Scotiabank Cuts Newmont (NYSE:NEM) Price Target to $50.00

Newmont (NYSE:NEM) had its price objective lowered by Scotiabank from $52.00 to $50.00 in a report published on Tuesday,Benzinga reports. The firm currently has a sector perform rating on the basic materials company’s stock.

Several other research analysts have also recently weighed in on the stock. Veritas upgraded shares of Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Raymond James decreased their price target on Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a report on Monday, November 25th. JPMorgan Chase & Co. upgraded shares of Newmont from a “neutral” rating to an “overweight” rating in a research report on Tuesday, November 19th. Bernstein Bank lifted their price target on shares of Newmont from $55.00 to $58.00 in a research report on Monday, November 11th. Finally, Cibc World Mkts lowered shares of Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Newmont presently has an average rating of “Moderate Buy” and an average price target of $53.44.

Newmont Price Performance

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

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

Insider Buying and Selling

In related news, COO Natascha Viljoen sold 9,000 shares of the firm’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 sale, the chief operating officer now directly owns 145,967 shares in the company, valued at approximately $5,838,680. This trade represents a 5.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $40.00, for a total value of $83,080.00. Following the transaction, the director now directly owns 52,070 shares in the company, valued at approximately $2,082,800. This trade represents a 3.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 14,077 shares of company stock worth $563,080 over the last ninety days. Company insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NEM. Zurich Insurance Group Ltd FI acquired a new stake in Newmont during the 3rd quarter valued at $98,011,000. Nordea Investment Management AB lifted its stake in shares of Newmont by 173.0% during the 4th quarter. Nordea Investment Management AB now owns 2,491,126 shares of the basic materials company’s stock worth $92,832,000 after buying an additional 1,578,545 shares during the last quarter. FMR LLC boosted its holdings in shares of Newmont by 21.1% during the 3rd quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock worth $376,953,000 after buying an additional 1,226,697 shares during the period. Assenagon Asset Management S.A. raised its holdings in Newmont by 262.6% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company’s stock valued at $80,960,000 after acquiring an additional 1,096,905 shares during the period. Finally, International Assets Investment Management LLC lifted its position in Newmont by 6,387.0% during the third quarter. International Assets Investment Management LLC now owns 979,921 shares of the basic materials company’s stock worth $52,377,000 after acquiring an additional 964,815 shares during the last quarter. 68.85% of the stock is currently owned by institutional investors.

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.