National Bank Financial Has Lowered Expectations for Newmont (NYSE:NEM) Stock Price

Newmont (NYSE:NEM) had its target price cut by National Bank Financial from $140.00 to $135.00 in a research note issued on Tuesday, BayStreet reports. The brokerage presently has a “sector perform” rating on the basic materials company’s stock. National Bank Financial’s price target indicates a potential upside of 15.06% from the company’s current price.

NEM has been the topic of a number of other reports. Royal Bank Of Canada raised their price objective on shares of Newmont from $135.00 to $155.00 and gave the company an “outperform” rating in a research note on Wednesday, September 16th. Citigroup reaffirmed a “buy” rating on shares of Newmont in a report on Tuesday. Weiss Ratings upgraded shares of Newmont from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday. BNP Paribas Exane cut their price target on Newmont from $111.00 to $102.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 21st. Finally, Wall Street Zen downgraded Newmont from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $133.21.

Newmont Trading Down 0.6%

Shares of NYSE NEM traded down $0.68 during mid-day trading on Tuesday, hitting $117.33. The company’s stock had a trading volume of 2,686,312 shares, compared to its average volume of 8,526,168. Newmont has a one year low of $76.05 and a one year high of $135.29. The company’s fifty day simple moving average is $122.08 and its 200-day simple moving average is $110.96. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. The stock has a market cap of $123.63 billion, a price-to-earnings ratio of 14.82, a price-to-earnings-growth ratio of 2.20 and a beta of 0.51.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. The business had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same period in the previous year, the firm posted $1.43 earnings per share. On average, sell-side analysts anticipate that Newmont will post 9.05 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Newmont news, CFO Brian Tabolt sold 11,445 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the sale, the chief financial officer owned 29,324 shares of the company’s stock, valued at approximately $3,081,659.16. This represents a 28.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $114.81, for a total transaction of $344,430.00. Following the completion of the sale, the executive vice president owned 34,315 shares in the company, valued at approximately $3,939,705.15. This trade represents a 8.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 35,973 shares of company stock valued at $3,927,169 in the last 90 days. 0.06% of the stock is owned by insiders.

Hedge Funds Weigh In On Newmont

Several institutional investors and hedge funds have recently made changes to their positions in NEM. BlackRock Inc. acquired a new position in Newmont in the second quarter valued at about $11,289,753,000. Van ECK Associates Corp bought a new stake in shares of Newmont in the second quarter worth about $671,197,000. Bank of New York Mellon Corp bought a new stake in shares of Newmont in the second quarter worth about $1,219,505,000. First Eagle Investment Management LLC bought a new stake in shares of Newmont in the second quarter worth about $241,820,000. Finally, Amundi acquired a new stake in shares of Newmont during the second quarter worth about $209,411,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

About Newmont

Newmont Corporation (NYSE:NEM) is a global mining company primarily engaged in the exploration, development, and production of gold. The company also produces copper, silver, zinc, and lead as byproducts of its mining operations. Its activities span the full mining life cycle, including resource discovery, project development, mine operations, processing, reclamation, and closure.

Founded in 1921, Newmont has grown into one of the world’s largest gold producers. The company operates and develops mines across several regions, including North America, South America, Australia, Africa, and Papua New Guinea.