TD Securities Issues Positive Forecast for Newmont (NYSE:NEM) Stock Price

Key Points

• TD Securities has increased its price target for Newmont's stock from $67.00 to $89.00, indicating a potential upside of 0.78% from the current price with a "hold" rating.
• Newmont reported earnings of $1.43 per share for the last quarter, surpassing estimates of $0.95, and had a year-over-year revenue increase of 20.8%.
• Multiple analysts have provided mixed ratings for Newmont, with a consensus rating of "Moderate Buy" and an average target price of $77.56.

Newmont (NYSE:NEM - Get Free Report) had its price target hoisted by equities research analysts at TD Securities from $67.00 to $89.00 in a note issued to investors on Wednesday,BayStreet.CA reports. The brokerage currently has a "hold" rating on the basic materials company's stock. TD Securities' price objective indicates a potential upside of 0.78% from the company's current price.

NEM has been the subject of several other research reports. Macquarie lowered shares of Newmont from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 2nd. BNP Paribas downgraded Newmont from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 4th. Stifel Nicolaus initiated coverage on shares of Newmont in a report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 target price for the company. Weiss Ratings lowered Newmont from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday. Finally, CIBC boosted their price target on Newmont from $74.00 to $78.00 and gave the company a "neutral" rating in a report on Friday, September 12th. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $77.56.

Newmont Stock Up 1.6%

Newmont stock traded up $1.36 during mid-day trading on Wednesday, reaching $88.31. The stock had a trading volume of 8,259,746 shares, compared to its average volume of 11,730,319. The company has a market capitalization of $97.01 billion, a price-to-earnings ratio of 15.85, a PEG ratio of 0.99 and a beta of 0.34. The company has a 50-day moving average price of $75.33 and a two-hundred day moving average price of $61.73. Newmont has a one year low of $36.86 and a one year high of $89.37. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.48. The business had revenue of $5.32 billion for the quarter, compared to analysts' expectations of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The business's revenue for the quarter was up 20.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.72 EPS. On average, analysts expect that Newmont will post 3.45 EPS for the current fiscal year.

Insider Activity at Newmont

In other news, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total value of $176,779.20. Following the completion of the transaction, the director owned 36,869 shares in the company, valued at approximately $3,133,496.31. This trade represents a 5.34% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the transaction, the chief accounting officer owned 32,615 shares of the company's stock, valued at $2,218,472.30. The trade was a 17.70% decrease in their position. The disclosure for this sale can be found here. Insiders sold 16,249 shares of company stock worth $1,132,065 in the last three months. 0.05% of the stock is owned by company insiders.

Institutional Trading of Newmont

Institutional investors have recently modified their holdings of the business. Cloud Capital Management LLC acquired a new position in shares of Newmont in the first quarter worth $26,000. Colonial Trust Advisors boosted its holdings in Newmont by 315.4% in the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock valued at $27,000 after purchasing an additional 429 shares during the last quarter. Concord Wealth Partners lifted its holdings in Newmont by 534.7% during the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company's stock worth $27,000 after buying an additional 385 shares during the last quarter. Evermay Wealth Management LLC lifted its holdings in Newmont by 408.2% during the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company's stock worth $29,000 after buying an additional 400 shares during the last quarter. Finally, Private Trust Co. NA raised its position in shares of Newmont by 122.6% during the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock worth $30,000 after purchasing an additional 347 shares during the period. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.

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 contact@marketbeat.com.