Scotiabank Issues Pessimistic Forecast for Newmont (NYSE:NEM) Stock Price

Newmont (NYSE:NEM) had its price objective lowered by research analysts at Scotiabank from $52.00 to $50.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “sector perform” rating on the basic materials company’s stock. Scotiabank’s price target points to a potential upside of 17.83% from the stock’s current price.

Other equities analysts also recently issued reports about the company. Jefferies Financial Group upped their price target on Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a report on Friday, October 4th. Veritas raised Newmont to a “strong-buy” rating in a report on Monday, September 30th. CIBC downgraded Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Bernstein Bank upped their price target on Newmont from $55.00 to $58.00 in a report on Monday, November 11th. Finally, CLSA initiated coverage on Newmont in a report on Friday, November 29th. They issued an “underperform” rating for the company. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.44.

Newmont Stock Up 1.8 %

Shares of NEM stock traded up $0.77 during trading hours on Tuesday, reaching $42.44. 4,289,518 shares of the stock were exchanged, compared to its average volume of 8,391,046. The business’s fifty day moving average is $40.28 and its two-hundred day moving average is $46.88. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. Newmont has a 12-month low of $29.42 and a 12-month high of $58.72. The firm has a market capitalization of $48.31 billion, a P/E ratio of -27.92, a P/E/G ratio of 0.33 and a beta of 0.50.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share 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 firm had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. During the same quarter in the previous year, the company posted $0.36 earnings per share. The firm’s quarterly revenue was up 84.7% on a year-over-year basis. As a group, research analysts expect that Newmont will post 3.1 EPS for the current fiscal year.

Insider Buying and Selling

In other Newmont news, Director Bruce R. Brook sold 2,077 shares of the stock in a transaction 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 completion of the transaction, the director now owns 52,070 shares in the company, valued at approximately $2,082,800. This represents a 3.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Friday, January 10th. The stock was sold at an average price of $40.00, for a total value of $120,000.00. Following the completion of the transaction, the executive vice president now owns 82,596 shares of the company’s stock, valued at $3,303,840. The trade was a 3.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 14,077 shares of company stock valued at $563,080 over the last three months. 0.06% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Hoese & Co LLP purchased a new position in Newmont in the third quarter worth $27,000. Avior Wealth Management LLC increased its position in shares of Newmont by 191.8% in the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after buying an additional 326 shares in the last quarter. Prospera Private Wealth LLC purchased a new position in shares of Newmont in the third quarter valued at $28,000. Highline Wealth Partners LLC purchased a new position in shares of Newmont in the third quarter valued at $32,000. Finally, McIlrath & Eck LLC increased its position in shares of Newmont by 80.6% in the third quarter. McIlrath & Eck LLC now owns 809 shares of the basic materials company’s stock valued at $43,000 after buying an additional 361 shares in the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

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.