BMO Capital Markets Lowers Newmont (NYSE:NEM) Price Target to $135.00

Newmont (NYSE:NEM) had its price target lowered by equities research analysts at BMO Capital Markets from $145.00 to $135.00 in a report released on Tuesday,MarketScreener reports. The brokerage presently has an “outperform” rating on the basic materials company’s stock. BMO Capital Markets’ price target suggests a potential upside of 40.69% from the stock’s previous close.

NEM has been the topic of a number of other research reports. Wall Street Zen lowered shares of Newmont from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th. Scotiabank reduced their price target on shares of Newmont from $152.00 to $151.00 and set a “sector outperform” rating for the company in a report on Friday, March 20th. Citigroup raised their price target on shares of Newmont from $118.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, March 3rd. Sanford C. Bernstein upgraded shares of Newmont from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $121.00 to $157.00 in a report on Friday, February 27th. Finally, TD Securities reiterated a “hold” rating and issued a $129.00 target price on shares of Newmont in a research note on Monday, April 27th. Three analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $140.50.

Newmont Stock Performance

NEM opened at $95.95 on Tuesday. The company has a quick ratio of 2.17, a current ratio of 2.44 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average price is $109.22 and its two-hundred day moving average price is $110.83. The firm has a market capitalization of $102.44 billion, a P/E ratio of 12.41, a price-to-earnings-growth ratio of 1.69 and a beta of 0.42. Newmont has a 12-month low of $55.37 and a 12-month high of $134.88.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, topping analysts’ consensus estimates of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The company had revenue of $7.31 billion during the quarter, compared to analyst estimates of $6.83 billion. During the same period in the previous year, the company earned $1.25 earnings per share. The company’s quarterly revenue was up 45.8% compared to the same quarter last year. On average, equities analysts forecast that Newmont will post 9.91 earnings per share for the current year.

Insider Buying and Selling at Newmont

In other Newmont news, insider David John Thornton sold 2,296 shares of the business’s 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 sale, the insider owned 23,163 shares of the company’s stock, valued at $2,550,477.93. The trade was a 9.02% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $315,960.00. Following the completion of the transaction, the executive vice president owned 46,315 shares of the company’s stock, valued at approximately $4,877,895.80. This represents a 6.08% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 28,556 shares of company stock worth $3,120,276 over the last three months. 0.06% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. GoalVest Advisory LLC bought a new position in Newmont during the fourth quarter worth about $25,000. Pinnacle Bancorp Inc. acquired a new position in shares of Newmont in the 1st quarter worth approximately $25,000. Cedar Mountain Advisors LLC acquired a new position in shares of Newmont in the 1st quarter worth approximately $25,000. Swiss RE Ltd. bought a new position in shares of Newmont during the 4th quarter worth approximately $26,000. Finally, Cornerstone Planning Group LLC lifted its position in shares of Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after buying an additional 206 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

Key Stories Impacting Newmont

Here are the key news stories impacting Newmont this week:

• Positive Sentiment: Newmont secured key approvals for the Red Chris Block Cave project, a longer-life copper expansion that could support production growth well into the 2040s. Newmont (NEM) Secures Red Chris Approval For A Copper Push Into The 2040s
• Positive Sentiment: Zacks named Newmont to its Rank #1 “Strong Buy” value stock list, reinforcing investor interest in the stock as a value play. Best Value Stocks to Buy for June 23rd
• Positive Sentiment: Recent coverage highlights Newmont as a major gold producer benefiting from strong gold prices and renewed attention from investors. Newmont Gets Approvals to Advance Red Chris Block Cave Project
• Neutral Sentiment: Some recent commentary focused on Newmont’s valuation and recent pullback, noting that the stock remains up strongly over longer periods but has softened over the past week and month. Newmont (NEM) Stock Price Pullback Versus Cash Flow And Earnings Valuation Signals
• Neutral Sentiment: Newmont also announced leadership appointments for its CFO, COO and CTO roles, a governance update that supports execution but is less of an immediate market driver. Newmont Corporation (NEM) Announces CFO, COO, CTO Appointments

About Newmont

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.