Newmont (NYSE:NEM) Price Target Cut to $147.00 by Analysts at Scotiabank

Newmont (NYSE:NEM) had its target price decreased by equities research analysts at Scotiabank from $151.00 to $147.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the basic materials company’s stock. Scotiabank’s target price suggests a potential upside of 55.11% from the company’s previous close.

Other research analysts have also issued reports about the stock. BMO Capital Markets reduced their target price on shares of Newmont from $145.00 to $135.00 and set an “outperform” rating for the company in a research note on Tuesday, June 23rd. The Goldman Sachs Group reduced their price objective on shares of Newmont from $122.50 to $111.40 and set a “buy” rating for the company in a report on Wednesday, July 1st. Argus raised their target price on shares of Newmont from $94.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, April 23rd. Canadian Imperial Bank of Commerce set a $175.00 price target on shares of Newmont and gave the stock an “outperform” rating in a research note on Monday, June 1st. Finally, Barclays began coverage on Newmont in a report on Thursday, May 21st. They set an “overweight” rating and a $133.00 target price on the stock. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Newmont presently has an average rating of “Moderate Buy” and an average target price of $137.45.

Newmont Stock Performance

NEM traded up $1.67 during trading hours on Tuesday, hitting $94.77. 4,517,881 shares of the stock were exchanged, compared to its average volume of 9,256,562. The stock has a 50-day simple moving average of $103.98 and a 200-day simple moving average of $110.59. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.44 and a quick ratio of 2.17. Newmont has a 12 month low of $55.37 and a 12 month high of $134.88. The stock has a market cap of $101.17 billion, a price-to-earnings ratio of 12.30, a price-to-earnings-growth ratio of 1.08 and a beta of 0.46.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $6.83 billion. During the same quarter in the prior year, the firm earned $1.25 EPS. The company’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 Activity at Newmont

In other news, CEO Natascha Viljoen sold 3,882 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $105.32, for a total transaction of $408,852.24. Following the transaction, the chief executive officer directly owned 142,999 shares in the company, valued at $15,060,654.68. The trade was a 2.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Peter Wexler sold 13,378 shares of the company’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $1,473,051.58. Following the completion of the transaction, the executive vice president directly owned 67,865 shares in the company, valued at approximately $7,472,615.15. The trade was a 16.47% decrease in their ownership of the stock. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 28,556 shares of company stock valued at $3,058,146 over the last ninety days. 0.06% of the stock is owned by company insiders.

Hedge Funds Weigh In On Newmont

Several hedge funds have recently bought and sold shares of NEM. CWM LLC raised its stake in Newmont by 64.6% during the 4th quarter. CWM LLC now owns 202,892 shares of the basic materials company’s stock valued at $20,259,000 after purchasing an additional 79,617 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Newmont by 24.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 280,920 shares of the basic materials company’s stock valued at $30,775,000 after acquiring an additional 54,530 shares during the period. Leonteq Securities AG bought a new stake in shares of Newmont during the fourth quarter valued at approximately $9,018,000. ARS Investment Partners LLC lifted its holdings in shares of Newmont by 3.6% during the 4th quarter. ARS Investment Partners LLC now owns 697,063 shares of the basic materials company’s stock worth $69,602,000 after acquiring an additional 23,900 shares during the period. Finally, Ritholtz Wealth Management boosted its stake in Newmont by 67.0% in the 4th quarter. Ritholtz Wealth Management now owns 40,754 shares of the basic materials company’s stock valued at $4,069,000 after buying an additional 16,352 shares in the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

Newmont Company Profile

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.