Newmont (NYSE:NEM) Given New $120.00 Price Target at UBS Group

Newmont (NYSE:NEM) had its price target cut by equities research analysts at UBS Group from $140.00 to $120.00 in a research report issued on Tuesday,MarketScreener reports. The brokerage presently has a “buy” rating on the basic materials company’s stock. UBS Group’s target price would indicate a potential upside of 30.45% from the stock’s current price.

Several other brokerages have also recently weighed in on NEM. BNP Paribas Exane lowered their price objective on shares of Newmont from $128.00 to $111.00 and set a “neutral” rating on the stock in a research note on Thursday, June 18th. TD raised their target price on shares of Newmont from $116.00 to $129.00 and gave the stock a “hold” rating in a research note on Monday, April 27th. Scotiabank reduced their price objective on shares of Newmont from $152.00 to $151.00 and set a “sector outperform” rating for the company in a research note on Friday, March 20th. Royal Bank Of Canada decreased their price objective on shares of Newmont from $160.00 to $140.00 and set an “outperform” rating on the stock in a research report on Wednesday, June 3rd. Finally, BMO Capital Markets decreased their price target on Newmont from $145.00 to $135.00 and set an “outperform” rating on the stock in a report on Tuesday, June 23rd. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $139.88.

Newmont Stock Down 2.7%

Newmont stock traded down $2.52 during trading hours on Tuesday, hitting $91.99. The stock had a trading volume of 862,520 shares, compared to its average volume of 9,391,316. 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 has a market capitalization of $98.20 billion, a P/E ratio of 12.00, a price-to-earnings-growth ratio of 1.59 and a beta of 0.42. Newmont has a 12-month low of $55.37 and a 12-month high of $134.88. The stock’s 50-day moving average price is $107.56 and its 200-day moving average price is $110.94.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating analysts’ consensus estimates of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The firm had revenue of $7.31 billion for the quarter, compared to analysts’ expectations of $6.83 billion. During the same quarter in the prior year, the company posted $1.25 earnings per share. The business’s revenue for the quarter was up 45.8% on a year-over-year basis. Equities research analysts anticipate that Newmont will post 9.91 EPS for the current fiscal year.

Insider Buying and Selling

In other news, EVP Peter Wexler sold 13,378 shares of Newmont stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $110.11, for a total value of $1,473,051.58. Following the transaction, the executive vice president owned 67,865 shares of the company’s stock, valued at $7,472,615.15. The trade was a 16.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $408,852.24. Following the sale, the chief executive officer directly owned 142,999 shares of the company’s stock, valued at $15,060,654.68. The trade was 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. In the last quarter, insiders sold 28,556 shares of company stock valued at $3,120,276. 0.06% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Newmont

A number of institutional investors and hedge funds have recently modified their holdings of NEM. CWM LLC grew its holdings in shares of Newmont by 64.6% during the fourth quarter. CWM LLC now owns 202,892 shares of the basic materials company’s stock worth $20,259,000 after buying an additional 79,617 shares in the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Newmont by 24.1% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 280,920 shares of the basic materials company’s stock worth $30,775,000 after purchasing an additional 54,530 shares during the last quarter. AustralianSuper Pty Ltd boosted its holdings in shares of Newmont by 124.8% during the 3rd quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company’s stock worth $27,843,000 after purchasing an additional 183,360 shares during the last quarter. Leonteq Securities AG purchased a new stake in shares of Newmont in the fourth quarter valued at approximately $9,018,000. Finally, Strive Asset Management LLC acquired a new stake in shares of Newmont in the third quarter valued at approximately $1,265,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

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.