Canaccord Genuity Group Lowers Newmont (NYSE:NEM) Price Target to $80.00

Newmont (NYSE:NEMGet Rating) had its price target decreased by research analysts at Canaccord Genuity Group from $87.00 to $80.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has a “hold” rating on the basic materials company’s stock. Canaccord Genuity Group’s price target points to a potential upside of 9.48% from the company’s previous close.

Several other brokerages have also issued reports on NEM. TD Securities cut their target price on shares of Newmont from $82.00 to $79.00 and set a “hold” rating for the company in a research report on Monday. National Bank Financial lowered shares of Newmont from an “outperform” rating to a “sector perform” rating and set a $94.28 target price for the company. in a research report on Wednesday, April 20th. They noted that the move was a valuation call. Scotiabank lowered shares of Newmont from a “sector outperform” rating to a “sector perform” rating and cut their target price for the stock from $75.00 to $72.00 in a research report on Monday, January 24th. Canaccord Genuity Group cut their target price on shares of Newmont from $87.00 to $80.00 in a research report on Tuesday. Finally, Bank of America upped their price target on shares of Newmont from $70.00 to $75.00 in a research report on Monday, February 28th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Newmont presently has an average rating of “Hold” and a consensus target price of $73.09.

Newmont stock traded up $0.46 during midday trading on Tuesday, reaching $73.07. 125,537 shares of the stock were exchanged, compared to its average volume of 8,274,730. The company’s fifty day moving average is $75.96 and its 200-day moving average is $64.73. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.55 and a current ratio of 2.90. The firm has a market cap of $57.91 billion, a PE ratio of 55.60 and a beta of 0.30. Newmont has a 52 week low of $52.60 and a 52 week high of $86.37.

Newmont (NYSE:NEMGet Rating) last released its quarterly earnings results on Friday, April 22nd. The basic materials company reported $0.69 EPS for the quarter, missing the Zacks’ consensus estimate of $0.71 by ($0.02). The company had revenue of $3.02 billion during the quarter, compared to analysts’ expectations of $3.06 billion. Newmont had a return on equity of 10.19% and a net margin of 9.54%. Newmont’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.74 EPS. On average, sell-side analysts anticipate that Newmont will post 3.47 earnings per share for the current fiscal year.

In related news, CFO Nancy Buese sold 10,000 shares of the stock in a transaction dated Wednesday, March 30th. The shares were sold at an average price of $79.00, for a total value of $790,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Nancy Lipson sold 19,866 shares of the stock in a transaction dated Wednesday, March 30th. The stock was sold at an average price of $79.00, for a total transaction of $1,569,414.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,343 shares of company stock valued at $4,838,533. 0.11% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of NEM. GQG Partners LLC boosted its position in shares of Newmont by 126,528.2% in the 4th quarter. GQG Partners LLC now owns 11,371,214 shares of the basic materials company’s stock worth $705,131,000 after purchasing an additional 11,362,234 shares in the last quarter. Norges Bank bought a new stake in shares of Newmont in the 4th quarter worth approximately $489,639,000. Invesco Ltd. boosted its position in shares of Newmont by 44.2% in the 3rd quarter. Invesco Ltd. now owns 10,151,231 shares of the basic materials company’s stock worth $551,212,000 after purchasing an additional 3,109,683 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of Newmont by 6.0% in the 4th quarter. Van ECK Associates Corp now owns 39,746,651 shares of the basic materials company’s stock worth $2,465,087,000 after purchasing an additional 2,256,671 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its position in shares of Newmont by 10,363.8% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 2,207,852 shares of the basic materials company’s stock worth $136,931,000 after purchasing an additional 2,186,752 shares in the last quarter. 76.72% of the stock is currently owned by hedge funds and other institutional investors.

About Newmont (Get Rating)

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, and Ghana. As of December 31, 2021, it had proven and probable gold reserves of 92.8 million ounces and land position of 62,800 square kilometers.

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