TD Securities Issues Pessimistic Forecast for Newmont (NYSE:NEM) Stock Price

Newmont (NYSE:NEM) had its target price dropped by TD Securities from $46.00 to $45.00 in a research report issued on Wednesday,BayStreet.CA reports. The firm currently has a “hold” rating on the basic materials company’s stock. TD Securities’ price target suggests a potential upside of 7.00% from the stock’s current price.

Several other equities research analysts have also weighed in on the stock. StockNews.com upgraded shares of Newmont from a “hold” rating to a “buy” rating in a report on Monday. Scotiabank decreased their target price on Newmont from $52.00 to $50.00 and set a “sector perform” rating for the company in a research note on Tuesday, January 21st. JPMorgan Chase & Co. raised Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. Raymond James decreased their price objective on Newmont from $62.00 to $59.00 and set an “outperform” rating for the company in a research report on Monday, November 25th. Finally, CLSA started coverage on Newmont in a research note on Friday, November 29th. They set an “underperform” rating for the company. One analyst has rated the stock with a sell rating, seven have given a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and an average price target of $53.16.

Newmont Stock Down 3.5 %

Shares of NYSE:NEM opened at $42.06 on Wednesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The stock has a market cap of $47.88 billion, a price-to-earnings ratio of 14.35, a P/E/G ratio of 0.41 and a beta of 0.52. The company has a 50 day moving average of $41.92 and a 200-day moving average of $46.34. Newmont has a one year low of $29.42 and a one year high of $58.72.

Newmont (NYSE:NEM) last released its earnings results on Thursday, February 20th. The basic materials company reported $1.40 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.29. The firm had revenue of $5.65 billion during the quarter, compared to analyst estimates of $5.32 billion. Newmont had a net margin of 17.92% and a return on equity of 13.52%. On average, sell-side analysts forecast that Newmont will post 3.45 earnings per share for the current year.

Insider Activity

In related news, COO Natascha Viljoen sold 9,000 shares of the firm’s stock in a transaction on Friday, January 10th. The shares were sold at an average price of $40.00, for a total value of $360,000.00. Following the completion of the transaction, the chief operating officer now directly owns 145,967 shares of the company’s stock, valued at approximately $5,838,680. This trade represents a 5.81 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the business’s stock in a transaction on Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $83,080.00. Following the transaction, the director now owns 52,070 shares in the company, valued at approximately $2,082,800. The trade was a 3.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,154 shares of company stock worth $1,166,843 in the last quarter. Corporate insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

Hedge funds have recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC lifted its position in shares of Newmont by 0.6% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 142,583 shares of the basic materials company’s stock valued at $7,621,000 after buying an additional 861 shares during the last quarter. J.W. Cole Advisors Inc. raised its stake in Newmont by 3.8% in the 3rd quarter. J.W. Cole Advisors Inc. now owns 8,438 shares of the basic materials company’s stock valued at $451,000 after acquiring an additional 309 shares during the period. abrdn plc raised its stake in Newmont by 35.3% in the 3rd quarter. abrdn plc now owns 1,738,741 shares of the basic materials company’s stock valued at $92,840,000 after acquiring an additional 453,603 shares during the period. Fidelis Capital Partners LLC acquired a new stake in Newmont during the 3rd quarter valued at $210,000. Finally, Highline Wealth Partners LLC bought a new position in Newmont during the third quarter worth $32,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.