Newmont (NYSE:NEM) Given New $148.00 Price Target at Scotiabank

Newmont (NYSE:NEM) had its price objective decreased by Scotiabank from $149.00 to $148.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a “sector outperform” rating on the basic materials company’s stock. Scotiabank‘s target price would suggest a potential upside of 31.58% from the company’s previous close.

A number of other research firms have also weighed in on NEM. TD Securities upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 14th. Royal Bank Of Canada increased their price objective on Newmont from $135.00 to $155.00 and gave the stock an “outperform” rating in a report on Wednesday, September 16th. The Goldman Sachs Group cut their price objective on Newmont from $127.50 to $119.00 in a research report on Thursday, October 8th. Canaccord Genuity Group reduced their target price on Newmont from $160.00 to $130.00 and set a “buy” rating on the stock in a research note on Thursday, July 23rd. Finally, UBS Group decreased their target price on Newmont from $140.00 to $120.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Newmont currently has an average rating of “Moderate Buy” and an average price target of $137.20.

Newmont Trading Up 1.9%

NEM traded up $2.09 during trading on Tuesday, hitting $112.48. 1,292,484 shares of the stock traded hands, compared to its average volume of 8,482,541. The firm has a market capitalization of $118.52 billion, a P/E ratio of 13.09, a price-to-earnings-growth ratio of 2.01 and a beta of 0.51. Newmont has a 12-month low of $76.05 and a 12-month high of $135.29. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.45 and a quick ratio of 2.16. The firm has a 50-day moving average of $121.66 and a 200 day moving average of $112.44.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.94 by $0.26. Newmont had a net margin of 34.73% and a return on equity of 29.81%. The firm had revenue of $6.36 billion for the quarter, compared to analysts’ expectations of $6.27 billion. During the same quarter in the previous year, the company earned $1.71 earnings per share. The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. Equities research analysts anticipate that Newmont will post 9.07 EPS for the current year.

Insiders Place Their Bets

In other Newmont news, CEO Natascha Viljoen sold 3,882 shares of the company’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $114.81, for a total transaction of $445,692.42. Following the transaction, the chief executive officer owned 127,471 shares in the company, valued at approximately $14,634,945.51. This represents a 2.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $114.81, for a total value of $344,430.00. Following the transaction, the executive vice president owned 34,315 shares in the company, valued at $3,939,705.15. This trade represents 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 sold 35,973 shares of company stock worth $3,927,169 over the last three months. Company insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

Several hedge funds have recently made changes to their positions in the company. SYM FINANCIAL Corp purchased a new position in Newmont during the 3rd quarter valued at about $566,000. Independence Bank of Kentucky bought a new stake in Newmont during the third quarter worth about $70,000. Ashton Thomas Securities LLC purchased a new stake in shares of Newmont in the 3rd quarter worth approximately $254,000. Pflug Koory LLC purchased a new stake in shares of Newmont in the third quarter worth $213,000. Finally, Total Clarity Wealth Management Inc. purchased a new stake in Newmont during the 3rd quarter valued at about $660,000. 68.85% of the stock is currently owned by institutional investors.

Newmont Company Profile

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.