Scotiabank Increases Newmont (NYSE:NEM) Price Target to $149.00

Newmont (NYSE:NEM) had its price objective raised by equities researchers at Scotiabank from $147.00 to $149.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the basic materials company’s stock. Scotiabank’s price target would indicate a potential upside of 25.00% from the company’s current price.

Several other research firms also recently issued reports on NEM. BNP Paribas Exane reduced their price target on Newmont from $111.00 to $102.00 and set a “neutral” rating for the company in a research note on Tuesday, July 21st. Bank of America dropped their target price on Newmont from $157.00 to $132.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Raymond James Financial reduced their target price on shares of Newmont from $139.00 to $137.00 and set an “outperform” rating for the company in a research report on Tuesday, June 30th. TD Cowen reaffirmed a “buy” rating on shares of Newmont in a research report on Monday, April 27th. Finally, Weiss Ratings cut shares of Newmont from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, June 17th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $132.21.

Newmont Stock Performance

NEM traded up $1.99 on Wednesday, reaching $119.20. The company had a trading volume of 1,626,510 shares, compared to its average volume of 9,033,505. The stock has a market cap of $125.60 billion, a P/E ratio of 15.04, a P/E/G ratio of 1.31 and a beta of 0.47. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55. Newmont has a fifty-two week low of $67.20 and a fifty-two week high of $134.88. The company’s fifty day moving average is $98.25 and its 200 day moving average is $109.01.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $6.35 billion. During the same quarter in the previous year, the company posted $1.43 earnings per share. As a group, analysts predict that Newmont will post 9 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Newmont news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $93.45, for a total value of $280,350.00. Following the sale, the executive vice president owned 40,315 shares of the company’s stock, valued at approximately $3,767,436.75. This trade represents a 6.93% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of Newmont stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the transaction, the chief financial officer owned 29,324 shares in the company, valued at approximately $3,081,659.16. The trade was a 28.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 32,091 shares of company stock worth $3,292,513. Corporate insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NEM. Brighton Jones LLC increased its position in Newmont by 15.7% during the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock worth $506,000 after purchasing an additional 1,847 shares in the last quarter. Woodline Partners LP boosted its position 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 buying an additional 27,813 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Newmont during the second quarter worth $240,000. Cerity Partners LLC grew its stake in shares of Newmont by 108.9% during the second quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company’s stock worth $7,303,000 after buying an additional 65,342 shares during the last quarter. Finally, NewEdge Advisors LLC increased its holdings in shares of Newmont by 8.5% during the second quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company’s stock worth $2,854,000 after buying an additional 3,856 shares in the last quarter. 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.