Newmont (NYSE:NEM) Rating Increased to Sector Outperform at Scotiabank

Newmont (NYSE:NEM) was upgraded by analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a report released on Monday, MarketBeat.com reports. The firm presently has a $59.00 price objective on the basic materials company’s stock, up from their previous price objective of $48.00. Scotiabank’s price target points to a potential upside of 14.67% from the stock’s previous close.

Several other research firms have also recently issued reports on NEM. CIBC upgraded Newmont from a “neutral” rating to a “sector outperform” rating and boosted their target price for the stock from $46.00 to $61.00 in a research report on Wednesday, July 10th. JPMorgan Chase & Co. cut Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. Bank of America boosted their target price on shares of Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. UBS Group upgraded shares of Newmont from a “neutral” rating to a “buy” rating and increased their price target for the company from $40.00 to $50.00 in a report on Monday, June 17th. Finally, Jefferies Financial Group boosted their price objective on shares of Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.92.

Newmont Stock Performance

NYSE:NEM opened at $51.45 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. The firm has a market cap of $59.33 billion, a price-to-earnings ratio of -19.27, a price-to-earnings-growth ratio of 0.37 and a beta of 0.47. The firm’s fifty day moving average price is $45.70 and its 200 day moving average price is $40.38. Newmont has a 1-year low of $29.42 and a 1-year high of $52.07.

Newmont (NYSE:NEM) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.10. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.13 billion. During the same quarter in the previous year, the firm earned $0.33 earnings per share. The business’s quarterly revenue was up 64.1% compared to the same quarter last year. On average, sell-side analysts expect that Newmont will post 2.76 EPS for the current year.

Insider Transactions at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the transaction, the chief executive officer now directly owns 311,469 shares in the company, valued at approximately $15,420,830.19. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.06% of the company’s stock.

Institutional Trading of Newmont

Several hedge funds and other institutional investors have recently bought and sold shares of NEM. Vanguard Group Inc. grew its holdings in Newmont by 13.6% in the 1st quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock valued at $4,836,262,000 after buying an additional 16,190,422 shares during the period. Van ECK Associates Corp increased its position in Newmont by 57.2% during the fourth quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock worth $2,122,913,000 after purchasing an additional 18,664,614 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in Newmont by 44.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock worth $1,019,813,000 after purchasing an additional 7,635,657 shares during the period. First Eagle Investment Management LLC boosted its holdings in shares of Newmont by 29.9% in the 4th quarter. First Eagle Investment Management LLC now owns 23,756,158 shares of the basic materials company’s stock valued at $983,267,000 after purchasing an additional 5,475,155 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Newmont by 39.8% during the 1st quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock valued at $832,354,000 after buying an additional 6,617,145 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

About Newmont

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.