Newmont (NYSE:NEM) Price Target Lowered to $140.00 at UBS Group

Newmont (NYSE:NEM) had its price target dropped by equities researchers at UBS Group from $150.00 to $140.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the basic materials company’s stock. UBS Group’s target price would indicate a potential upside of 36.90% from the company’s current price.

NEM has been the subject of several other research reports. Canadian Imperial Bank of Commerce cut their price target on Newmont from $71.00 to $67.00 in a report on Friday, February 27th. Royal Bank Of Canada boosted their price objective on Newmont from $120.00 to $125.00 and gave the company an “outperform” rating in a research report on Tuesday, February 3rd. National Bank Financial upped their target price on Newmont from $120.00 to $140.00 and gave the company an “outperform” rating in a research note on Wednesday, February 4th. TD Securities decreased their price target on shares of Newmont from $120.00 to $118.00 and set a “hold” rating on the stock in a research note on Tuesday, March 3rd. Finally, Citigroup boosted their price target on shares of Newmont from $118.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, March 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $133.57.

Newmont Stock Performance

Shares of Newmont stock traded up $2.91 during midday trading on Friday, hitting $102.27. The company had a trading volume of 4,243,718 shares, compared to its average volume of 10,693,444. The business’s 50 day simple moving average is $117.28 and its two-hundred day simple moving average is $100.06. The stock has a market cap of $111.25 billion, a PE ratio of 16.01, a P/E/G ratio of 0.79 and a beta of 0.39. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.29 and a quick ratio of 2.02. Newmont has a 1-year low of $42.93 and a 1-year high of $134.88.

Newmont (NYSE:NEM) last released its earnings results on Thursday, February 19th. The basic materials company reported $2.52 EPS for the quarter, beating the consensus estimate of $1.81 by $0.71. Newmont had a net margin of 31.25% and a return on equity of 23.28%. The firm had revenue of $6.82 billion during the quarter, compared to analysts’ expectations of $6.18 billion. During the same period in the prior year, the company earned $1.40 EPS. The business’s quarterly revenue was up 20.6% compared to the same quarter last year. As a group, equities analysts predict that Newmont will post 3.45 EPS for the current fiscal year.

Insider Buying and Selling at Newmont

In other Newmont news, insider David James Fry sold 18,394 shares of the stock in a transaction on Monday, March 16th. The stock was sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the completion of the transaction, the insider directly owned 17,147 shares in the company, valued at $1,911,033.15. This represents a 51.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $108.00, for a total value of $324,000.00. Following the transaction, the executive vice president directly owned 55,315 shares of the company’s stock, valued at approximately $5,974,020. The trade was a 5.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.05% of the stock is owned by insiders.

Institutional Trading of Newmont

Several large investors have recently added to or reduced their stakes in NEM. Brighton Jones LLC increased its holdings in Newmont by 15.7% during the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock valued at $506,000 after purchasing an additional 1,847 shares in the last quarter. Woodline Partners LP grew its holdings in shares of Newmont by 40.7% during the first quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock worth $4,644,000 after purchasing an additional 27,813 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of Newmont in the second quarter valued at $240,000. Global Retirement Partners LLC bought a new position in shares of Newmont in the second quarter valued at about $446,000. Finally, XTX Topco Ltd acquired a new stake in Newmont in the 2nd quarter valued at about $905,000. 68.85% of the stock is owned by institutional investors.

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.