Newmont (NYSE:NEM) Given New $72.00 Price Target at Scotiabank

Key Points

• Newmont has had its price target increased from $69.00 to $72.00 by Scotiabank, suggesting a potential upside of 13.01% from the stock's previous close.
• The company reported a quarterly EPS of $1.43, exceeding analysts' expectations by $0.48, and reported revenue of $5.32 billion, which is a 20.8% increase year-over-year.
• Institutional investors own 68.85% of Newmont's stock, indicating strong backing from large financial entities in the company's performance.

Newmont (NYSE:NEM - Get Free Report) had its price target increased by stock analysts at Scotiabank from $69.00 to $72.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "sector perform" rating on the basic materials company's stock. Scotiabank's price objective would suggest a potential upside of 13.01% from the stock's previous close.

Other research analysts have also recently issued reports about the company. Cfra Research raised Newmont to a "strong-buy" rating in a report on Friday, April 25th. Stifel Nicolaus assumed coverage on Newmont in a report on Wednesday, July 9th. They issued a "buy" rating and a $73.00 price target on the stock. National Bankshares raised Newmont from a "sector perform" rating to an "outperform" rating in a report on Friday. Wall Street Zen raised Newmont from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Finally, BMO Capital Markets reissued an "outperform" rating on shares of Newmont in a report on Thursday, April 24th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have assigned a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $64.58.

Newmont Stock Performance

Shares of NEM stock traded down $2.04 during trading hours on Monday, reaching $63.71. 11,874,604 shares of the company traded hands, compared to its average volume of 12,253,726. Newmont has a 12-month low of $36.86 and a 12-month high of $66.57. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. The company has a market cap of $70.91 billion, a P/E ratio of 11.44, a P/E/G ratio of 0.96 and a beta of 0.33. The firm has a 50-day moving average price of $57.05 and a 200 day moving average price of $50.62.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, topping analysts' consensus estimates of $0.95 by $0.48. Newmont had a return on equity of 17.86% and a net margin of 30.50%. The company had revenue of $5.32 billion for the quarter, compared to analysts' expectations of $4.70 billion. During the same period in the previous year, the firm earned $0.72 EPS. The firm's revenue was up 20.8% compared to the same quarter last year. As a group, sell-side analysts predict that Newmont will post 3.45 earnings per share for the current fiscal year.

Insider Activity at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction that occurred on Monday, June 2nd. The stock was sold at an average price of $54.09, for a total transaction of $162,270.00. Following the transaction, the executive vice president owned 77,526 shares of the company's stock, valued at approximately $4,193,381.34. The trade was a 3.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Bruce R. Brook sold 2,077 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $58.75, for a total value of $122,023.75. Following the transaction, the director directly owned 43,103 shares in the company, valued at approximately $2,532,301.25. This represents a 4.60% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,231 shares of company stock worth $679,813. Corporate insiders own 0.05% of the company's stock.

Hedge Funds Weigh In On Newmont

Several hedge funds have recently bought and sold shares of NEM. SOA Wealth Advisors LLC. grew its position in Newmont by 64.0% in the 1st quarter. SOA Wealth Advisors LLC. now owns 515 shares of the basic materials company's stock valued at $25,000 after acquiring an additional 201 shares during the last quarter. Cloud Capital Management LLC bought a new position in Newmont in the 1st quarter valued at $26,000. Colonial Trust Advisors grew its position in Newmont by 315.4% in the 1st quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company's stock valued at $27,000 after acquiring an additional 429 shares during the last quarter. Concord Wealth Partners grew its position in Newmont by 534.7% in the 2nd quarter. Concord Wealth Partners now owns 457 shares of the basic materials company's stock valued at $27,000 after acquiring an additional 385 shares during the last quarter. Finally, Private Trust Co. NA grew its position in Newmont by 122.6% in the 1st quarter. Private Trust Co. NA now owns 630 shares of the basic materials company's stock valued at $30,000 after acquiring an additional 347 shares during the last quarter. Institutional investors 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.

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