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

Newmont (NYSE:NEM) was downgraded by investment analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.

NEM has been the topic of a number of other reports. TD Cowen reaffirmed a “buy” rating on shares of Newmont in a research note on Monday, April 27th. Macquarie Infrastructure lifted their price target on Newmont from $130.00 to $133.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Weiss Ratings lowered Newmont from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday. Jefferies Financial Group lowered their price target on Newmont from $165.00 to $154.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, National Bank Financial lifted their price target on Newmont from $130.00 to $140.00 and gave the stock a “sector perform” rating in a research note on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Newmont has an average rating of “Moderate Buy” and a consensus price target of $141.53.

Newmont Stock Up 1.3%

Shares of NEM opened at $109.60 on Friday. The company has a current ratio of 2.44, a quick ratio of 2.17 and a debt-to-equity ratio of 0.15. Newmont has a 12 month low of $51.80 and a 12 month high of $134.88. The stock’s 50 day moving average is $110.89 and its two-hundred day moving average is $108.96. The firm has a market cap of $117.01 billion, a P/E ratio of 14.22 and a beta of 0.43.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Thursday, April 23rd. The basic materials company reported $2.90 EPS for the quarter, beating the consensus estimate of $2.07 by $0.83. Newmont had a return on equity of 27.84% and a net margin of 33.87%.The company had revenue of $7.31 billion for the quarter, compared to analyst estimates of $6.83 billion. During the same period last year, the company earned $1.25 earnings per share. Newmont’s quarterly revenue was up 45.8% compared to the same quarter last year. Analysts predict that Newmont will post 9.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider David James Fry sold 18,394 shares of Newmont stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $111.45, for a total transaction of $2,050,011.30. Following the transaction, the insider owned 17,147 shares in the company, valued at approximately $1,911,033.15. This trade represents a 51.75% 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 John Thornton sold 2,296 shares of Newmont stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $252,812.56. Following the transaction, the insider owned 23,163 shares in the company, valued at approximately $2,550,477.93. The trade was a 9.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 43,068 shares of company stock worth $4,769,475. 0.06% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Newmont

Institutional investors have recently added to or reduced their stakes in the stock. CWM LLC raised its position in Newmont by 64.6% in the fourth quarter. CWM LLC now owns 202,892 shares of the basic materials company’s stock valued at $20,259,000 after purchasing an additional 79,617 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in Newmont by 24.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 280,920 shares of the basic materials company’s stock valued at $30,775,000 after purchasing an additional 54,530 shares during the period. AustralianSuper Pty Ltd raised its position in Newmont by 124.8% in the third quarter. AustralianSuper Pty Ltd now owns 330,250 shares of the basic materials company’s stock valued at $27,843,000 after purchasing an additional 183,360 shares during the period. Waverton Investment Management Ltd raised its position in Newmont by 3.4% in the third quarter. Waverton Investment Management Ltd now owns 704,331 shares of the basic materials company’s stock valued at $59,365,000 after purchasing an additional 23,139 shares during the period. Finally, Envestnet Asset Management Inc. raised its position in Newmont by 65.6% in the third quarter. Envestnet Asset Management Inc. now owns 741,861 shares of the basic materials company’s stock valued at $62,546,000 after purchasing an additional 293,901 shares during the period. Hedge funds and other institutional investors own 68.85% of the company’s stock.

Newmont Company Profile

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.