Scotiabank Issues Pessimistic Forecast for Newmont (NYSE:NEM) Stock Price

Newmont (NYSE:NEM) had its price objective lowered by equities research analysts at Scotiabank from $52.00 to $50.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the basic materials company’s stock. Scotiabank’s price objective would suggest a potential upside of 17.83% from the stock’s previous close.

A number of other research firms have also commented on NEM. Bernstein Bank increased their price objective on Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. The Goldman Sachs Group initiated coverage on Newmont in a research note on Monday, January 13th. They set a “buy” rating and a $47.20 price objective on the stock. Veritas raised Newmont to a “strong-buy” rating in a research note on Monday, September 30th. CLSA initiated coverage on Newmont in a research note on Friday, November 29th. They set an “underperform” rating on the stock. Finally, JPMorgan Chase & Co. raised Newmont from a “neutral” rating to an “overweight” rating in a research note on Tuesday, November 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.44.

Newmont Price Performance

Shares of NEM stock traded up $0.77 during mid-day trading on Tuesday, reaching $42.44. The stock had a trading volume of 4,289,518 shares, compared to its average volume of 8,391,046. Newmont has a 12-month low of $29.42 and a 12-month high of $58.72. The company has a market cap of $48.31 billion, a P/E ratio of -27.92, a price-to-earnings-growth ratio of 0.33 and a beta of 0.50. The business has a 50-day simple moving average of $40.28 and a 200 day simple moving average of $46.88. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The company had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The firm’s revenue was up 84.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.36 EPS. On average, sell-side analysts anticipate that Newmont will post 3.1 earnings per share for the current year.

Insider Activity

In related news, Director Bruce R. Brook sold 2,077 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $40.00, for a total transaction of $83,080.00. Following the sale, the director now directly owns 52,070 shares in the company, valued at approximately $2,082,800. This trade represents a 3.84 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $40.00, for a total value of $120,000.00. Following the sale, the executive vice president now owns 82,596 shares in the company, valued at approximately $3,303,840. The trade was a 3.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 14,077 shares of company stock valued at $563,080 in the last three months. Corporate insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

Several hedge funds have recently modified their holdings of NEM. Mercer Global Advisors Inc. ADV raised its holdings in shares of Newmont by 10.4% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 30,687 shares of the basic materials company’s stock valued at $1,285,000 after buying an additional 2,888 shares during the period. Sei Investments Co. increased its holdings in Newmont by 26.8% during the 2nd quarter. Sei Investments Co. now owns 258,572 shares of the basic materials company’s stock worth $10,826,000 after purchasing an additional 54,713 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in Newmont by 18.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 80,838 shares of the basic materials company’s stock worth $3,385,000 after purchasing an additional 12,597 shares during the last quarter. Ensign Peak Advisors Inc increased its holdings in Newmont by 112.6% during the 2nd quarter. Ensign Peak Advisors Inc now owns 331,167 shares of the basic materials company’s stock worth $13,866,000 after purchasing an additional 175,424 shares during the last quarter. Finally, ProShare Advisors LLC increased its holdings in Newmont by 8.1% during the 2nd quarter. ProShare Advisors LLC now owns 191,204 shares of the basic materials company’s stock worth $8,006,000 after purchasing an additional 14,352 shares during the last quarter. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

About Newmont

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.