Newmont (NYSE:NEM) Price Target Cut to $132.00 by Analysts at Bank of America

Newmont (NYSE:NEM) had its price target lowered by stock analysts at Bank of America from $157.00 to $132.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the basic materials company’s stock. Bank of America‘s target price points to a potential upside of 41.63% from the stock’s current price.

A number of other equities research analysts also recently issued reports on the stock. BNP Paribas Exane reduced their price target 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. Macquarie Infrastructure dropped their price objective on Newmont from $133.00 to $123.00 and set an “outperform” rating for the company in a research note on Monday, June 15th. TD Cowen restated a “buy” rating on shares of Newmont in a report on Monday, April 27th. TD lifted their target price on Newmont from $116.00 to $129.00 and gave the company a “hold” rating in a research report on Monday, April 27th. Finally, The Goldman Sachs Group reduced their price target on shares of Newmont from $122.50 to $111.40 and set a “buy” rating on the stock in a research report on Wednesday, July 1st. Three research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned 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 $137.88.

Newmont Price Performance

NEM stock opened at $93.20 on Thursday. Newmont has a 1 year low of $55.37 and a 1 year high of $134.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. The firm has a market capitalization of $99.50 billion, a PE ratio of 12.09, a price-to-earnings-growth ratio of 1.58 and a beta of 0.46. The business has a 50 day simple moving average of $104.89 and a 200-day simple moving average of $110.79.

Newmont (NYSE:NEM) last issued its 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 net margin of 33.87% and a return on equity of 27.84%. The company had revenue of $7.31 billion for the quarter, compared to the consensus estimate of $6.83 billion. During the same period in the previous year, the firm earned $1.25 earnings per share. Newmont’s quarterly revenue was up 45.8% compared to the same quarter last year. Equities research analysts anticipate that Newmont will post 9.87 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Natascha Viljoen sold 3,882 shares of the business’s 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 completion of the sale, the chief executive officer owned 142,999 shares in the company, valued at approximately $15,060,654.68. The trade was a 2.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $92.38, for a total transaction of $277,140.00. Following the completion of the transaction, the executive vice president directly owned 43,315 shares in the company, valued at $4,001,439.70. This trade represents a 6.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 28,556 shares of company stock valued at $3,058,146. 0.06% of the stock is owned by company insiders.

Institutional Trading of Newmont

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Newmont by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company’s stock worth $13,390,613,000 after buying an additional 637,996 shares during the last quarter. State Street Corp grew its position in shares of Newmont by 1.0% during the fourth quarter. State Street Corp now owns 49,959,850 shares of the basic materials company’s stock worth $4,988,491,000 after acquiring an additional 480,223 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Newmont by 23.4% in the 4th quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company’s stock valued at $2,973,539,000 after acquiring an additional 5,643,496 shares during the period. Geode Capital Management LLC increased its holdings in shares of Newmont by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company’s stock valued at $2,738,756,000 after acquiring an additional 946,824 shares during the period. Finally, Norges Bank purchased a new stake in Newmont in the 4th quarter valued at $1,443,128,000. 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.