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

Newmont (NYSE:NEM) had its target price reduced by Scotiabank from $52.00 to $50.00 in a report released on Tuesday morning,Benzinga reports. They currently have a sector perform rating on the basic materials company’s stock.

NEM has been the subject of several other reports. CIBC cut Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. The Goldman Sachs Group assumed coverage on Newmont in a research note on Monday, January 13th. They issued a “buy” rating and a $47.20 price objective on the stock. Jefferies Financial Group boosted their target price on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Veritas raised shares of Newmont to a “strong-buy” rating in a report on Monday, September 30th. Finally, Bernstein Bank increased their price objective on shares of Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.44.

Newmont Stock Up 0.6 %

Shares of NYSE NEM opened at $41.91 on Tuesday. The stock has a market capitalization of $47.72 billion, a P/E ratio of -27.57, a PEG ratio of 0.34 and a beta of 0.50. The stock’s fifty day moving average is $40.31 and its 200 day moving average is $46.83. Newmont has a 52 week low of $29.42 and a 52 week high of $58.72. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.05). The firm had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. Newmont’s quarterly revenue was up 84.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.36 earnings per share. Sell-side analysts forecast that Newmont will post 3.07 earnings per share for the current fiscal year.

Insider Activity

In other Newmont news, Director Harry M. Iv Conger purchased 9,498 shares of the firm’s stock in a transaction on Wednesday, November 27th. The stock was purchased at an average cost of $42.15 per share, for a total transaction of $400,340.70. Following the acquisition, the director now owns 14,498 shares in the company, valued at approximately $611,090.70. The trade was a 189.96 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Natascha Viljoen sold 9,000 shares of the business’s stock in a transaction dated 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 in the company, valued at $5,838,680. This represents a 5.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 14,077 shares of company stock valued at $563,080. 0.06% of the stock is currently owned by insiders.

Institutional Trading of Newmont

Hedge funds have recently modified their holdings of the stock. Hoese & Co LLP acquired a new stake in Newmont in the third quarter worth $27,000. Avior Wealth Management LLC boosted its position in shares of Newmont by 191.8% during the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 326 shares in the last quarter. Prospera Private Wealth LLC acquired a new stake in shares of Newmont in the 3rd quarter valued at about $28,000. Highline Wealth Partners LLC bought a new stake in Newmont in the 3rd quarter valued at about $32,000. Finally, McIlrath & Eck LLC raised its stake in Newmont by 80.6% during the 3rd quarter. McIlrath & Eck LLC now owns 809 shares of the basic materials company’s stock worth $43,000 after buying an additional 361 shares during the period. Institutional investors own 68.85% of the company’s stock.

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.