Raymond James Financial Cuts Newmont (NYSE:NEM) Price Target to $137.00

Newmont (NYSE:NEM) had its price target dropped by Raymond James Financial from $139.00 to $137.00 in a research report issued on Tuesday,MarketScreener reports. The firm currently has an “outperform” rating on the basic materials company’s stock. Raymond James Financial’s price objective suggests a potential upside of 48.94% from the stock’s previous close.

Other research analysts have also recently issued reports about the stock. Citigroup lifted their price target on shares of Newmont from $118.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, March 3rd. Canaccord Genuity Group increased their price objective on shares of Newmont from $150.00 to $160.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Argus boosted their price target on Newmont from $94.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd. Jefferies Financial Group upped their target price on shares of Newmont from $154.00 to $158.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Finally, BMO Capital Markets decreased their price objective on Newmont from $145.00 to $135.00 and set an “outperform” rating on the stock in a report on Tuesday, June 23rd. Three research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $139.88.

Newmont Trading Down 2.7%

NEM traded down $2.52 on Tuesday, hitting $91.99. 862,520 shares of the company were exchanged, compared to its average volume of 9,391,316. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.17 and a current ratio of 2.44. Newmont has a 12 month low of $55.37 and a 12 month high of $134.88. The firm has a fifty day simple moving average of $107.56 and a two-hundred day simple moving average of $110.94. The stock has a market capitalization of $98.20 billion, a PE ratio of 12.00, a price-to-earnings-growth ratio of 1.59 and a beta of 0.42.

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

Insider Buying and Selling

In related news, insider David John Thornton sold 2,296 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $2,550,477.93. This trade represents a 9.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 firm’s stock in a transaction dated 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 $15,060,654.68. This represents a 2.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 28,556 shares of company stock valued at $3,120,276. Company insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Brighton Jones LLC raised its stake in Newmont by 15.7% in the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock worth $506,000 after acquiring an additional 1,847 shares during the last quarter. Woodline Partners LP lifted its holdings in Newmont by 40.7% in the first quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock valued at $4,644,000 after acquiring an additional 27,813 shares during the period. Sivia Capital Partners LLC purchased a new position in Newmont in the second quarter valued at $240,000. Cerity Partners LLC grew its position in shares of Newmont by 108.9% during the 2nd quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company’s stock valued at $7,303,000 after acquiring an additional 65,342 shares during the period. Finally, NewEdge Advisors LLC increased its position in shares of Newmont by 8.5% in the second quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company’s stock valued at $2,854,000 after buying an additional 3,856 shares in 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.