Newmont (NYSE:NEM) PT Lowered to $80.00

Newmont (NYSE:NEMGet Rating) had its target price lowered by investment analysts at Canaccord Genuity Group from $87.00 to $80.00 in a note issued to investors on Tuesday, Benzinga reports. The firm presently has a “hold” rating on the basic materials company’s stock. Canaccord Genuity Group’s price target would suggest a potential upside of 9.48% from the company’s previous close.

Several other research analysts also recently weighed in on NEM. TD Securities dropped their target price on shares of Newmont from $82.00 to $79.00 and set a “hold” rating for the company in a report on Monday. Credit Suisse Group downgraded shares of Newmont from an “outperform” rating to a “neutral” rating in a report on Tuesday, April 19th. Bank of America upped their target price on shares of Newmont from $70.00 to $75.00 in a report on Monday, February 28th. Scotiabank downgraded shares of Newmont from a “sector outperform” rating to a “sector perform” rating and dropped their price objective for the company from $75.00 to $72.00 in a report on Monday, January 24th. Finally, StockNews.com began coverage on shares of Newmont in a report on Thursday, March 31st. They set a “hold” rating for the company. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $73.09.

Newmont stock traded up $0.46 during mid-day trading on Tuesday, hitting $73.07. The stock had a trading volume of 125,537 shares, compared to its average volume of 8,274,730. The firm has a market capitalization of $57.91 billion, a P/E ratio of 55.60 and a beta of 0.30. The company has a current ratio of 2.90, a quick ratio of 2.55 and a debt-to-equity ratio of 0.28. The firm’s 50 day moving average is $75.96 and its 200 day moving average is $64.73. Newmont has a one year low of $52.60 and a one year high of $86.37.

Newmont (NYSE:NEMGet Rating) last issued its earnings results on Friday, April 22nd. The basic materials company reported $0.69 earnings per share for the quarter, missing the consensus estimate of $0.71 by ($0.02). The firm had revenue of $3.02 billion during the quarter, compared to the consensus estimate of $3.06 billion. Newmont had a return on equity of 10.19% and a net margin of 9.54%. The company’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.74 EPS. As a group, equities research analysts forecast that Newmont will post 3.47 earnings per share for the current year.

In other Newmont news, EVP Nancy Lipson sold 19,866 shares of the business’s stock in a transaction dated Wednesday, March 30th. The shares were sold at an average price of $79.00, for a total value of $1,569,414.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Nancy Buese sold 10,000 shares of the company’s stock in a transaction dated Wednesday, March 30th. The stock was sold at an average price of $79.00, for a total transaction of $790,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 66,343 shares of company stock worth $4,838,533. Insiders own 0.11% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. GQG Partners LLC raised its position in Newmont by 126,528.2% during the 4th quarter. GQG Partners LLC now owns 11,371,214 shares of the basic materials company’s stock valued at $705,131,000 after purchasing an additional 11,362,234 shares in the last quarter. Norges Bank purchased a new position in shares of Newmont during the fourth quarter valued at $489,639,000. Invesco Ltd. raised its holdings in shares of Newmont by 44.2% in the third quarter. Invesco Ltd. now owns 10,151,231 shares of the basic materials company’s stock valued at $551,212,000 after acquiring an additional 3,109,683 shares in the last quarter. Van ECK Associates Corp lifted its stake in Newmont by 6.0% in the fourth quarter. Van ECK Associates Corp now owns 39,746,651 shares of the basic materials company’s stock worth $2,465,087,000 after acquiring an additional 2,256,671 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec grew its holdings in Newmont by 10,363.8% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,207,852 shares of the basic materials company’s stock worth $136,931,000 after acquiring an additional 2,186,752 shares in the last quarter. 76.72% of the stock is currently owned by institutional investors.

Newmont Company Profile (Get Rating)

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, and Ghana. As of December 31, 2021, it had proven and probable gold reserves of 92.8 million ounces and land position of 62,800 square kilometers.

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