Newmont (NYSE:NEM) Stock Price Expected to Rise, Macquarie Infrastructure Analyst Says

Key Points

• Macquarie raised its price target on Newmont to $133 (from $130) and kept an "outperform" rating, implying about a 14.3% upside; other brokers have also lifted targets and the consensus is a Moderate Buy with an average target of $140.71.
• Newmont reported strong quarterly results, with EPS of $2.90 beating the $2.07 estimate and revenue of $7.31 billion (up 45.8% year‑over‑year), while the stock opened at $116.38, below its 52‑week high of $134.88.
• Insiders have been selling (24,394 shares sold in the last quarter, including sizeable sales by David James Fry and EVP Peter Toth), leaving insiders with about 0.06% ownership while institutions hold roughly 68.85%.

Newmont (NYSE:NEM - Get Free Report) had its target price hoisted by Macquarie Infrastructure from $130.00 to $133.00 in a report issued on Monday,MarketScreener reports. The brokerage currently has an "outperform" rating on the basic materials company's stock. Macquarie Infrastructure's price target would indicate a potential upside of 14.28% from the stock's current price.

Other research analysts have also issued research reports about the stock. Canaccord Genuity Group increased their price target on shares of Newmont from $140.00 to $150.00 and gave the stock a "buy" rating in a research report on Friday, April 17th. Stifel Nicolaus upped their price objective on Newmont from $120.00 to $175.00 and gave the company a "buy" rating in a research note on Tuesday, February 10th. Jefferies Financial Group increased their target price on Newmont from $162.00 to $165.00 and gave the stock a "buy" rating in a report on Friday, April 10th. Bank of America raised their target price on Newmont from $134.00 to $151.00 and gave the stock a "buy" rating in a research report on Thursday, February 26th. Finally, Sanford C. Bernstein raised 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 research note on Friday, February 27th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Newmont currently has a consensus rating of "Moderate Buy" and an average target price of $140.71.

Newmont Trading Down 3.6%

Shares of Newmont stock opened at $116.38 on Monday. Newmont has a 52-week low of $48.27 and a 52-week high of $134.88. The firm has a market capitalization of $124.24 billion, a PE ratio of 15.30, a price-to-earnings-growth ratio of 0.92 and a beta of 0.46. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. The company's fifty day moving average price is $114.65 and its two-hundred day moving average price is $104.91.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $6.83 billion. During the same period last year, the firm earned $1.25 EPS. The firm's revenue for the quarter was up 45.8% compared to the same quarter last year. On average, analysts expect that Newmont will post 8.91 EPS for the current year.

Insider Activity

In other news, insider David James Fry sold 18,394 shares of the company's stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $111.45, for a total transaction 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. This represents a 51.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $113.09, for a total transaction of $339,270.00. Following the sale, the executive vice president directly owned 52,315 shares in the company, valued at $5,916,303.35. This trade represents a 5.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 24,394 shares of company stock worth $2,713,281. 0.06% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Pinnacle Bancorp Inc. bought a new stake in shares of Newmont during the first quarter worth $25,000. GoalVest Advisory LLC acquired a new stake in Newmont in the fourth quarter worth about $25,000. Swiss RE Ltd. bought a new stake in Newmont during the 4th quarter worth about $26,000. Cornerstone Planning Group LLC raised its holdings in Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company's stock worth $27,000 after purchasing an additional 206 shares during the last quarter. Finally, Lodestone Wealth Management LLC acquired a new position in Newmont during the 4th quarter valued at about $28,000. Institutional investors and hedge funds own 68.85% of the company's stock.

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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