Royal Bank Of Canada Cuts Newmont (NYSE:NEM) Price Target to $140.00

Newmont (NYSE:NEM) had its price objective reduced by investment analysts at Royal Bank Of Canada from $160.00 to $140.00 in a report issued on Wednesday,MarketScreener reports. The brokerage presently has an “outperform” rating on the basic materials company’s stock. Royal Bank Of Canada’s price target points to a potential upside of 29.83% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Jefferies Financial Group cut their target price on shares of Newmont from $165.00 to $154.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Zacks Research cut shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Friday, April 3rd. The Goldman Sachs Group boosted their price objective on Newmont from $123.20 to $125.10 and gave the stock a “buy” rating in a report on Tuesday, April 28th. UBS Group decreased their target price on Newmont from $150.00 to $140.00 and set a “buy” rating on the stock in a research report on Friday, March 27th. Finally, Weiss Ratings lowered Newmont from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 27th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $142.20.

Newmont Stock Performance

Shares of NYSE NEM traded down $1.67 during midday trading on Wednesday, hitting $107.83. 889,555 shares of the company’s stock were exchanged, compared to its average volume of 9,369,452. 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 firm has a market capitalization of $115.11 billion, a PE ratio of 13.99 and a beta of 0.42. Newmont has a 12 month low of $52.08 and a 12 month high of $134.88. The company’s 50 day moving average price is $111.08 and its 200 day moving average price is $109.23.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The business had revenue of $7.31 billion during the quarter, compared to the consensus estimate of $6.83 billion. During the same quarter last year, the firm posted $1.25 EPS. The company’s quarterly revenue was up 45.8% on a year-over-year basis. As a group, analysts predict that Newmont will post 9.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Newmont

In other news, insider David James Fry sold 18,394 shares of Newmont stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $111.45, for a total value of $2,050,011.30. Following the completion of the sale, the insider directly owned 17,147 shares in the company, valued at approximately $1,911,033.15. The trade was a 51.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peter Toth sold 3,000 shares of the business’s 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 $330,330.00. Following the completion of the sale, the executive vice president owned 49,315 shares of the company’s stock, valued at approximately $5,430,074.65. This trade represents a 5.73% 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. Insiders sold a total of 43,068 shares of company stock valued at $4,769,475 over the last ninety days. Company insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. GoalVest Advisory LLC acquired a new position in Newmont in the fourth quarter valued at about $25,000. Pinnacle Bancorp Inc. acquired a new stake in Newmont during the first quarter worth about $25,000. Cedar Mountain Advisors LLC bought a new position in Newmont in the 1st quarter valued at about $25,000. Physician Wealth Advisors Inc. increased its holdings in Newmont by 327.8% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock valued at $26,000 after buying an additional 236 shares during the period. Finally, Swiss RE Ltd. acquired a new position in shares of Newmont in the 4th quarter valued at approximately $26,000. Institutional investors own 68.85% of the company’s stock.

Newmont Company Profile

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.