Newmont (NYSE:NEM) Stock Price Target Raised at BMO Capital Markets

Newmont (NYSE:NEM) had its target price lifted by equities researchers at BMO Capital Markets from $135.00 to $145.00 in a report released on Tuesday. The brokerage presently has an “outperform” rating on the basic materials company’s stock. BMO Capital Markets’ price target would indicate a potential upside of 23.83% from the company’s previous close.

A number of other equities analysts have also weighed in on NEM. Sanford C. Bernstein lowered their price objective on Newmont from $147.00 to $144.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 9th. Bank of America lowered their price target on shares of Newmont from $157.00 to $132.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. TD Securities upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. Jefferies Financial Group decreased their target price on shares of Newmont from $158.00 to $146.00 and set a “buy” rating on the stock in a report on Monday, July 6th. Finally, The Goldman Sachs Group cut their price target on shares of Newmont from $122.50 to $111.40 and set a “buy” rating for the company in a report on Wednesday, July 1st. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Newmont presently has an average rating of “Moderate Buy” and a consensus target price of $134.26.

Newmont Price Performance

Newmont stock opened at $117.09 on Tuesday. The company has a fifty day simple moving average of $117.32 and a 200-day simple moving average of $109.80. The company has a quick ratio of 2.26, a current ratio of 2.55 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $123.38 billion, a price-to-earnings ratio of 14.78, a PEG ratio of 1.62 and a beta of 0.52. Newmont has a 52-week low of $76.05 and a 52-week high of $135.29.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, beating analysts’ consensus estimates of $2.05 by $0.05. The company 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 quarter in the prior year, the firm earned $1.43 EPS. On average, equities analysts anticipate that Newmont will post 9.09 EPS for the current fiscal year.

Insider Buying and Selling

In other Newmont news, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $123.00, for a total transaction of $477,486.00. Following the sale, the chief executive officer directly owned 131,353 shares in the company, valued at $16,156,419. This represents a 2.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of the company’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total value of $1,202,755.05. Following the sale, the chief financial officer directly owned 29,324 shares in the company, valued at $3,081,659.16. This represents a 28.07% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 29,091 shares of company stock valued at $3,137,047 in the last ninety days. Company insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

A number of institutional investors and hedge funds have recently made changes to their positions in NEM. BlackRock Inc. acquired a new stake in Newmont in the second quarter valued at $11,289,753,000. State Street Corp increased its stake in Newmont by 3.1% in the second quarter. State Street Corp now owns 52,396,702 shares of the basic materials company’s stock valued at $4,893,852,000 after purchasing an additional 1,565,716 shares during the last quarter. Van ECK Associates Corp acquired a new stake in Newmont during the second quarter worth approximately $671,197,000. Bank of New York Mellon Corp purchased a new stake in Newmont in the second quarter valued at $1,219,505,000. Finally, First Eagle Investment Management LLC purchased a new position in shares of Newmont during the second quarter worth about $241,820,000. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Company Profile

Newmont Corporation is a global mining company focused primarily on the exploration, development and production of gold. Its portfolio also includes operations and projects involving copper, silver, zinc and lead. The company’s activities span the mining life cycle, including exploration, mine development, production, processing, reclamation and related environmental management.

Founded in 1921, Newmont is headquartered in Denver, Colorado, and has built a long history in the gold-mining industry through organic development, acquisitions and joint ventures.