TD Cowen Lowers Newmont (NYSE:NEM) Price Target to $116.00

Key Points

• TD Cowen cut Newmont's price target to $116 from $118 and maintained a "hold" rating, implying only about a 1.21% upside from current levels.
• Analyst sentiment remains broadly positive with a MarketBeat consensus of "Moderate Buy" and an average price target of $133.69, while the stock trades around $114.61 with a market cap of $123.78B and a P/E of 17.93.
• Newmont posted a strong quarter (EPS $2.52 vs. $1.81 expected; revenue $6.82B) and is heavily owned by institutions (~68.9%), though insiders sold roughly 24,394 shares (~$2.7M) in the past 90 days.

Newmont (NYSE:NEM - Get Free Report) had its price objective reduced by research analysts at TD Cowen from $118.00 to $116.00 in a note issued to investors on Tuesday,MarketScreener reports. The brokerage presently has a "hold" rating on the basic materials company's stock. TD Cowen's price objective would suggest a potential upside of 1.21% from the company's current price.

Other equities analysts have also issued reports about the stock. Canaccord Genuity Group raised their target price on shares of Newmont from $140.00 to $150.00 and gave the stock a "buy" rating in a research report on Friday. Stifel Nicolaus increased their price objective on Newmont from $120.00 to $175.00 and gave the stock a "buy" rating in a research note on Tuesday, February 10th. Jefferies Financial Group raised their price objective on Newmont from $162.00 to $165.00 and gave the stock a "buy" rating in a report on Friday, April 10th. National Bank Financial set a $130.00 target price on Newmont and gave the stock a "sector perform" rating in a report on Thursday. Finally, Wall Street Zen downgraded Newmont from a "buy" rating to a "hold" rating in a research report on Saturday, April 4th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Newmont has a consensus rating of "Moderate Buy" and an average price target of $133.69.

Newmont Stock Down 0.2%

Shares of NYSE NEM opened at $114.61 on Tuesday. The company has a current ratio of 2.29, a quick ratio of 2.02 and a debt-to-equity ratio of 0.16. Newmont has a 12-month low of $48.27 and a 12-month high of $134.88. The firm's 50-day moving average price is $115.39 and its 200-day moving average price is $104.19. The stock has a market capitalization of $123.78 billion, a price-to-earnings ratio of 17.93, a P/E/G ratio of 0.90 and a beta of 0.46.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Thursday, February 19th. The basic materials company reported $2.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.81 by $0.71. The business had revenue of $6.82 billion for the quarter, compared to the consensus estimate of $6.18 billion. Newmont had a return on equity of 23.28% and a net margin of 31.25%.The company's quarterly revenue was up 20.6% compared to the same quarter last year. During the same period in the prior year, the business posted $1.40 earnings per share. On average, equities research analysts anticipate that Newmont will post 8.83 EPS for the current fiscal year.

Insider Buying and Selling at Newmont

In other news, insider David James Fry sold 18,394 shares of the business's stock in a transaction on Monday, March 16th. The stock was sold at an average price of $111.45, for a total value of $2,050,011.30. Following the completion of the transaction, the insider directly owned 17,147 shares of the company's stock, valued at approximately $1,911,033.15. The trade was a 51.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of the firm's stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $113.09, for a total value of $339,270.00. Following the sale, the executive vice president directly owned 52,315 shares in the company, valued at approximately $5,916,303.35. The trade was a 5.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 24,394 shares of company stock worth $2,713,281 in the last ninety days. Insiders own 0.06% of the company's stock.

Hedge Funds Weigh In On Newmont

Several institutional investors and hedge funds have recently modified their holdings of NEM. Vanguard Group Inc. lifted its position in shares of Newmont by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company's stock valued at $13,390,613,000 after buying an additional 637,996 shares in the last quarter. State Street Corp raised its position in shares of Newmont by 1.0% during the 4th quarter. State Street Corp now owns 49,959,850 shares of the basic materials company's stock worth $4,988,491,000 after purchasing an additional 480,223 shares during the last quarter. Van ECK Associates Corp lifted its stake in Newmont by 23.4% in the 4th 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 buying an additional 5,643,496 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Newmont by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company's stock worth $2,738,756,000 after buying an additional 946,824 shares during the last quarter. Finally, Norges Bank purchased a new stake in Newmont during the 4th quarter worth approximately $1,443,128,000. Hedge funds and other institutional investors 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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