Newmont (NYSE:NEM) had its price target dropped by analysts at National Bank Financial from $95.00 to $92.00 in a research note issued on Wednesday, Stock Target Advisor reports. The brokerage currently has an "outperform" rating on the basic materials company's stock. National Bank Financial's price objective points to a potential upside of 65.74% from the company's current price. National Bank Financial also issued estimates for Newmont's FY2021 earnings at $2.95 EPS and FY2022 earnings at $3.21 EPS.
Several other analysts have also weighed in on the company. National Bankshares lowered their target price on Newmont from C$95.00 to C$92.00 and set an "outperform" rating on the stock in a report on Wednesday. TD Securities lowered their price objective on shares of Newmont from $70.00 to $65.00 and set a "hold" rating on the stock in a research note on Monday, November 1st. Raymond James cut their target price on shares of Newmont from $75.00 to $70.00 and set an "outperform" rating for the company in a research report on Friday, October 29th. CIBC downgraded shares of Newmont from a "sector outperform" rating to a "neutral" rating and reduced their price target for the company from $81.00 to $69.00 in a report on Friday, October 29th. Finally, Canaccord Genuity dropped their price objective on shares of Newmont from $66.00 to $64.00 and set a "buy" rating for the company in a research note on Tuesday, November 9th. One analyst has rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $71.00.
Newmont stock traded up $0.02 during mid-day trading on Wednesday, reaching $55.51. The company had a trading volume of 113,651 shares, compared to its average volume of 6,430,085. Newmont has a 1 year low of $53.03 and a 1 year high of $75.31. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.67 and a quick ratio of 2.31. The company has a market capitalization of $44.27 billion, a P/E ratio of 21.94 and a beta of 0.23. The stock's 50-day simple moving average is $55.86 and its 200-day simple moving average is $61.04.
Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, October 28th. The basic materials company reported $0.60 EPS for the quarter, missing the Thomson Reuters' consensus estimate of $0.88 by ($0.28). Newmont had a return on equity of 10.94% and a net margin of 16.67%. The firm had revenue of $2.90 billion for the quarter, compared to analysts' expectations of $3.12 billion. During the same period last year, the firm earned $0.86 EPS. Newmont's revenue was down 8.7% compared to the same quarter last year. On average, equities analysts forecast that Newmont will post 3.07 EPS for the current fiscal year.
In other news, CFO Nancy Buese sold 10,000 shares of the firm's stock in a transaction on Thursday, September 30th. The shares were sold at an average price of $52.29, for a total value of $522,900.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Blake Rhodes sold 500 shares of the business's stock in a transaction dated Wednesday, September 1st. The stock was sold at an average price of $58.10, for a total value of $29,050.00. Following the transaction, the senior vice president now owns 48,726 shares in the company, valued at approximately $2,830,980.60. The disclosure for this sale can be found here. Insiders have sold 36,491 shares of company stock valued at $1,998,540 in the last ninety days. 0.12% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently made changes to their positions in NEM. Van ECK Associates Corp increased its holdings in shares of Newmont by 0.6% in the 2nd quarter. Van ECK Associates Corp now owns 39,930,538 shares of the basic materials company's stock valued at $2,530,797,000 after acquiring an additional 253,225 shares during the last quarter. US Bancorp DE lifted its holdings in Newmont by 18.9% in the second quarter. US Bancorp DE now owns 102,050 shares of the basic materials company's stock worth $6,469,000 after acquiring an additional 16,255 shares during the last quarter. Boston Partners boosted its stake in Newmont by 15.2% in the second quarter. Boston Partners now owns 2,723,292 shares of the basic materials company's stock valued at $172,612,000 after acquiring an additional 358,368 shares during the period. Capital Investment Advisors LLC grew its holdings in shares of Newmont by 20.9% during the third quarter. Capital Investment Advisors LLC now owns 234,888 shares of the basic materials company's stock valued at $12,754,000 after purchasing an additional 40,526 shares during the last quarter. Finally, Gleason Group Inc. raised its position in shares of Newmont by 598.2% during the 3rd quarter. Gleason Group Inc. now owns 768 shares of the basic materials company's stock worth $42,000 after purchasing an additional 658 shares during the period. 77.70% of the stock is currently owned by institutional investors.
Newmont Corp. is a gold producer, which engages in the production of gold. It operates through the following geographical segments: North America, South America, Nevada, Australia, and Africa. The North America segment consists primarily of carlin, phoenix, twin creeks and long canyon in the state of Nevada and Cripple Creek and Victor in the state of Colorado, in the United States.
Read More: Cost of Goods Sold (COGS)
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Before you consider Newmont, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Newmont wasn't on the list.
While Newmont currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The 5 Stocks Here