CLSA Initiates Coverage on Newmont (NYSE:NEM)

Equities researchers at CLSA initiated coverage on shares of Newmont (NYSE:NEM - Get Free Report) in a note issued to investors on Friday, Marketbeat.com reports. The firm set an "underperform" rating on the basic materials company's stock.

Several other equities analysts have also recently issued reports on NEM. UBS Group cut shares of Newmont from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $67.00 to $54.00 in a research note on Wednesday, October 30th. CIBC lowered Newmont from a "sector outperform" rating to a "neutral" rating in a research note on Monday, October 28th. JPMorgan Chase & Co. upgraded Newmont from a "neutral" rating to an "overweight" rating in a research report on Tuesday, November 19th. Raymond James reduced their target price on Newmont from $62.00 to $59.00 and set an "outperform" rating for the company in a report on Monday. Finally, Scotiabank cut Newmont from a "sector outperform" rating to a "sector perform" rating and lowered their target price for the company from $59.00 to $55.00 in a research note on Friday, October 25th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $54.31.

Newmont Stock Down 0.2 %

NYSE NEM traded down $0.10 on Friday, reaching $41.94. The company had a trading volume of 6,189,710 shares, compared to its average volume of 10,502,058. The firm has a 50-day moving average of $49.35 and a 200-day moving average of $47.43. Newmont has a 1 year low of $29.42 and a 1 year high of $58.72. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The firm has a market capitalization of $47.75 billion, a PE ratio of -27.66, a P/E/G ratio of 0.36 and a beta of 0.51.

Newmont (NYSE:NEM - Get Free Report) last posted its quarterly 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 firm had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The firm's revenue for the quarter was up 84.7% on a year-over-year basis. During the same quarter last year, the business posted $0.36 earnings per share. On average, equities research analysts anticipate that Newmont will post 3.08 EPS for the current fiscal year.

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $161,430.00. Following the completion of the sale, the executive vice president now directly owns 91,596 shares of the company's stock, valued at $4,928,780.76. The trade was a 3.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the sale, the chief executive officer now directly owns 271,469 shares of the company's stock, valued at $14,607,746.89. This represents a 6.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,000 shares of company stock valued at $2,444,440 over the last ninety days. 0.06% of the stock is owned by insiders.

Hedge Funds Weigh In On Newmont

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tidal Investments LLC raised its stake in Newmont by 5.4% during the 3rd quarter. Tidal Investments LLC now owns 163,695 shares of the basic materials company's stock worth $8,749,000 after buying an additional 8,412 shares during the period. Cim Investment Management Inc. acquired a new position in shares of Newmont during the third quarter worth about $1,033,000. Wilmington Savings Fund Society FSB bought a new position in shares of Newmont during the third quarter worth about $422,000. Sanctuary Advisors LLC lifted its stake in Newmont by 117.3% in the 3rd quarter. Sanctuary Advisors LLC now owns 34,686 shares of the basic materials company's stock valued at $1,854,000 after acquiring an additional 18,722 shares in the last quarter. Finally, Virtu Financial LLC boosted its position in Newmont by 183.2% during the 3rd quarter. Virtu Financial LLC now owns 23,136 shares of the basic materials company's stock worth $1,237,000 after acquiring an additional 14,967 shares during the last quarter. Institutional investors own 68.85% of the company's stock.

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.