Cibc World Mkts Downgrades Newmont (NYSE:NEM) to Hold

Newmont (NYSE:NEM) was downgraded by equities research analysts at Cibc World Mkts from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday, Zacks.com reports.

NEM has been the subject of several other reports. JPMorgan Chase & Co. cut shares of Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Veritas raised Newmont to a “strong-buy” rating in a report on Monday, September 30th. Scotiabank downgraded shares of Newmont from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the company from $59.00 to $55.00 in a report on Friday. Jefferies Financial Group boosted their price objective on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a report on Friday, October 4th. Finally, Royal Bank of Canada dropped their target price on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a report on Thursday, October 24th. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $54.85.

Newmont Stock Performance

Newmont stock opened at $48.36 on Monday. Newmont has a twelve month low of $29.42 and a twelve month high of $58.72. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $55.06 billion, a P/E ratio of -31.82, a PEG ratio of 0.40 and a beta of 0.50. The stock’s 50 day moving average is $53.33 and its 200 day moving average is $46.99.

Newmont (NYSE:NEM) last released its earnings results 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 during the quarter, compared to analysts’ expectations of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The company’s revenue was up 84.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.36 earnings per share. On average, equities research analysts predict that Newmont will post 3.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total transaction of $990,200.00. Following the sale, the chief executive officer now owns 311,469 shares of the company’s stock, valued at $15,420,830.19. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $161,430.00. Following the sale, the executive vice president now owns 91,596 shares in the company, valued at approximately $4,928,780.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the transaction, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at $15,420,830.19. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,000 shares of company stock valued at $3,434,640 in the last quarter. 0.06% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Newmont

Several hedge funds have recently added to or reduced their stakes in NEM. LRI Investments LLC purchased a new position in shares of Newmont during the first quarter valued at approximately $25,000. Strategic Financial Concepts LLC bought a new position in Newmont in the 2nd quarter worth about $25,000. Meeder Asset Management Inc. purchased a new position in shares of Newmont during the second quarter worth approximately $27,000. Hoese & Co LLP purchased a new stake in shares of Newmont in the third quarter valued at approximately $27,000. Finally, Highline Wealth Partners LLC purchased a new position in Newmont during the 3rd quarter worth $32,000. 68.85% of the stock is currently owned by institutional investors.

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.