Scotiabank Upgrades Newmont (NYSE:NEM) to Sector Outperform

Newmont (NYSE:NEM) was upgraded by stock analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a report released on Thursday, MarketBeat Ratings reports. The firm currently has a $114.00 target price on the basic materials company’s stock, up from their prior target price of $71.50. Scotiabank’s target price indicates a potential upside of 36.94% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. Bank of America upped their target price on Newmont from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Macquarie downgraded Newmont from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 2nd. National Bank Financial raised Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 25th. Stifel Nicolaus initiated coverage on Newmont in a research report on Wednesday, July 9th. They set a “buy” rating and a $73.00 target price for the company. Finally, Citigroup lifted their target price on Newmont from $74.00 to $104.00 and gave the company a “buy” rating in a research report on Wednesday, October 15th. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Newmont presently has an average rating of “Moderate Buy” and a consensus price target of $90.59.

Newmont Trading Down 6.4%

NEM opened at $83.25 on Thursday. The stock has a market cap of $91.45 billion, a price-to-earnings ratio of 12.93, a P/E/G ratio of 0.60 and a beta of 0.34. The stock’s 50 day moving average price is $81.17 and its 200-day moving average price is $65.41. Newmont has a one year low of $36.86 and a one year high of $98.58. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23.

Newmont (NYSE:NEM) last released its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.44. The firm had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.14 billion. Newmont had a return on equity of 20.69% and a net margin of 33.42%.The company’s quarterly revenue was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.81 earnings per share. On average, equities analysts forecast that Newmont will post 3.45 EPS for the current year.

Insiders Place Their Bets

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of the company’s stock in a transaction on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total transaction of $477,160.30. Following the completion of the sale, the chief accounting officer owned 32,615 shares in the company, valued at $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $63.66, for a total value of $190,980.00. Following the sale, the executive vice president owned 58,736 shares of the company’s stock, valued at approximately $3,739,133.76. This represents a 4.86% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 16,249 shares of company stock worth $1,132,065 over the last 90 days. Company insiders own 0.05% of the company’s stock.

Institutional Trading of Newmont

Several hedge funds and other institutional investors have recently made changes to their positions in NEM. Brighton Jones LLC lifted its holdings in shares of Newmont by 15.7% during the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock valued at $506,000 after purchasing an additional 1,847 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of Newmont by 22.2% during the 1st quarter. GAMMA Investing LLC now owns 21,146 shares of the basic materials company’s stock valued at $1,021,000 after purchasing an additional 3,840 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Newmont during the 1st quarter valued at $423,000. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Newmont by 39.7% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 184,416 shares of the basic materials company’s stock valued at $8,904,000 after purchasing an additional 52,433 shares during the last quarter. Finally, Flagship Harbor Advisors LLC purchased a new stake in shares of Newmont during the 1st quarter valued at $202,000. Hedge funds and other 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.