Newmont (NYSE:NEM) Upgraded by Scotiabank to Sector Outperform Rating

Newmont (NYSE:NEM - Get Free Report) was upgraded by research analysts at Scotiabank from a "sector perform" rating to a "sector outperform" rating in a research report issued on Thursday,Briefing.com Automated Import reports. The firm currently has a $114.00 target price on the basic materials company's stock. Scotiabank's price objective suggests a potential upside of 31.16% from the company's previous close.

NEM has been the subject of several other reports. BNP Paribas Exane upped their price objective on shares of Newmont from $66.00 to $92.00 and gave the stock an "outperform" rating in a report on Monday, September 15th. Stifel Canada raised shares of Newmont to a "strong-buy" rating in a research report on Tuesday, July 8th. National Bankshares reissued an "outperform" rating on shares of Newmont in a research report on Monday, September 22nd. Zacks Research upgraded Newmont from a "hold" rating to a "strong-buy" rating in a research note on Monday. Finally, Macquarie lowered Newmont from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 2nd. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $90.39.

Newmont Price Performance

Shares of NYSE:NEM opened at $86.92 on Thursday. The business has a 50-day moving average of $80.48 and a two-hundred day moving average of $64.85. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.23 and a quick ratio of 1.91. Newmont has a fifty-two week low of $36.86 and a fifty-two week high of $98.58. The stock has a market capitalization of $95.48 billion, a P/E ratio of 15.61, a P/E/G ratio of 0.59 and a beta of 0.34.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, beating 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 business had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same period last year, the business earned $0.72 EPS. The firm's revenue was up 20.8% compared to the same quarter last year. On average, equities research analysts predict that Newmont will post 3.45 EPS for the current fiscal year.

Insider Transactions at Newmont

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of the firm's stock in a transaction that occurred on Wednesday, August 6th. The stock was sold at an average price of $68.02, for a total value of $477,160.30. Following the completion of the sale, the chief accounting officer owned 32,615 shares in the company, valued at approximately $2,218,472.30. This trade represents a 17.70% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Bruce R. Brook sold 2,080 shares of the firm's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $84.99, for a total value of $176,779.20. Following the completion of the sale, the director owned 36,869 shares of the company's stock, valued at $3,133,496.31. This represents a 5.34% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,249 shares of company stock worth $1,132,065. 0.05% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. E Fund Management Hong Kong Co. Ltd. acquired a new position in shares of Newmont in the third quarter valued at $85,000. Cerity Partners LLC increased its holdings in Newmont by 49.8% in the 3rd quarter. Cerity Partners LLC now owns 187,843 shares of the basic materials company's stock valued at $15,837,000 after buying an additional 62,488 shares during the period. McIlrath & Eck LLC boosted its position in shares of Newmont by 6.8% during the 3rd quarter. McIlrath & Eck LLC now owns 3,868 shares of the basic materials company's stock valued at $326,000 after acquiring an additional 245 shares in the last quarter. Barry Investment Advisors LLC acquired a new stake in shares of Newmont during the 3rd quarter valued at about $224,000. Finally, Mccarter Private Wealth Services LLC boosted its position in shares of Newmont by 64.9% during the 3rd quarter. Mccarter Private Wealth Services LLC now owns 10,034 shares of the basic materials company's stock valued at $846,000 after acquiring an additional 3,949 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.