Newmont (NYSE:NEM) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of Newmont (NYSE:NEM) from a buy rating to a hold rating in a research note issued to investors on Saturday morning.

Other research analysts have also recently issued research reports about the company. TD Cowen reaffirmed a “buy” rating on shares of Newmont in a research note on Monday, April 27th. Royal Bank Of Canada decreased their price target on Newmont from $140.00 to $135.00 and set an “outperform” rating for the company in a research note on Thursday, July 9th. Argus boosted their price objective on Newmont from $94.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, April 23rd. Jefferies Financial Group cut their price objective on Newmont from $158.00 to $146.00 and set a “buy” rating on the stock in a research report on Monday, July 6th. Finally, Canaccord Genuity Group increased their target price on Newmont from $150.00 to $160.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $136.26.

Newmont Stock Performance

Shares of NYSE:NEM opened at $93.45 on Friday. The company has a market capitalization of $98.47 billion, a price-to-earnings ratio of 11.80, a PEG ratio of 1.11 and a beta of 0.46. Newmont has a 12 month low of $61.76 and a 12 month high of $134.88. The firm’s 50-day moving average is $99.61 and its 200 day moving average is $109.88. The company has a current ratio of 2.55, a quick ratio of 2.26 and a debt-to-equity ratio of 0.15.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Thursday, July 23rd. The basic materials company reported $2.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.05 by $0.05. The business had revenue of $6.12 billion during the quarter, compared to the consensus estimate of $6.35 billion. Newmont had a net margin of 33.36% and a return on equity of 29.10%. During the same quarter last year, the firm earned $1.43 earnings per share. Research analysts predict that Newmont will post 8.9 EPS for the current year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Thursday, September 3rd will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.1%. Newmont’s dividend payout ratio (DPR) is 13.13%.

Insider Activity at Newmont

In related news, EVP Peter Wexler sold 13,378 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $110.11, for a total value of $1,473,051.58. Following the completion of the sale, the executive vice president owned 67,865 shares in the company, valued at approximately $7,472,615.15. The trade was a 16.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Natascha Viljoen sold 3,882 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $105.32, for a total value of $408,852.24. Following the completion of the transaction, the chief executive officer directly owned 142,999 shares in the company, valued at approximately $15,060,654.68. This trade represents a 2.64% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 28,556 shares of company stock worth $3,058,146. Insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

Several hedge funds have recently made changes to their positions in the company. Accel Wealth Management raised its holdings in shares of Newmont by 0.8% in the second quarter. Accel Wealth Management now owns 14,744 shares of the basic materials company’s stock valued at $1,377,000 after acquiring an additional 115 shares in the last quarter. Tema ETFs LLC grew its holdings in Newmont by 10.1% during the 2nd quarter. Tema ETFs LLC now owns 19,015 shares of the basic materials company’s stock worth $1,776,000 after acquiring an additional 1,740 shares in the last quarter. E. Ohman J or Asset Management AB grew its holdings in Newmont by 4.5% during the 2nd quarter. E. Ohman J or Asset Management AB now owns 37,498 shares of the basic materials company’s stock worth $3,502,000 after acquiring an additional 1,600 shares in the last quarter. Fulcrum Equity Management increased its position in Newmont by 30.1% during the 2nd quarter. Fulcrum Equity Management now owns 2,599 shares of the basic materials company’s stock valued at $243,000 after purchasing an additional 601 shares during the period. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new position in Newmont during the 2nd quarter valued at about $381,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

Newmont Company Profile

Newmont Corporation (NYSE: NEM) is a leading global gold mining company engaged in the exploration, development, processing and reclamation of gold properties. The company’s core business centers on the production of gold, with additional byproduct metals produced from its operations. Newmont operates a portfolio of long‑lived mines and development projects, and its activities span the full mine life cycle from early-stage exploration through to mining, milling and closure.

Founded in 1921 and headquartered in Greenwood Village, Colorado, Newmont has grown through organic development and strategic acquisitions.