Newmont (NYSE:NEM) Rating Lowered to Sector Perform at Scotiabank

Newmont (NYSE:NEM) was downgraded by equities research analysts at Scotiabank from a “sector outperform” rating to a “sector perform” rating in a research note issued to investors on Friday, Briefing.com reports.

Several other brokerages have also recently issued reports on NEM. BMO Capital Markets lifted their price objective on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a report on Thursday, August 29th. Royal Bank of Canada reduced their price objective on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a report on Thursday. Veritas upgraded shares of Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Finally, JPMorgan Chase & Co. cut Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Six research analysts have rated the stock with a hold rating, nine have issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $54.46.

Newmont Price Performance

Shares of NEM opened at $49.25 on Friday. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The company has a market cap of $56.51 billion, a P/E ratio of -23.23, a PEG ratio of 0.49 and a beta of 0.50. The firm’s 50 day moving average price is $53.43 and its 200 day moving average price is $46.74.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The company had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The firm’s revenue was up 84.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.36 EPS. On average, research analysts forecast that Newmont will post 3.07 earnings per share for the current fiscal year.

Insider Buying and Selling at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the sale, the executive vice president now directly owns 94,596 shares in the company, valued at $4,963,452.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $1,049,400.00. Following the sale, the chief executive officer now owns 291,469 shares in the company, valued at $15,293,378.43. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,000 shares of company stock valued at $3,434,640. 0.06% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NEM. Heathbridge Capital Management Ltd. grew its holdings in Newmont by 2.0% in the third quarter. Heathbridge Capital Management Ltd. now owns 10,300 shares of the basic materials company’s stock valued at $551,000 after purchasing an additional 200 shares during the period. E. Ohman J or Asset Management AB boosted its holdings in shares of Newmont by 0.4% in the 3rd quarter. E. Ohman J or Asset Management AB now owns 47,942 shares of the basic materials company’s stock valued at $2,562,000 after purchasing an additional 200 shares during the last quarter. Fulton Bank N.A. increased its holdings in shares of Newmont by 1.5% during the 3rd quarter. Fulton Bank N.A. now owns 15,188 shares of the basic materials company’s stock worth $812,000 after buying an additional 221 shares during the last quarter. Good Life Advisors LLC raised its position in shares of Newmont by 4.6% in the 3rd quarter. Good Life Advisors LLC now owns 5,182 shares of the basic materials company’s stock worth $277,000 after buying an additional 229 shares during the period. Finally, Pekin Hardy Strauss Inc. boosted its holdings in Newmont by 0.4% in the second quarter. Pekin Hardy Strauss Inc. now owns 64,082 shares of the basic materials company’s stock valued at $2,683,000 after acquiring an additional 233 shares during the last quarter. Institutional investors and hedge funds own 68.85% of the company’s stock.

About Newmont

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.