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

Newmont (NYSE:NEM) was upgraded by 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 price target on the basic materials company’s stock. Scotiabank’s target price indicates a potential upside of 31.16% from the stock’s current price.

Other analysts have also issued research reports about the stock. Citigroup raised their price objective on shares of Newmont from $74.00 to $104.00 and gave the stock a “buy” rating in a report on Wednesday, October 15th. Stifel Nicolaus assumed coverage on Newmont in a research report on Wednesday, July 9th. They set a “buy” rating and a $73.00 price target on the stock. UBS Group boosted their price objective on Newmont from $92.00 to $105.50 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Stifel Canada raised Newmont to a “strong-buy” rating in a research note on Tuesday, July 8th. Finally, TD Securities lifted their price target on Newmont from $67.00 to $89.00 and gave the company a “hold” rating in a report on Wednesday, October 8th. Five analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $90.39.

Newmont Stock Up 0.7%

Shares of NYSE:NEM opened at $86.92 on Thursday. Newmont has a 52 week low of $36.86 and a 52 week high of $98.58. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The company’s fifty day moving average is $80.48 and its 200-day moving average is $64.85. The company has a market capitalization of $95.48 billion, a PE ratio of 15.61, a P/E/G ratio of 0.59 and a beta of 0.34.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, July 24th. The basic materials company reported $1.43 EPS for the quarter, beating the consensus estimate of $0.95 by $0.48. Newmont had a net margin of 30.50% and a return on equity of 17.86%. The company had revenue of $5.32 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter in the previous year, the company earned $0.72 EPS. The firm’s revenue for the quarter was up 20.8% compared to the same quarter last year. Equities research analysts predict that Newmont will post 3.45 earnings per share for the current fiscal year.

Insider Transactions at Newmont

In related news, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction dated 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 directly owned 36,869 shares in the company, valued at $3,133,496.31. This trade represents a 5.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Brian Tabolt sold 7,015 shares of the stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total transaction of $477,160.30. Following the completion of the transaction, the chief accounting officer owned 32,615 shares in the company, valued at $2,218,472.30. This represents a 17.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,249 shares of company stock worth $1,132,065 over the last 90 days. 0.05% of the stock is owned by insiders.

Institutional Investors Weigh In On Newmont

A number of institutional investors have recently made changes to their positions in the stock. E Fund Management Hong Kong Co. Ltd. bought a new position in Newmont during the third quarter worth about $85,000. Cerity Partners LLC raised its position in shares of 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 acquiring an additional 62,488 shares during the period. McIlrath & Eck LLC raised its position in shares of Newmont by 6.8% in 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 during the period. Barry Investment Advisors LLC bought a new stake in Newmont in the third quarter valued at approximately $224,000. Finally, Mccarter Private Wealth Services LLC increased its stake in Newmont by 64.9% in the third quarter. Mccarter Private Wealth Services LLC now owns 10,034 shares of the basic materials company’s stock valued at $846,000 after purchasing an additional 3,949 shares in the last quarter. 68.85% of the stock is 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.