Newmont (NYSE:NEM) Stock Gets Price Target Cut from Scotiabank

Newmont (NYSE:NEM) had its price objective lowered by Scotiabank from $149.00 to $148.00 in a research report sent to investors on Tuesday, MarketBeat Ratings reports. The brokerage currently has a sector outperform rating on the basic materials company’s stock.

A number of other analysts also recently weighed in on the company. Sanford C. Bernstein upped their target price on Newmont from $144.00 to $150.00 in a research note on Friday, October 16th. TD increased their price target on shares of Newmont from $127.00 to $133.00 and gave the company a “buy” rating in a research report on Wednesday, August 12th. Jefferies Financial Group lifted their price target on shares of Newmont from $146.00 to $155.00 in a research note on Friday, October 9th. Bank of America boosted their price objective on shares of Newmont from $135.00 to $145.00 in a report on Monday, August 17th. Finally, Canadian Imperial Bank of Commerce set a $154.00 price objective on shares of Newmont in a report on Friday, October 16th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Newmont currently has an average rating of “Moderate Buy” and an average target price of $137.20.

Newmont Trading Down 2.0%

Shares of NEM stock opened at $111.65 on Tuesday. The company has a quick ratio of 2.16, a current ratio of 2.45 and a debt-to-equity ratio of 0.15. The business has a 50-day moving average price of $121.04 and a two-hundred day moving average price of $112.51. Newmont has a 12-month low of $78.60 and a 12-month high of $135.29. The firm has a market cap of $116.02 billion, a P/E ratio of 12.98, a price-to-earnings-growth ratio of 2.07 and a beta of 0.51.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.94 by $0.26. The firm had revenue of $6.36 billion during the quarter, compared to analysts’ expectations of $6.27 billion. Newmont had a return on equity of 29.81% and a net margin of 34.73%. The company’s revenue for the quarter was up 15.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.71 EPS. Equities analysts anticipate that Newmont will post 9.14 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 21st. Shareholders of record on Wednesday, November 25th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Wednesday, November 25th. This represents a $1.04 annualized dividend and a yield of 0.9%. Newmont’s dividend payout ratio is presently 12.09%.

Insiders Place Their Bets

In other Newmont news, CEO Natascha Viljoen sold 3,882 shares of the business’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $114.81, for a total value 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. The trade was a 2.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 business’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $114.81, for a total transaction of $344,430.00. Following the completion of the transaction, the executive vice president owned 34,315 shares in the company, valued at $3,939,705.15. The trade was a 8.04% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 35,973 shares of company stock valued at $3,927,169 in the last quarter. Insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NEM. Cedar Mountain Advisors LLC bought a new stake in shares of Newmont in the 1st quarter worth approximately $25,000. Pinnacle Bancorp Inc. bought a new position in shares of Newmont during the first quarter valued at approximately $25,000. GoalVest Advisory LLC bought a new position in shares of Newmont during the third quarter valued at approximately $28,000. Financial Management Professionals Inc. bought a new position in shares of Newmont during the third quarter valued at approximately $30,000. Finally, Clearstead Trust LLC purchased a new stake in Newmont in the second quarter worth $25,000. Institutional investors own 68.85% of the company’s stock.

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.