Macquarie Infrastructure Lowers Newmont (NYSE:NEM) Price Target to $123.00

Newmont (NYSE:NEM) had its target price cut by equities researchers at Macquarie Infrastructure from $133.00 to $123.00 in a note issued to investors on Monday,MarketScreener reports. The brokerage currently has an “outperform” rating on the basic materials company’s stock. Macquarie Infrastructure’s price target suggests a potential upside of 15.78% from the company’s previous close.

A number of other research analysts have also recently commented on NEM. Canadian Imperial Bank of Commerce set a $175.00 price target on shares of Newmont and gave the stock an “outperform” rating in a research note on Monday, June 1st. UBS Group cut their price objective on Newmont from $150.00 to $140.00 and set a “buy” rating for the company in a report on Friday, March 27th. BNP Paribas Exane upped their target price on shares of Newmont from $123.00 to $128.00 and gave the stock a “neutral” rating in a report on Monday, March 2nd. TD lifted their price objective on Newmont from $116.00 to $129.00 and gave the company a “hold” rating in a research report on Monday, April 27th. Finally, Citigroup increased their target price on Newmont from $118.00 to $150.00 and gave the stock a “buy” rating in a report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and a consensus price target of $141.79.

Newmont Stock Up 6.0%

Shares of NEM stock traded up $6.01 during trading on Monday, hitting $106.24. 1,726,304 shares of the company were exchanged, compared to its average volume of 9,313,223. The business’s 50-day simple moving average is $110.94 and its 200 day simple moving average is $110.14. Newmont has a twelve month low of $55.37 and a twelve month high of $134.88. The firm has a market capitalization of $113.42 billion, a price-to-earnings ratio of 13.78, a P/E/G ratio of 1.66 and a beta of 0.42. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share 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 the consensus estimate of $6.83 billion. During the same period last year, the business earned $1.25 EPS. The business’s quarterly revenue was up 45.8% on a year-over-year basis. As a group, analysts forecast that Newmont will post 9.91 EPS for the current fiscal year.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated 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 directly owned 46,315 shares in the company, valued at $4,877,895.80. This represents a 6.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Wexler sold 13,378 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $1,473,051.58. Following the sale, the executive vice president owned 67,865 shares in the company, valued at approximately $7,472,615.15. This represents a 16.47% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 31,556 shares of company stock worth $3,444,276 in the last 90 days. 0.06% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Newmont

Hedge funds have recently added to or reduced their stakes in the business. Apella Capital LLC lifted its position in Newmont by 4.1% during the fourth quarter. Apella Capital LLC now owns 2,198 shares of the basic materials company’s stock worth $219,000 after acquiring an additional 86 shares during the last quarter. New Wave Wealth Advisors LLC raised its holdings in shares of Newmont by 1.3% during the 4th quarter. New Wave Wealth Advisors LLC now owns 6,849 shares of the basic materials company’s stock worth $684,000 after buying an additional 88 shares in the last quarter. Novem Group increased its position in Newmont by 3.7% during the 4th quarter. Novem Group now owns 2,487 shares of the basic materials company’s stock worth $248,000 after purchasing an additional 88 shares in the last quarter. Norden Group LLC boosted its holdings in shares of Newmont by 0.7% during the 4th quarter. Norden Group LLC now owns 12,367 shares of the basic materials company’s stock valued at $1,235,000 after acquiring an additional 90 shares in the last quarter. Finally, Parkside Financial Bank & Trust grew its holdings in Newmont by 1.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 7,153 shares of the basic materials company’s stock worth $714,000 after acquiring an additional 96 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

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.