Newmont (NYSE:NEM) Lowered to “Hold” Rating by Macquarie

Newmont (NYSE:NEM) was downgraded by investment analysts at Macquarie from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

NEM has been the topic of several other research reports. Wall Street Zen raised Newmont from a “hold” rating to a “buy” rating in a research note on Friday, May 30th. National Bankshares raised Newmont from a “sector perform” rating to an “outperform” rating in a research note on Friday, July 25th. Stifel Nicolaus assumed coverage on Newmont in a research note on Wednesday, July 9th. They issued a “buy” rating and a $73.00 price objective on the stock. Raymond James Financial raised their price objective on Newmont from $67.00 to $69.00 and gave the stock an “outperform” rating in a research note on Monday, July 28th. Finally, National Bank Financial raised Newmont from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 25th. Four investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $65.15.

Newmont Trading Up 1.9%

Shares of NYSE:NEM opened at $75.84 on Tuesday. The stock has a market capitalization of $83.31 billion, a price-to-earnings ratio of 13.62, a PEG ratio of 0.88 and a beta of 0.34. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.91 and a current ratio of 2.23. The stock’s 50-day simple moving average is $64.56 and its two-hundred day simple moving average is $55.41. Newmont has a 52-week low of $36.86 and a 52-week high of $76.52.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.48. The business had revenue of $5.32 billion for the quarter, compared to analysts’ expectations of $4.70 billion. Newmont had a return on equity of 17.86% and a net margin of 30.50%.The business’s revenue for the quarter was up 20.8% on a year-over-year basis. During the same period last year, the firm posted $0.72 earnings per share. Analysts expect that Newmont will post 3.45 EPS for the current year.

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $63.66, for a total transaction of $190,980.00. Following the sale, the executive vice president owned 58,736 shares of the company’s stock, valued at approximately $3,739,133.76. This trade represents a 4.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Brian Tabolt sold 7,015 shares of Newmont stock in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $68.02, for a total value of $477,160.30. Following the sale, the chief accounting officer directly owned 32,615 shares in the company, valued at $2,218,472.30. This trade represents a 17.70% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 17,169 shares of company stock valued at $1,098,636. 0.05% of the stock is owned by company insiders.

Institutional Trading of Newmont

A number of large investors have recently added to or reduced their stakes in the company. Orion Porfolio Solutions LLC increased its stake in Newmont by 160.1% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 49,040 shares of the basic materials company’s stock worth $2,857,000 after acquiring an additional 30,189 shares during the last quarter. MASTERINVEST Kapitalanlage GmbH bought a new stake in Newmont in the 2nd quarter worth approximately $2,511,000. Stance Capital LLC bought a new stake in Newmont in the 2nd quarter worth approximately $1,308,000. Cim Investment Management Inc. increased its stake in Newmont by 99.6% in the 2nd quarter. Cim Investment Management Inc. now owns 38,742 shares of the basic materials company’s stock worth $2,257,000 after acquiring an additional 19,335 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. bought a new stake in Newmont in the 2nd quarter worth approximately $548,000. 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.