Newmont (NYSE:NEM) Price Target Lowered to $135.00 at BMO Capital Markets

Key Points

• BMO Capital Markets lowered its price target on Newmont from $145 to $135 while keeping an outperform rating, implying about 40.7% upside from the current share price.
• Other analysts have also adjusted views on the stock, with the consensus among MarketBeat-tracked analysts remaining a Moderate Buy and an average price target of $140.50.
• Newmont recently reported better-than-expected quarterly earnings, posting $2.90 EPS on $7.31 billion in revenue, while the stock was noted as down 1.9% on the day of the report.

Newmont (NYSE:NEM - Get Free Report) had its target price lowered by BMO Capital Markets from $145.00 to $135.00 in a note issued to investors on Tuesday,MarketScreener reports. The firm presently has an "outperform" rating on the basic materials company's stock. BMO Capital Markets' target price would suggest a potential upside of 40.69% from the company's current price.

A number of other brokerages also recently commented on NEM. Royal Bank Of Canada cut their target price on shares of Newmont from $160.00 to $140.00 and set an "outperform" rating on the stock in a research note on Wednesday, June 3rd. Scotiabank reduced their price objective on Newmont from $152.00 to $151.00 and set a "sector outperform" rating on the stock in a research note on Friday, March 20th. TD Cowen reaffirmed a "buy" rating on shares of Newmont in a research report on Monday, April 27th. Argus raised their target price on Newmont from $94.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, April 23rd. Finally, TD Securities restated a "hold" rating and issued a $129.00 price target on shares of Newmont in a report on Monday, April 27th. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Newmont has an average rating of "Moderate Buy" and a consensus price target of $140.50.

Newmont Stock Down 1.9%

Shares of NYSE:NEM opened at $95.95 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. Newmont has a 1 year low of $55.37 and a 1 year high of $134.88. The stock has a market capitalization of $102.44 billion, a P/E ratio of 12.41, a PEG ratio of 1.69 and a beta of 0.42. The stock has a 50-day simple moving average of $109.22 and a 200-day simple moving average of $110.83.

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

Insider Activity at Newmont

In other news, CEO Natascha Viljoen sold 3,882 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 value of $408,852.24. Following the completion of the sale, the chief executive officer owned 142,999 shares of the company's stock, valued at approximately $15,060,654.68. The trade was a 2.64% decrease in their position. The transaction 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, EVP Peter Wexler sold 13,378 shares of the company's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $110.11, for a total transaction of $1,473,051.58. Following the completion of the sale, the executive vice president owned 67,865 shares in the company, valued at approximately $7,472,615.15. This trade represents a 16.47% decrease in their position. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 28,556 shares of company stock valued at $3,120,276. Insiders own 0.06% of the company's stock.

Hedge Funds Weigh In On Newmont

A number of hedge funds have recently bought and sold shares of NEM. CWM LLC lifted its stake in shares of Newmont by 64.6% in the fourth quarter. CWM LLC now owns 202,892 shares of the basic materials company's stock worth $20,259,000 after buying an additional 79,617 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Newmont by 24.1% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 280,920 shares of the basic materials company's stock valued at $30,775,000 after buying an additional 54,530 shares during the last quarter. AustralianSuper Pty Ltd raised its holdings in Newmont by 124.8% in the 3rd quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company's stock worth $27,843,000 after acquiring an additional 183,360 shares during the period. Leonteq Securities AG acquired a new position in Newmont during the 4th quarter worth $9,018,000. Finally, Waverton Investment Management Ltd lifted its position in Newmont by 3.4% during the 3rd quarter. Waverton Investment Management Ltd now owns 704,331 shares of the basic materials company's stock worth $59,365,000 after acquiring an additional 23,139 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

More Newmont News

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Newmont secured key approvals for the Red Chris Block Cave project, a longer-life copper expansion that could support production growth well into the 2040s. Newmont (NEM) Secures Red Chris Approval For A Copper Push Into The 2040s
• Positive Sentiment: Zacks named Newmont to its Rank #1 “Strong Buy” value stock list, reinforcing investor interest in the stock as a value play. Best Value Stocks to Buy for June 23rd
• Positive Sentiment: Recent coverage highlights Newmont as a major gold producer benefiting from strong gold prices and renewed attention from investors. Newmont Gets Approvals to Advance Red Chris Block Cave Project
• Neutral Sentiment: Some recent commentary focused on Newmont’s valuation and recent pullback, noting that the stock remains up strongly over longer periods but has softened over the past week and month. Newmont (NEM) Stock Price Pullback Versus Cash Flow And Earnings Valuation Signals
• Neutral Sentiment: Newmont also announced leadership appointments for its CFO, COO and CTO roles, a governance update that supports execution but is less of an immediate market driver. Newmont Corporation (NEM) Announces CFO, COO, CTO Appointments

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.