The Goldman Sachs Group Issues Pessimistic Forecast for Newmont (NYSE:NEM) Stock Price

Newmont (NYSE:NEM) had its price objective dropped by investment analysts at The Goldman Sachs Group from $125.10 to $122.50 in a note issued to investors on Thursday,MarketScreener reports. The brokerage currently has a “buy” rating on the basic materials company’s stock. The Goldman Sachs Group’s target price points to a potential upside of 11.63% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. UBS Group decreased their price target on Newmont from $150.00 to $140.00 and set a “buy” rating for the company in a research note on Friday, March 27th. Canaccord Genuity Group increased their target price on shares of Newmont from $150.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Wall Street Zen lowered shares of Newmont from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 30th. Sanford C. Bernstein upgraded shares of Newmont from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $121.00 to $157.00 in a research report on Friday, February 27th. Finally, Argus increased their price objective on shares of Newmont from $94.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, April 23rd. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Newmont currently has a consensus rating of “Moderate Buy” and a consensus price target of $142.07.

Newmont Trading Up 2.1%

Shares of Newmont stock traded up $2.27 during trading on Thursday, hitting $109.74. The company’s stock had a trading volume of 1,870,148 shares, compared to its average volume of 9,347,098. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. Newmont has a 52 week low of $52.08 and a 52 week high of $134.88. The stock has a market cap of $117.15 billion, a price-to-earnings ratio of 14.23, a price-to-earnings-growth ratio of 1.82 and a beta of 0.42. The stock has a 50-day moving average price of $111.55 and a two-hundred day moving average price of $109.47.

Newmont (NYSE:NEM) last announced its 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. The business had revenue of $7.31 billion during the quarter, compared to analyst estimates of $6.83 billion. Newmont had a return on equity of 27.84% and a net margin of 33.87%.Newmont’s revenue for the quarter was up 45.8% compared to the same quarter last year. During the same period last year, the company earned $1.25 EPS. Equities research analysts anticipate that Newmont will post 9.91 EPS for the current fiscal year.

Insiders Place Their Bets

In other Newmont news, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $252,812.56. Following the completion of the sale, the insider directly owned 23,163 shares of the company’s stock, valued at approximately $2,550,477.93. The trade was a 9.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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, CEO Natascha Viljoen sold 3,882 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $408,852.24. Following the transaction, the chief executive officer owned 142,999 shares in the company, valued at $15,060,654.68. This represents a 2.64% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 49,950 shares of company stock valued at $5,494,288. 0.06% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brighton Jones LLC raised its position in shares of Newmont by 15.7% during the fourth quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock worth $506,000 after purchasing an additional 1,847 shares during the period. Woodline Partners LP increased its stake in Newmont by 40.7% during the 1st quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock valued at $4,644,000 after purchasing an additional 27,813 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in Newmont during the 2nd quarter valued at $240,000. Cerity Partners LLC raised its holdings in Newmont by 108.9% during the second quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company’s stock worth $7,303,000 after buying an additional 65,342 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its stake in shares of Newmont by 8.5% in the second quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company’s stock valued at $2,854,000 after buying an additional 3,856 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

Newmont News Summary

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: RBC Capital kept an outperform view on Newmont and still sees roughly 30% upside, even after trimming its price target to $140 from $160. RBC price target update
• Positive Sentiment: Seeking Alpha highlighted Newmont’s strong cash generation, a new $6 billion buyback authorization, and long-term gold tailwinds, reinforcing the bullish case for the stock. Newmont: Gold’s Volatility Creates A Long-Term Opportunity
• Neutral Sentiment: Newmont’s stock is drawing more investor attention, with recent coverage noting it remains a trending name, but that is more a sign of interest than a new catalyst. Newmont Corporation (NEM) Is a Trending Stock: Facts to Know Before Betting on It
• Neutral Sentiment: Both CEO Natascha Viljoen and EVP Peter Toth sold shares, but the sales were made under pre-arranged 10b5-1 plans, which makes them less likely to signal concern about the business. Peter Toth Sells 3,000 Shares of Newmont (NYSE:NEM) Stock
• Neutral Sentiment: Some market commentary says Newmont is trading near fair value after a very large one-year gain, suggesting investors may be reassessing how much upside remains. A Look At Newmont (NEM) Valuation As Shares Trade Near Estimated Fair Value
• Negative Sentiment: One recent article warned that Newmont may have already priced in much of its recent rally, which could cap near-term gains if gold sentiment cools. Is It Too Late To Reassess Newmont (NEM) After Its 1 Year 96% Surge?

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.