Bank of America Has Lowered Expectations for Newmont (NYSE:NEM) Stock Price

by · The Markets Daily

Newmont (NYSE:NEM – Get Free Report) had its price objective lowered by equities researchers at Bank of America from $157.00 to $132.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the basic materials company’s stock. Bank of America‘s target price suggests a potential upside of 41.63% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Macquarie Infrastructure cut their target price on Newmont from $133.00 to $123.00 and set an “outperform” rating on the stock in a report on Monday, June 15th. Argus boosted their price target on shares of Newmont from $94.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, April 23rd. Canadian Imperial Bank of Commerce set a $175.00 price target on Newmont and gave the stock an “outperform” rating in a research note on Monday, June 1st. BMO Capital Markets lowered their target price on shares of Newmont from $145.00 to $135.00 and set an “outperform” rating on the stock in a report on Tuesday, June 23rd. Finally, 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. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Newmont has a consensus rating of “Moderate Buy” and an average price target of $137.88.

Check Out Our Latest Report on NEM

Newmont Price Performance

Shares of NEM stock opened at $93.20 on Thursday. The business has a fifty day simple moving average of $104.89 and a 200 day simple moving average of $110.79. The company has a market cap of $99.50 billion, a P/E ratio of 12.09, a P/E/G ratio of 1.58 and a beta of 0.46. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. Newmont has a twelve month low of $55.37 and a twelve month high of $134.88.

Newmont (NYSE:NEM – Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.07 by $0.83. The company had revenue of $7.31 billion for the quarter, compared to analyst estimates of $6.83 billion. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The firm’s revenue was up 45.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.25 EPS. On average, sell-side analysts forecast that Newmont will post 9.87 EPS for the current fiscal year.

Insider Activity

In other Newmont news, EVP Peter Wexler sold 13,378 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 transaction of $1,473,051.58. Following the completion of the transaction, the executive vice president directly owned 67,865 shares of the company’s stock, valued at $7,472,615.15. The trade was a 16.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 on Monday, June 1st. The shares were sold at an average price of $105.32, for a total value of $408,852.24. Following the completion of the transaction, the chief executive officer directly owned 142,999 shares in the company, valued at $15,060,654.68. This trade represents a 2.64% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 28,556 shares of company stock worth $3,058,146 over the last ninety days. Company insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

A number of hedge funds have recently made changes to their positions in NEM. GoalVest Advisory LLC purchased a new stake in shares of Newmont during the fourth quarter valued at $25,000. Pinnacle Bancorp Inc. acquired a new position in Newmont in the 1st quarter worth approximately $25,000. Cedar Mountain Advisors LLC acquired a new position in Newmont during the first quarter valued at $25,000. Swiss RE Ltd. purchased a new stake in shares of Newmont in the fourth quarter worth about $26,000. Finally, Cornerstone Planning Group LLC boosted its position in Newmont by 312.1% in the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 206 shares in the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Company Profile

(Get Free Report)

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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