Newmont (NYSE:NEM) Given “Hold” Rating at Freedom Broker

Newmont (NYSE:NEM)‘s stock had its “hold” rating reiterated by equities researchers at Freedom Broker in a report released on Thursday, Benzinga reports. They currently have a $116.00 target price on the basic materials company’s stock, down from their prior target price of $130.00. Freedom Broker‘s price target points to a potential upside of 2.08% from the stock’s previous close.

NEM has been the subject of a number of other research reports. Canaccord Genuity Group lowered their price objective on Newmont from $160.00 to $130.00 and set a “buy” rating for the company in a research report on Thursday, July 23rd. BNP Paribas Exane reduced their target price on Newmont from $111.00 to $102.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 21st. Sanford C. Bernstein decreased their price target on Newmont from $147.00 to $144.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 9th. Canadian Imperial Bank of Commerce set a $154.00 price target on Newmont in a report on Friday, October 16th. Finally, Argus set a $110.00 price target on Newmont in a report on Monday, August 3rd. Two analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Newmont currently has an average rating of “Moderate Buy” and a consensus price target of $134.06.

Newmont Trading Down 3.0%

NEM stock traded down $3.55 during midday trading on Thursday, hitting $113.63. The stock had a trading volume of 9,527,946 shares, compared to its average volume of 8,512,312. The firm has a market cap of $119.73 billion, a PE ratio of 14.35, a price-to-earnings-growth ratio of 2.16 and a beta of 0.51. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.55 and a quick ratio of 2.26. Newmont has a 12-month low of $76.05 and a 12-month high of $135.29. The company’s 50-day moving average price is $122.06 and its 200 day moving average price is $111.00.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share for the quarter, topping analysts’ consensus estimates of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%. The company had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. During the same quarter in the prior year, the company posted $1.43 EPS. On average, equities research analysts predict that Newmont will post 9.04 earnings per share for the current fiscal year.

Insider Buying and Selling at Newmont

In related news, CFO Brian Tabolt sold 11,445 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $105.09, for a total value of $1,202,755.05. Following the transaction, the chief financial officer directly owned 29,324 shares of the company’s stock, valued at approximately $3,081,659.16. This trade represents a 28.07% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total value of $344,430.00. Following the completion of the transaction, the executive vice president owned 34,315 shares in the company, valued at $3,939,705.15. The trade was a 8.04% decrease in their position. 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. Insiders have sold a total of 35,973 shares of company stock worth $3,927,169 in the last quarter. 0.06% of the stock is owned by insiders.

Institutional Investors Weigh In On Newmont

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Newmont in the 2nd quarter worth about $11,289,753,000. State Street Corp lifted its stake in shares of Newmont by 3.1% in the 2nd quarter. State Street Corp now owns 52,396,702 shares of the basic materials company’s stock valued at $4,893,852,000 after purchasing an additional 1,565,716 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Newmont by 5.3% during the 1st quarter. Bank of New York Mellon Corp now owns 12,237,940 shares of the basic materials company’s stock worth $1,324,757,000 after purchasing an additional 615,461 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Newmont by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,359,524 shares of the basic materials company’s stock worth $1,012,792,000 after purchasing an additional 184,586 shares during the period. Finally, Amundi increased its position in Newmont by 4.4% during the 1st quarter. Amundi now owns 8,780,775 shares of the basic materials company’s stock worth $950,519,000 after purchasing an additional 372,415 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 global mining company primarily engaged in the exploration, development, and production of gold. The company also produces copper, silver, zinc, and lead as byproducts of its mining operations. Its activities span the full mining life cycle, including resource discovery, project development, mine operations, processing, reclamation, and closure.

Founded in 1921, Newmont has grown into one of the world’s largest gold producers. The company operates and develops mines across several regions, including North America, South America, Australia, Africa, and Papua New Guinea.