Newmont (NYSE:NEM) Rating Increased to Sector Outperform at Scotiabank

Newmont (NYSE:NEM) was upgraded by analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a research note issued to investors on Monday, MarketBeat.com reports. The brokerage presently has a $59.00 target price on the basic materials company’s stock, up from their prior target price of $48.00. Scotiabank’s price objective indicates a potential upside of 14.67% from the stock’s current price.

Several other equities research analysts have also issued reports on NEM. TD Securities raised their price objective on Newmont from $43.00 to $48.00 and gave the company a “hold” rating in a research note on Friday, April 26th. UBS Group raised shares of Newmont from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $40.00 to $50.00 in a research note on Monday, June 17th. JPMorgan Chase & Co. downgraded shares of Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. BNP Paribas raised shares of Newmont to a “strong-buy” rating in a research note on Friday, June 21st. Finally, Jefferies Financial Group increased their price objective on shares of Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Six analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $50.92.

Newmont Trading Up 0.5 %

NEM stock opened at $51.45 on Monday. The firm has a fifty day moving average price of $45.70 and a 200 day moving average price of $40.38. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $52.07. The firm has a market cap of $59.33 billion, a PE ratio of -19.27, a price-to-earnings-growth ratio of 0.37 and a beta of 0.47. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The business’s revenue was up 64.1% on a year-over-year basis. During the same period last year, the company posted $0.33 EPS. Sell-side analysts anticipate that Newmont will post 2.76 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total transaction of $990,200.00. Following the transaction, the chief executive officer now directly owns 311,469 shares in the company, valued at $15,420,830.19. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.06% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NEM. Manchester Capital Management LLC boosted its stake in Newmont by 171.9% in the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock valued at $26,000 after acquiring an additional 397 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in Newmont during the 2nd quarter worth $27,000. LRI Investments LLC acquired a new position in Newmont during the 1st quarter valued at about $25,000. Heritage Wealth Advisors raised its stake in Newmont by 1,310.4% in the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after buying an additional 878 shares during the last quarter. Finally, Crewe Advisors LLC acquired a new stake in Newmont in the first quarter worth about $35,000. 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.