Newmont (NYSE:NEM) Given New $148.00 Price Target at Scotiabank

Key Points

• Scotiabank lowered Newmont’s price target from $149 to $148 while maintaining a “sector outperform” rating, implying approximately 31.6% upside from the stock’s $112.48 price.
• Newmont reported quarterly EPS of $2.20, beating the $1.94 consensus estimate, while revenue reached $6.36 billion and increased 15.2% year over year.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and average price target of $137.20; however, insiders have sold 35,973 shares worth about $3.93 million over the past three months.

Newmont (NYSE:NEM - Get Free Report) had its price target reduced by analysts at Scotiabank from $149.00 to $148.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has a "sector outperform" rating on the basic materials company's stock. Scotiabank's price objective would suggest a potential upside of 31.58% from the company's current price.

Other analysts have also issued reports about the company. Canadian Imperial Bank of Commerce set a $154.00 price objective on Newmont in a research note on Friday, October 16th. National Bank Financial cut their target price on Newmont from $140.00 to $135.00 and set a "sector perform" rating for the company in a research note on Tuesday, October 20th. TD lifted their target price on Newmont from $127.00 to $133.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. Citigroup upped their price target on Newmont from $125.00 to $140.00 and gave the company a "buy" rating in a research report on Tuesday, October 20th. Finally, Argus set a $110.00 price objective on shares of Newmont and gave the company a "buy" rating in a research report on Monday, August 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $137.20.

Newmont Stock Performance

NYSE:NEM traded up $2.09 on Tuesday, reaching $112.48. 1,292,484 shares of the company's stock were exchanged, compared to its average volume of 8,482,541. The firm has a market cap of $118.52 billion, a price-to-earnings ratio of 13.09, a P/E/G ratio of 2.01 and a beta of 0.51. The company has a debt-to-equity ratio of 0.15, a current ratio of 2.45 and a quick ratio of 2.16. The stock has a fifty day simple moving average of $121.66 and a 200-day simple moving average of $112.44. Newmont has a 52 week low of $76.05 and a 52 week high of $135.29.

Newmont (NYSE:NEM - Get Free Report) last issued its earnings results on Thursday, October 22nd. The basic materials company reported $2.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.94 by $0.26. The business had revenue of $6.36 billion for the quarter, compared to analysts' expectations of $6.27 billion. Newmont had a net margin of 34.73% and a return on equity of 29.81%. The business's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.71 EPS. As a group, sell-side analysts predict that Newmont will post 9.07 earnings per share for the current year.

Insider Activity

In other Newmont news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $114.81, for a total value of $344,430.00. Following the completion of the sale, the executive vice president directly owned 34,315 shares of the company's stock, valued at $3,939,705.15. The trade was a 8.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Natascha Viljoen sold 7,764 shares of the company's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $104.00, for a total transaction of $807,456.00. Following the sale, the chief executive officer owned 135,235 shares of the company's stock, valued at approximately $14,064,440. The trade was a 5.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 35,973 shares of company stock worth $3,927,169. 0.06% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. SYM FINANCIAL Corp purchased a new stake in Newmont during the 3rd quarter valued at about $566,000. Independence Bank of Kentucky purchased a new position in Newmont in the 3rd quarter worth approximately $70,000. Ashton Thomas Securities LLC purchased a new position in Newmont in the 3rd quarter worth approximately $254,000. Pflug Koory LLC purchased a new position in Newmont in the 3rd quarter worth approximately $213,000. Finally, Total Clarity Wealth Management Inc. bought a new stake in Newmont in the third quarter valued at approximately $660,000. Hedge funds and other institutional investors own 68.85% of the company's stock.

About Newmont

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.

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