Newmont (NYSE:NEM) Given New $146.00 Price Target at Jefferies Financial Group

Newmont (NYSE:NEM) had its price objective dropped by research analysts at Jefferies Financial Group from $158.00 to $146.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the basic materials company’s stock. Jefferies Financial Group’s price target suggests a potential upside of 50.59% from the company’s current price.

A number of other equities analysts also recently commented on NEM. Wall Street Zen downgraded Newmont from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 30th. Macquarie Infrastructure decreased their price target on shares of Newmont from $133.00 to $123.00 and set an “outperform” rating for the company in a research note on Monday, June 15th. TD Securities reiterated a “hold” rating and set a $129.00 price target on shares of Newmont in a report on Monday, April 27th. Scotiabank dropped their price objective on shares of Newmont from $152.00 to $151.00 and set a “sector outperform” rating on the stock in a research report on Friday, March 20th. Finally, Canadian Imperial Bank of Commerce set a $175.00 target price on shares of Newmont and gave the stock an “outperform” rating in a research note on Monday, June 1st. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $138.78.

Newmont Stock Performance

NYSE:NEM opened at $96.95 on Monday. Newmont has a 52 week low of $55.37 and a 52 week high of $134.88. The company has a fifty day simple moving average of $106.12 and a two-hundred day simple moving average of $110.86. 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 company has a market cap of $103.50 billion, a price-to-earnings ratio of 12.57, a price-to-earnings-growth ratio of 1.61 and a beta of 0.46.

Newmont (NYSE:NEM) last released its earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $7.31 billion during the quarter, compared to analyst estimates of $6.83 billion. During the same period last year, the business posted $1.25 earnings per share. Newmont’s revenue was up 45.8% compared to the same quarter last year. As a group, equities analysts anticipate that Newmont will post 9.87 earnings per share for the current fiscal year.

Insider Activity at Newmont

In related news, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $105.32, for a total value of $408,852.24. Following the transaction, the chief executive officer directly owned 142,999 shares of the company’s stock, valued at $15,060,654.68. This trade represents a 2.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction on Friday, May 1st. The stock was sold at an average price of $110.11, for a total transaction of $252,812.56. Following the sale, the insider owned 23,163 shares in the company, valued at $2,550,477.93. This represents a 9.02% decrease in their ownership of the stock. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 25,556 shares of company stock worth $2,781,006 over the last 90 days. 0.06% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Newmont

Several hedge funds have recently made changes to their positions in NEM. Cedar Mountain Advisors LLC acquired a new stake in shares of Newmont during the first quarter worth about $25,000. Pinnacle Bancorp Inc. acquired a new stake in shares of Newmont in the 1st quarter valued at about $25,000. GoalVest Advisory LLC acquired a new stake in shares of Newmont in the 4th quarter valued at about $25,000. Swiss RE Ltd. purchased a new position in Newmont during the 4th quarter worth approximately $26,000. Finally, Cornerstone Planning Group LLC grew its stake in Newmont by 312.1% during the 4th quarter. Cornerstone Planning Group LLC now owns 272 shares of the basic materials company’s stock worth $27,000 after buying an additional 206 shares during the last quarter. Hedge funds and other institutional investors 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.