Newmont (NYSE:NEM) Cut to Buy at Wall Street Zen

Newmont (NYSE:NEM) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Sunday.

A number of other equities analysts also recently issued reports on the company. National Bankshares reissued an “outperform” rating on shares of Newmont in a research note on Monday, September 22nd. BNP Paribas downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 4th. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 10th. Weiss Ratings upgraded Newmont from a “hold (c+)” rating to a “buy (b-)” rating in a report on Saturday, October 25th. Finally, Stifel Canada upgraded Newmont to a “strong-buy” rating in a research note on Tuesday, July 8th. Five investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $86.92.

Newmont Trading Down 1.8%

NEM opened at $80.85 on Friday. Newmont has a one year low of $36.86 and a one year high of $98.58. The company has a market cap of $88.23 billion, a P/E ratio of 12.55, a PEG ratio of 0.53 and a beta of 0.34. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.74 and a current ratio of 2.04. The business’s 50-day simple moving average is $82.25 and its 200-day simple moving average is $66.63.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.44. The firm had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.14 billion. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The business’s revenue was up 20.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.81 EPS. As a group, equities research analysts expect that Newmont will post 3.45 EPS for the current fiscal year.

Insider Buying and Selling

In other Newmont news, CAO Brian Tabolt sold 7,015 shares of the company’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 directly 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction on Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total value of $176,779.20. Following the completion of the transaction, the director directly owned 36,869 shares in the company, valued at $3,133,496.31. This represents a 5.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 11,172 shares of company stock valued at $808,863 over the last 90 days. 0.05% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Newmont

Several hedge funds have recently bought and sold shares of NEM. Knights of Columbus Asset Advisors LLC lifted its stake in shares of Newmont by 59.6% in the second quarter. Knights of Columbus Asset Advisors LLC now owns 15,653 shares of the basic materials company’s stock valued at $912,000 after buying an additional 5,848 shares during the period. Generate Investment Management Ltd increased its holdings in shares of Newmont by 25.9% during the second quarter. Generate Investment Management Ltd now owns 378,975 shares of the basic materials company’s stock worth $22,079,000 after buying an additional 77,865 shares in the last quarter. Banco Santander S.A. increased its holdings in shares of Newmont by 2,244.4% during the second quarter. Banco Santander S.A. now owns 128,284 shares of the basic materials company’s stock worth $7,474,000 after buying an additional 122,812 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in shares of Newmont by 25.0% in the second quarter. Teacher Retirement System of Texas now owns 526,220 shares of the basic materials company’s stock valued at $30,658,000 after purchasing an additional 105,334 shares in the last quarter. Finally, James Investment Research Inc. acquired a new stake in shares of Newmont in the second quarter valued at approximately $241,000. 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.