StockNews.com Upgrades Newmont (NYSE:NEM) to “Hold”

Newmont (NYSE:NEM) was upgraded by investment analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Friday.

Several other analysts have also recently commented on the company. Jefferies Financial Group started coverage on Newmont in a report on Thursday, February 29th. They issued a “buy” rating and a $38.00 price target for the company. Royal Bank of Canada reduced their price target on Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a report on Thursday, February 8th. Scotiabank dropped their price objective on Newmont from $50.00 to $43.50 and set a “sector perform” rating for the company in a research note on Wednesday, February 28th. National Bank Financial reaffirmed an “outperform overweight” rating on shares of Newmont in a research note on Monday, April 8th. Finally, BMO Capital Markets dropped their price objective on Newmont from $57.00 to $56.00 and set an “outperform” rating for the company in a research note on Thursday, February 15th. Seven investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

Newmont Stock Performance

Newmont stock traded down $0.68 during mid-day trading on Friday, reaching $42.73. 14,214,859 shares of the company were exchanged, compared to its average volume of 13,801,380. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.98 and a current ratio of 1.25. The firm’s 50-day simple moving average is $35.54 and its two-hundred day simple moving average is $36.95. The firm has a market cap of $49.26 billion, a PE ratio of -17.95, a price-to-earnings-growth ratio of 1.07 and a beta of 0.50. Newmont has a twelve month low of $29.42 and a twelve month high of $50.18.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.35 by $0.20. The business had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.66 billion. Newmont had a positive return on equity of 6.21% and a negative net margin of 20.95%. The company’s quarterly revenue was up 50.2% compared to the same quarter last year. During the same period last year, the firm earned $0.40 EPS. Equities analysts predict that Newmont will post 1.99 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Newmont

Institutional investors have recently added to or reduced their stakes in the business. TFC Financial Management Inc. increased its stake in Newmont by 242.2% in the third quarter. TFC Financial Management Inc. now owns 705 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 499 shares during the last quarter. Mizuho Securities Co. Ltd. acquired a new position in Newmont in the third quarter valued at $26,000. Life Planning Partners Inc acquired a new position in Newmont in the fourth quarter valued at $26,000. Manchester Capital Management LLC grew its position in Newmont by 171.9% during the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock valued at $26,000 after acquiring an additional 397 shares during the period. Finally, OFI Invest Asset Management purchased a new stake in Newmont during the third quarter valued at about $30,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

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.