Newmont Mining (NEM) Cut to Hold at Zacks Investment Research

Newmont Mining (NYSE:NEM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Monday.

According to Zacks, “Newmont’s shares have outperformed the industry it belongs to in the past three months. The company is making notable progress with its growth projects. We are also impressed with its  efforts to reduce debt and improve efficiency. Moreover, the acquisition of CC&V represents a significant opportunity. However, Newmont is exposed to a highly volatile gold price environment. It also faces headwinds from high production costs. The company's falling gold reserve base is another concern.”

A number of other brokerages have also issued reports on NEM. B. Riley restated a “neutral” rating on shares of Newmont Mining in a research note on Wednesday, November 1st. TheStreet lowered shares of Newmont Mining from a “b-” rating to a “c” rating in a research note on Friday, November 17th. BMO Capital Markets set a $45.00 price objective on shares of Newmont Mining and gave the stock a “buy” rating in a research note on Tuesday, November 14th. TD Securities set a $42.00 price objective on shares of Newmont Mining and gave the stock a “hold” rating in a research note on Thursday, October 19th. Finally, Deutsche Bank lowered shares of Newmont Mining from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $42.00 to $40.00 in a research note on Tuesday, January 16th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Newmont Mining has an average rating of “Hold” and an average target price of $41.80.

Shares of Newmont Mining (NYSE NEM) traded up $0.15 during trading on Monday, hitting $36.91. 6,253,021 shares of the stock were exchanged, compared to its average volume of 5,686,177. The firm has a market cap of $19,600.00, a price-to-earnings ratio of 52.73 and a beta of 0.24. The company has a current ratio of 4.18, a quick ratio of 3.58 and a debt-to-equity ratio of 0.33. Newmont Mining has a 1-year low of $31.42 and a 1-year high of $42.04.

In other Newmont Mining news, COO Thomas Ronald Palmer sold 1,250 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $36.98, for a total value of $46,225.00. Following the completion of the transaction, the chief operating officer now owns 85,612 shares in the company, valued at approximately $3,165,931.76. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Elaine J. Dorward-King sold 10,250 shares of the company’s stock in a transaction dated Wednesday, December 20th. The stock was sold at an average price of $36.48, for a total transaction of $373,920.00. Following the completion of the transaction, the executive vice president now owns 71,864 shares of the company’s stock, valued at approximately $2,621,598.72. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,700 shares of company stock worth $1,050,806. 0.32% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Exane Derivatives bought a new position in Newmont Mining in the 4th quarter worth about $208,000. Parametrica Management Ltd bought a new position in Newmont Mining in the 3rd quarter worth about $222,000. Brown Advisory Inc. bought a new position in Newmont Mining in the 4th quarter worth about $228,000. Tower Bridge Advisors bought a new position in Newmont Mining in the 4th quarter worth about $242,000. Finally, Meeder Asset Management Inc. bought a new position in Newmont Mining in the 4th quarter worth about $250,000. Hedge funds and other institutional investors own 81.88% of the company’s stock.

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Newmont Mining Company Profile

Newmont Mining Corporation is a mining company, which is focused on the production of and exploration for gold and copper. The Company is primarily a gold producer with operations and/or assets in the United States, Australia, Peru, Ghana and Suriname. The Company’s segments include North America, South America, Asia Pacific and Africa.

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