Newmont (NYSE:NEM) Lowered to Hold Rating by Wall Street Zen

Newmont (NYSE:NEM) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

NEM has been the subject of a number of other research reports. Bank of America upped their price objective on shares of Newmont from $134.00 to $151.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. TD Securities lowered their target price on shares of Newmont from $120.00 to $118.00 and set a “hold” rating on the stock in a report on Tuesday, March 3rd. Canaccord Genuity Group increased their price target on shares of Newmont from $115.00 to $140.00 and gave the stock a “buy” rating in a report on Friday, January 23rd. Canadian Imperial Bank of Commerce reduced their price objective on shares of Newmont from $71.00 to $67.00 in a research report on Friday, February 27th. Finally, Scotiabank lowered their price objective on Newmont from $152.00 to $151.00 and set a “sector outperform” rating on the stock in a report on Friday, March 20th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $133.78.

Newmont Trading Up 0.1%

NYSE:NEM opened at $114.13 on Friday. The firm has a market cap of $123.26 billion, a P/E ratio of 17.86, a PEG ratio of 0.88 and a beta of 0.46. The company has a current ratio of 2.29, a quick ratio of 2.02 and a debt-to-equity ratio of 0.16. The stock’s 50 day simple moving average is $116.13 and its 200-day simple moving average is $101.36. Newmont has a 12-month low of $42.93 and a 12-month high of $134.88.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Thursday, February 19th. The basic materials company reported $2.52 earnings per share for the quarter, topping the consensus estimate of $1.81 by $0.71. Newmont had a return on equity of 23.28% and a net margin of 31.25%.The firm had revenue of $6.82 billion during the quarter, compared to the consensus estimate of $6.18 billion. During the same period last year, the company earned $1.40 earnings per share. The company’s revenue for the quarter was up 20.6% on a year-over-year basis. Equities analysts anticipate that Newmont will post 3.45 EPS for the current year.

Insider Transactions at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $113.09, for a total transaction of $339,270.00. Following the transaction, the executive vice president directly owned 52,315 shares in the company, valued at approximately $5,916,303.35. This represents a 5.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider David James Fry sold 18,394 shares of the stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the completion of the transaction, the insider directly owned 17,147 shares of the company’s stock, valued at approximately $1,911,033.15. This trade represents a 51.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 24,394 shares of company stock worth $2,713,281. 0.05% of the stock is owned by insiders.

Hedge Funds Weigh In On Newmont

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Brighton Jones LLC boosted its position in shares of Newmont by 15.7% in the 4th quarter. Brighton Jones LLC now owns 13,606 shares of the basic materials company’s stock worth $506,000 after buying an additional 1,847 shares in the last quarter. Woodline Partners LP grew its stake in Newmont by 40.7% in the 1st quarter. Woodline Partners LP now owns 96,182 shares of the basic materials company’s stock valued at $4,644,000 after acquiring an additional 27,813 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in Newmont during the 2nd quarter valued at about $240,000. Lido Advisors LLC increased its holdings in Newmont by 27.9% during the 2nd quarter. Lido Advisors LLC now owns 17,496 shares of the basic materials company’s stock valued at $1,019,000 after acquiring an additional 3,820 shares in the last quarter. Finally, Twin Peaks Wealth Advisors LLC acquired a new position in Newmont during the second quarter worth about $49,000. 68.85% of the stock is owned by institutional investors and hedge funds.

About Newmont

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.