Newmont (NYSE:NEM) Downgraded to “Hold” Rating by Zacks Research

Zacks Research cut shares of Newmont (NYSE:NEM) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday,Zacks.com reports.

NEM has been the subject of several other reports. BNP Paribas downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research note on Thursday, September 4th. Raymond James Financial set a $99.00 target price on Newmont and gave the company an “outperform” rating in a research note on Friday, October 24th. Cibc World Mkts raised Newmont from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 10th. Wall Street Zen lowered Newmont from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 2nd. Finally, Weiss Ratings raised Newmont from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, November 13th. Four research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Newmont has an average rating of “Moderate Buy” and an average price target of $88.99.

Newmont Trading Down 0.9%

Newmont stock traded down $0.79 during midday trading on Tuesday, reaching $86.72. The stock had a trading volume of 1,505,957 shares, compared to its average volume of 11,667,844. Newmont has a twelve month low of $36.86 and a twelve month high of $98.58. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.04 and a quick ratio of 1.74. The firm has a market cap of $94.63 billion, a price-to-earnings ratio of 13.47, a PEG ratio of 0.53 and a beta of 0.33. The firm’s fifty day simple moving average is $85.20 and its two-hundred day simple moving average is $69.54.

Newmont (NYSE:NEM) last released its earnings results on Thursday, October 23rd. The basic materials company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $0.44. The company had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.14 billion. Newmont had a return on equity of 20.35% and a net margin of 33.42%.The company’s revenue for the quarter was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.81 earnings per share. Equities analysts anticipate that Newmont will post 3.45 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Wednesday, November 26th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.2%. The ex-dividend date is Wednesday, November 26th. Newmont’s payout ratio is 15.53%.

Insider Activity at Newmont

In other news, CEO Thomas Ronald Palmer sold 5,000 shares of Newmont stock in a transaction that occurred on Monday, November 3rd. The shares were sold at an average price of $81.34, for a total value of $406,700.00. Following the transaction, the chief executive officer owned 279,923 shares of the company’s stock, valued at $22,768,936.82. This trade represents a 1.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of the company’s stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $80.96, for a total transaction of $168,396.80. Following the sale, the director directly owned 34,789 shares of the company’s stock, valued at approximately $2,816,517.44. This represents a 5.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 11,237 shares of company stock worth $906,799. Corporate insiders own 0.05% of the company’s stock.

Institutional Investors Weigh In On Newmont

Several hedge funds and other institutional investors have recently made changes to their positions in NEM. Physician Wealth Advisors Inc. grew its holdings in Newmont by 327.8% in the 3rd quarter. Physician Wealth Advisors Inc. now owns 308 shares of the basic materials company’s stock valued at $26,000 after buying an additional 236 shares during the last quarter. Colonial Trust Advisors boosted its position in shares of Newmont by 315.4% in the first quarter. Colonial Trust Advisors now owns 565 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 429 shares during the period. Concord Wealth Partners grew its stake in shares of Newmont by 534.7% in the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 385 shares during the last quarter. JPL Wealth Management LLC bought a new position in Newmont during the third quarter worth $27,000. Finally, Evermay Wealth Management LLC raised its stake in Newmont by 408.2% during the 2nd quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 400 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

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.