Newmont (NYSE:NEM) Stock Price Expected to Rise, Jefferies Financial Group Analyst Says

Key Points

• Jefferies Financial Group raised its price target on Newmont from $154 to $158 and kept a buy rating, implying about 58.5% upside from the stock’s current price.
• Analysts overall remain constructive on Newmont, with a consensus Moderate Buy rating and an average price target of $142.26 despite some mixed adjustments from other firms.
• Newmont recently beat earnings expectations, reporting $2.90 EPS versus $2.07 expected and revenue of $7.31 billion, while its stock traded around $99.66 during the session described.

Newmont (NYSE:NEM - Get Free Report) had its target price boosted by equities researchers at Jefferies Financial Group from $154.00 to $158.00 in a research note issued on Monday,MarketScreener reports. The brokerage currently has a "buy" rating on the basic materials company's stock. Jefferies Financial Group's target price suggests a potential upside of 58.53% from the stock's current price.

Other equities analysts have also issued reports about the stock. National Bank Financial lifted their target price on shares of Newmont from $130.00 to $140.00 and gave the company a "sector perform" rating in a report on Friday, April 24th. TD raised their price objective on Newmont from $116.00 to $129.00 and gave the company a "hold" rating in a research report on Monday, April 27th. Royal Bank Of Canada dropped their target price on Newmont from $160.00 to $140.00 and set an "outperform" rating on the stock in a report on Wednesday, June 3rd. UBS Group cut their target price on Newmont from $150.00 to $140.00 and set a "buy" rating on the stock in a research note on Friday, March 27th. Finally, Canadian Imperial Bank of Commerce set a $175.00 price target on Newmont and gave the company an "outperform" rating in a report on Monday, June 1st. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Newmont currently has a consensus rating of "Moderate Buy" and an average target price of $142.26.

Newmont Stock Down 0.0%

Shares of NEM stock traded down $0.05 during mid-day trading on Monday, reaching $99.66. 1,332,860 shares of the company's stock traded hands, compared to its average volume of 9,327,311. The company's 50-day moving average price is $111.70 and its 200-day moving average price is $109.71. The company has a market cap of $106.40 billion, a P/E ratio of 12.94, a P/E/G ratio of 1.65 and a beta of 0.42. 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 has a 12 month low of $52.08 and a 12 month high of $134.88.

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

Insiders Place Their Bets

In other news, EVP Peter Wexler sold 13,378 shares of the business'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 $1,473,051.58. Following the completion of the transaction, the executive vice president owned 67,865 shares in the company, valued at $7,472,615.15. The trade was a 16.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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, insider David James Fry sold 18,394 shares of the company's stock in a transaction on Monday, March 16th. The shares were sold at an average price of $111.45, for a total value of $2,050,011.30. Following the transaction, the insider directly owned 17,147 shares in the company, valued at approximately $1,911,033.15. The trade was a 51.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 49,950 shares of company stock worth $5,494,288 in the last three months. Corporate 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. Norges Bank purchased a new position in shares of Newmont in the 4th quarter worth $1,443,128,000. Van ECK Associates Corp increased its position in Newmont by 23.4% during the fourth quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company's stock valued at $2,973,539,000 after acquiring an additional 5,643,496 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Newmont by 110.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 8,743,228 shares of the basic materials company's stock valued at $873,011,000 after acquiring an additional 4,588,018 shares during the period. AQR Capital Management LLC lifted its holdings in Newmont by 82.5% in the fourth quarter. AQR Capital Management LLC now owns 7,402,278 shares of the basic materials company's stock valued at $739,117,000 after acquiring an additional 3,345,543 shares during the period. Finally, Assetmark Inc. boosted its position in Newmont by 398.3% in the fourth quarter. Assetmark Inc. now owns 2,870,495 shares of the basic materials company's stock worth $286,619,000 after purchasing an additional 2,294,396 shares during the last quarter. Hedge funds and other 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.

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