Newmont (NYSE:NEM) Price Target Raised to $149.00 at Scotiabank

Key Points

• Scotiabank raised Newmont’s price target to $149 from $147 and maintained a “sector outperform” rating, implying approximately 25% upside from the reported $119.20 share price.
• Newmont’s stock rose 1.7% to $119.20, while its latest quarterly results showed adjusted earnings of $2.10 per share, slightly exceeding analyst expectations, although revenue of $6.12 billion fell short of estimates.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus rating and average price target of $132.21; however, insiders sold more than 32,000 shares worth about $3.29 million over the past three months.

Newmont (NYSE:NEM - Get Free Report) had its target price hoisted by stock analysts at Scotiabank from $147.00 to $149.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "sector outperform" rating on the basic materials company's stock. Scotiabank's target price points to a potential upside of 25.00% from the stock's current price.

Several other research firms have also recently commented on NEM. Raymond James Financial cut their price objective on shares of Newmont from $139.00 to $137.00 and set an "outperform" rating on the stock in a research report on Tuesday, June 30th. BMO Capital Markets dropped their price target on Newmont from $145.00 to $135.00 and set an "outperform" rating on the stock in a research note on Tuesday, June 23rd. TD Securities upgraded Newmont from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 14th. Weiss Ratings cut Newmont from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, June 17th. Finally, Argus set a $110.00 price objective on Newmont in a report on Monday, August 3rd. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Newmont presently has an average rating of "Moderate Buy" and an average price target of $132.21.

Newmont Trading Up 1.7%

NYSE:NEM traded up $1.99 on Wednesday, reaching $119.20. The company's stock had a trading volume of 1,626,510 shares, compared to its average volume of 9,033,505. Newmont has a 1-year low of $67.20 and a 1-year high of $134.88. The business's 50-day moving average price is $98.25 and its two-hundred day moving average price is $109.01. The firm has a market cap of $125.60 billion, a PE ratio of 15.04, a PEG ratio of 1.31 and a beta of 0.47. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.26 and a current ratio of 2.55.

Newmont (NYSE:NEM - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The basic materials company reported $2.10 EPS for the quarter, topping analysts' consensus estimates of $2.05 by $0.05. Newmont had a return on equity of 29.10% and a net margin of 33.36%.The company had revenue of $6.12 billion for the quarter, compared to analyst estimates of $6.35 billion. During the same quarter last year, the firm posted $1.43 earnings per share. Equities research analysts anticipate that Newmont will post 9 earnings per share for the current fiscal year.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $93.45, for a total transaction of $280,350.00. Following the completion of the transaction, the executive vice president directly owned 40,315 shares in the company, valued at $3,767,436.75. This represents a 6.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Brian Tabolt sold 11,445 shares of Newmont stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $105.09, for a total value of $1,202,755.05. Following the completion of the sale, the chief financial officer directly owned 29,324 shares in the company, valued at approximately $3,081,659.16. This represents a 28.07% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 32,091 shares of company stock worth $3,292,513 in the last three months. Insiders own 0.06% of the company's stock.

Institutional Investors Weigh In On Newmont

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in Newmont by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 134,107,293 shares of the basic materials company's stock worth $13,390,613,000 after acquiring an additional 637,996 shares in the last quarter. BlackRock Inc. bought a new stake in shares of Newmont in the 2nd quarter valued at about $11,289,753,000. State Street Corp lifted its stake in Newmont by 1.0% in the 4th quarter. State Street Corp now owns 49,959,850 shares of the basic materials company's stock valued at $4,988,491,000 after purchasing an additional 480,223 shares during the last quarter. Van ECK Associates Corp lifted its stake in Newmont by 23.4% in the 4th quarter. Van ECK Associates Corp now owns 29,780,063 shares of the basic materials company's stock valued at $2,973,539,000 after purchasing an additional 5,643,496 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Newmont by 3.6% during the fourth quarter. Geode Capital Management LLC now owns 27,011,084 shares of the basic materials company's stock worth $2,738,756,000 after purchasing an additional 946,824 shares during the period. Institutional investors own 68.85% of the company's stock.

About Newmont

Newmont Corporation NYSE: NEM is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company's core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.

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