Newmont (NYSE:NEM) PT Raised to $48.00 at Scotiabank

Newmont (NYSE:NEM) had its target price upped by stock analysts at Scotiabank from $46.50 to $48.00 in a research report issued on Thursday, Benzinga reports. The firm currently has a “sector perform” rating on the basic materials company’s stock. Scotiabank’s target price would suggest a potential upside of 16.53% from the stock’s previous close.

Several other equities analysts have also issued reports on NEM. Citigroup decreased their price objective on Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a research report on Thursday, April 4th. Jefferies Financial Group began coverage on Newmont in a research report on Thursday, February 29th. They issued a “buy” rating and a $38.00 price objective for the company. Sanford C. Bernstein decreased their price objective on Newmont from $46.00 to $45.00 and set a “market perform” rating for the company in a research report on Thursday, May 16th. Royal Bank of Canada decreased their price objective on Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a research report on Thursday, February 8th. Finally, BMO Capital Markets reduced their price target on Newmont from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Tuesday. Eight equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Newmont presently has a consensus rating of “Hold” and an average target price of $48.36.

Newmont Trading Down 2.8 %

Shares of NEM stock traded down $1.20 on Thursday, reaching $41.19. The company had a trading volume of 6,650,877 shares, compared to its average volume of 12,828,789. The company has a current ratio of 2.15, a quick ratio of 1.90 and a debt-to-equity ratio of 0.32. The stock has a market cap of $47.50 billion, a PE ratio of -15.45, a PEG ratio of 0.36 and a beta of 0.48. The company has a 50-day moving average of $39.01 and a 200-day moving average of $37.39. Newmont has a 12 month low of $29.42 and a 12 month high of $45.92.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.20. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.66 billion. During the same period in the previous year, the firm earned $0.40 EPS. Newmont’s quarterly revenue was up 50.2% compared to the same quarter last year. On average, equities analysts forecast that Newmont will post 2.37 earnings per share for the current year.

Institutional Investors Weigh In On Newmont

Large investors have recently made changes to their positions in the stock. State of Alaska Department of Revenue boosted its holdings in shares of Newmont by 27.5% in the 4th quarter. State of Alaska Department of Revenue now owns 170,138 shares of the basic materials company’s stock valued at $7,041,000 after buying an additional 36,645 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in Newmont by 22.3% in the 3rd quarter. Janney Montgomery Scott LLC now owns 145,639 shares of the basic materials company’s stock valued at $5,382,000 after acquiring an additional 26,599 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Newmont by 13.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 795,517 shares of the basic materials company’s stock valued at $32,926,000 after acquiring an additional 94,692 shares during the period. Principal Financial Group Inc. raised its stake in Newmont by 34.1% in the 4th quarter. Principal Financial Group Inc. now owns 1,280,730 shares of the basic materials company’s stock valued at $53,009,000 after acquiring an additional 325,320 shares during the period. Finally, KLCM Advisors Inc. raised its stake in Newmont by 4.3% in the 4th quarter. KLCM Advisors Inc. now owns 427,826 shares of the basic materials company’s stock valued at $17,708,000 after acquiring an additional 17,791 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

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.