Newmont (NYSE:NEM) Now Covered by Analysts at CLSA

Equities researchers at CLSA started coverage on shares of Newmont (NYSE:NEM) in a note issued to investors on Friday,Briefing.com Automated Import reports. The firm set an “underperform” rating on the basic materials company’s stock.

A number of other equities research analysts have also recently issued reports on NEM. CIBC cut shares of Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Jefferies Financial Group increased their target price on Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Raymond James lowered their target price on Newmont from $62.00 to $59.00 and set an “outperform” rating on the stock in a report on Monday. Veritas upgraded Newmont to a “strong-buy” rating in a report on Monday, September 30th. Finally, Royal Bank of Canada lowered their price objective on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 24th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $54.31.

Newmont Price Performance

Shares of NYSE:NEM opened at $42.04 on Friday. The stock has a market capitalization of $47.86 billion, a P/E ratio of -27.66, a P/E/G ratio of 0.36 and a beta of 0.51. The business has a 50-day moving average of $49.35 and a two-hundred day moving average of $47.43. Newmont has a fifty-two week low of $29.42 and a fifty-two week 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.

Newmont (NYSE:NEM) last posted its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The company had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. During the same quarter last year, the firm posted $0.36 earnings per share. The firm’s revenue for the quarter was up 84.7% compared to the same quarter last year. On average, equities research analysts predict that Newmont will post 3.08 EPS for the current fiscal year.

Insider Activity

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont 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 completion of the transaction, the chief executive officer now owns 291,469 shares in the company, valued at approximately $15,293,378.43. The trade was a 6.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the 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 owns 94,596 shares in the company, valued at $4,963,452.12. The trade was a 3.07 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,000 shares of company stock worth $2,444,440. Corporate insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

A number of hedge funds have recently added to or reduced their stakes in the stock. LRI Investments LLC bought a new stake in shares of Newmont during the first quarter valued at approximately $25,000. Strategic Financial Concepts LLC bought a new position in Newmont in the 2nd quarter valued at $25,000. Meeder Asset Management Inc. acquired a new stake in shares of Newmont in the 2nd quarter valued at $27,000. Hoese & Co LLP acquired a new stake in shares of Newmont in the 3rd quarter valued at $27,000. Finally, Avior Wealth Management LLC lifted its stake in shares of Newmont by 191.8% during the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 326 shares during the period. 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.