Newmont (NYSE:NEM) Price Target Lowered to $146.00 at Jefferies Financial Group

Key Points

• Jefferies Financial Group lowered its price target on Newmont from $158.00 to $146.00 but kept a buy rating, implying about 50.6% upside from the stock’s current price.
• Other analysts remain generally positive on Newmont, with recent rating actions including buy calls from Goldman Sachs and TD Cowen, while the broader consensus is a Moderate Buy with an average price target of $138.78.
• Newmont recently reported strong quarterly results, beating EPS and revenue estimates, as the company posted $2.90 EPS on $7.31 billion in revenue, with revenue up 45.8% year over year.

Newmont (NYSE:NEM - Get Free Report) had its target price lowered by equities researchers at Jefferies Financial Group from $158.00 to $146.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the basic materials company's stock. Jefferies Financial Group's target price points to a potential upside of 50.59% from the company's current price.

NEM has been the topic of a number of other research reports. The Goldman Sachs Group dropped their price target on shares of Newmont from $122.50 to $111.40 and set a "buy" rating on the stock in a research note on Wednesday, July 1st. TD Cowen reissued a "buy" rating on shares of Newmont in a research note on Monday, April 27th. Weiss Ratings cut Newmont from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, June 17th. Argus raised their target price on Newmont from $94.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, April 23rd. Finally, Scotiabank lowered their target price on shares of Newmont from $152.00 to $151.00 and set a "sector outperform" rating on the stock in a research note on Friday, March 20th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $138.78.

Newmont Stock Down 0.1%

Newmont stock opened at $96.95 on Monday. The firm has a market cap of $103.50 billion, a price-to-earnings ratio of 12.57, a price-to-earnings-growth ratio of 1.61 and a beta of 0.46. Newmont has a 52 week low of $55.37 and a 52 week high of $134.88. The business's 50-day moving average price is $106.12 and its 200 day moving average price is $110.86. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The company had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $6.83 billion. During the same period in the previous year, the company posted $1.25 earnings per share. Newmont's revenue for the quarter was up 45.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Newmont will post 9.87 earnings per share for the current year.

Insider Activity

In related news, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $105.32, for a total value of $408,852.24. Following the completion of the transaction, the chief executive officer directly owned 142,999 shares in the company, valued at approximately $15,060,654.68. This represents a 2.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David John Thornton sold 2,296 shares of the firm's stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $252,812.56. Following the sale, the insider directly owned 23,163 shares of the company's stock, valued at approximately $2,550,477.93. This trade represents a 9.02% decrease in their position. The SEC filing for this sale provides additional information. 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. Insiders sold 25,556 shares of company stock valued at $2,781,006 over the last three months. 0.06% of the stock is currently owned by company insiders.

Institutional Trading of Newmont

A number of hedge funds and other institutional investors have recently modified their holdings of NEM. GoalVest Advisory LLC acquired a new stake in shares of Newmont during the fourth quarter valued at about $25,000. Pinnacle Bancorp Inc. purchased a new stake in Newmont in the first quarter valued at approximately $25,000. Cedar Mountain Advisors LLC acquired a new position in Newmont during the first quarter worth $25,000. Swiss RE Ltd. purchased a new position in shares of Newmont during the fourth quarter worth $26,000. Finally, Cornerstone Planning Group LLC boosted its position in shares of Newmont by 312.1% during 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. 68.85% of the stock is owned by institutional investors and hedge funds.

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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