subject of a number of other research reports. BNP Paribas Exane lifted their price objective on Newmont from $123.00 to $128.00 and gave the stock a "neutral" rating in a research report on Monday, March 2nd. Argus upped their price objective on shares of Newmont from $94.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday, April 23rd. Sanford C. Bernstein upgraded Newmont from a "market perform" rating to an "outperform" rating and boosted their price target for the company from $121.00 to $157.00 in a report on Friday, February 27th. Barclays assumed coverage on Newmont in a report on Thursday, May 21st. They set an "overweight" rating and a $133.00 price objective on the stock. Finally, The Goldman Sachs Group dropped their target price on Newmont from $125.10 to $122.50 and set a "buy" rating for the company in a research note on Thursday, June 4th. Two analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, Newmont has an average rating of "Moderate Buy" and an average price target of $141.79.

Newmont Stock Performance

NYSE NEM traded up $6.01 on Monday, hitting $106.24. 1,726,304 shares of the company's stock were exchanged, compared to its average volume of 9,313,223. The firm has a market cap of $113.42 billion, a price-to-earnings ratio of 13.78, a P/E/G ratio of 1.66 and a beta of 0.42. The firm's 50-day moving average price is $110.94 and its two-hundred day moving average price is $110.14. Newmont has a fifty-two week low of $55.37 and a fifty-two week high of $134.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17.

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

Insider Buying and Selling

In related news, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $105.32, for a total value of $408,852.24. Following the sale, the chief executive officer owned 142,999 shares of the company's stock, valued at $15,060,654.68. This trade represents a 2.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $315,960.00. Following the transaction, the executive vice president directly owned 46,315 shares of the company's stock, valued at $4,877,895.80. The trade was 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 ninety days, insiders have sold 31,556 shares of company stock valued at $3,444,276. 0.06% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of NEM. Cedar Mountain Advisors LLC acquired a new position in shares of Newmont in the 1st quarter worth approximately $25,000. Pinnacle Bancorp Inc. acquired a new position in Newmont in the 1st quarter worth approximately $25,000. GoalVest Advisory LLC purchased a new position in Newmont during the 4th quarter worth approximately $25,000. Swiss RE Ltd. acquired a new stake in Newmont during the 4th quarter valued at $26,000. Finally, Cornerstone Planning Group LLC boosted its position in shares of Newmont by 312.1% in the fourth quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock worth $27,000 after buying an additional 206 shares during the period. 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.

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.