Scotiabank Cuts Newmont (NYSE:NEM) Price Target to $147.00

Newmont (NYSE:NEM) had its price target decreased by investment analysts at Scotiabank from $151.00 to $147.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “sector outperform” rating on the basic materials company’s stock. Scotiabank’s price objective would suggest a potential upside of 55.11% from the stock’s current price.

A number of other research analysts also recently issued reports on NEM. TD Cowen reiterated a “buy” rating on shares of Newmont in a research note on Monday, April 27th. The Goldman Sachs Group dropped their price target on shares of Newmont from $122.50 to $111.40 and set a “buy” rating on the stock in a research note on Wednesday, July 1st. BMO Capital Markets reduced their price target on shares of Newmont from $145.00 to $135.00 and set an “outperform” rating for the company in a research report on Tuesday, June 23rd. Canadian Imperial Bank of Commerce set a $175.00 price objective on Newmont and gave the company an “outperform” rating in a report on Monday, June 1st. Finally, Raymond James Financial lowered their price target on Newmont from $139.00 to $137.00 and set an “outperform” rating on the stock in a report on Tuesday, June 30th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Newmont presently has a consensus rating of “Moderate Buy” and an average price target of $137.45.

Newmont Trading Up 1.8%

Shares of NEM stock traded up $1.67 on Tuesday, hitting $94.77. The stock had a trading volume of 4,517,881 shares, compared to its average volume of 9,256,562. The firm has a market capitalization of $101.17 billion, a P/E ratio of 12.30, a P/E/G ratio of 1.08 and a beta of 0.46. Newmont has a 1 year low of $55.37 and a 1 year high of $134.88. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. The company’s 50 day moving average price is $103.98 and its 200-day moving average price is $110.59.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating the consensus estimate of $2.07 by $0.83. Newmont had a net margin of 33.87% and a return on equity of 27.84%. The business had revenue of $7.31 billion during the quarter, compared to analyst estimates of $6.83 billion. During the same quarter last year, the firm posted $1.25 earnings per share. The business’s revenue for the quarter was up 45.8% compared to the same quarter last year. Analysts anticipate that Newmont will post 9.32 earnings per share for the current year.

Insider Buying and Selling at Newmont

In other Newmont news, CEO Natascha Viljoen sold 3,882 shares of Newmont stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $408,852.24. Following the completion of the transaction, the chief executive officer owned 142,999 shares in the company, valued at approximately $15,060,654.68. The trade was a 2.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David John Thornton sold 2,296 shares of Newmont stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $252,812.56. Following the transaction, the insider owned 23,163 shares of the company’s stock, valued at $2,550,477.93. This represents a 9.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 28,556 shares of company stock worth $3,058,146. 0.06% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Newmont

Institutional investors and hedge funds have recently modified their holdings of the company. Brighton Jones LLC grew its holdings in Newmont by 15.7% in the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock valued at $506,000 after buying an additional 1,847 shares during the period. Woodline Partners LP raised its holdings in shares of Newmont by 40.7% during the 1st quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock valued at $4,644,000 after buying an additional 27,813 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of Newmont in the second quarter valued at $240,000. Cerity Partners LLC grew its stake in shares of Newmont by 108.9% during the second quarter. Cerity Partners LLC now owns 125,355 shares of the basic materials company’s stock valued at $7,303,000 after acquiring an additional 65,342 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in Newmont by 8.5% in the second quarter. NewEdge Advisors LLC now owns 48,982 shares of the basic materials company’s stock valued at $2,854,000 after purchasing an additional 3,856 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

About Newmont

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.