Newmont (NYSE:NEM) Price Target Lowered to $50.00 at Scotiabank

Newmont (NYSE:NEM) had its price target reduced by Scotiabank from $52.00 to $50.00 in a research note published on Tuesday,Benzinga reports. They currently have a sector perform rating on the basic materials company’s stock.

Several other research firms have also recently commented on NEM. JPMorgan Chase & Co. upgraded shares of Newmont from a “neutral” rating to an “overweight” rating in a research note on Tuesday, November 19th. Veritas raised Newmont to a “strong-buy” rating in a report on Monday, September 30th. UBS Group cut Newmont from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $67.00 to $54.00 in a research report on Wednesday, October 30th. Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Finally, CIBC lowered Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $53.44.

Newmont Stock Performance

Shares of NEM stock opened at $42.40 on Tuesday. Newmont has a 52-week low of $29.42 and a 52-week high of $58.72. The stock’s 50-day moving average price is $40.28 and its 200 day moving average price is $46.88. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $48.27 billion, a PE ratio of -27.90, a price-to-earnings-growth ratio of 0.33 and a beta of 0.50.

Newmont (NYSE:NEM) last released its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing the consensus estimate 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 company had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. During the same quarter last year, the company earned $0.36 EPS. Newmont’s revenue for the quarter was up 84.7% compared to the same quarter last year. As a group, equities research analysts forecast that Newmont will post 3.1 EPS for the current year.

Insider Activity

In other news, Director Harry M. Iv Conger bought 9,498 shares of Newmont stock in a transaction on Wednesday, November 27th. The shares were bought at an average cost of $42.15 per share, for a total transaction of $400,340.70. Following the acquisition, the director now owns 14,498 shares in the company, valued at approximately $611,090.70. This trade represents a 189.96 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $120,000.00. Following the sale, the executive vice president now directly owns 82,596 shares in the company, valued at $3,303,840. This represents a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 14,077 shares of company stock worth $563,080 over the last ninety days. 0.06% of the stock is currently owned by insiders.

Institutional Trading of Newmont

A number of hedge funds have recently bought and sold shares of NEM. Waverton Investment Management Ltd lifted its stake in shares of Newmont by 14.0% during the 3rd quarter. Waverton Investment Management Ltd now owns 531,041 shares of the basic materials company’s stock worth $28,379,000 after purchasing an additional 65,075 shares during the period. Sanctuary Advisors LLC lifted its position in Newmont by 117.3% during the third quarter. Sanctuary Advisors LLC now owns 34,686 shares of the basic materials company’s stock worth $1,854,000 after buying an additional 18,722 shares during the period. Nordea Investment Management AB lifted its position in Newmont by 173.0% during the fourth quarter. Nordea Investment Management AB now owns 2,491,126 shares of the basic materials company’s stock worth $92,832,000 after buying an additional 1,578,545 shares during the period. Assenagon Asset Management S.A. boosted its stake in Newmont by 57.1% in the 4th quarter. Assenagon Asset Management S.A. now owns 2,379,901 shares of the basic materials company’s stock worth $88,580,000 after buying an additional 865,213 shares during the last quarter. Finally, Red Cedar Investment Management LLC acquired a new position in shares of Newmont during the 3rd quarter valued at about $1,263,000. Institutional investors and hedge funds own 68.85% of the company’s stock.

Newmont Company Profile

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.