Newmont (NYSE:NEM) Now Covered by CLSA

Research analysts at CLSA initiated coverage on shares of Newmont (NYSE:NEM) in a report issued on Friday,Briefing.com Automated Import reports. The brokerage set an “underperform” rating on the basic materials company’s stock.

A number of other research analysts have also recently issued reports on NEM. Jefferies Financial Group boosted their price objective on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a report on Friday, October 4th. CIBC lowered shares of Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Raymond James reduced 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, Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective on the stock in a report on Thursday, August 29th. One equities research analyst has rated the stock with a sell rating, eight have given 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, the stock has a consensus rating of “Moderate Buy” and an average price target of $54.31.

Newmont Stock Performance

NEM stock opened at $42.04 on Friday. Newmont has a twelve month low of $29.42 and a twelve month high of $58.72. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The company has a market cap of $47.86 billion, a P/E ratio of -27.66, a price-to-earnings-growth ratio of 0.36 and a beta of 0.51. The business’s fifty day moving average is $49.35 and its 200-day moving average is $47.43.

Newmont (NYSE:NEM) last released 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). The company had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The company’s quarterly revenue was up 84.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.36 EPS. Equities research analysts forecast that Newmont will post 3.08 EPS for the current year.

Insider Transactions at Newmont

In other news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction 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. This represents a 3.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the completion of the transaction, the chief executive officer now directly owns 271,469 shares of the company’s stock, valued at $14,607,746.89. This represents a 6.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 46,000 shares of company stock worth $2,444,440 in the last three months. Insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

A number of institutional investors and hedge funds have recently modified their holdings of NEM. Waverton Investment Management Ltd raised its stake in Newmont by 14.0% in the third quarter. Waverton Investment Management Ltd now owns 531,041 shares of the basic materials company’s stock valued at $28,379,000 after buying an additional 65,075 shares during the period. Red Cedar Investment Management LLC bought a new stake in Newmont in the 3rd quarter valued at $1,263,000. Bridgewater Associates LP lifted its holdings in Newmont by 1,947.6% during the 3rd quarter. Bridgewater Associates LP now owns 711,591 shares of the basic materials company’s stock valued at $38,035,000 after purchasing an additional 676,838 shares during the last quarter. Herr Investment Group LLC bought a new position in Newmont during the second quarter worth $419,000. Finally, Truist Financial Corp increased its holdings in shares of Newmont by 8.1% in the second quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock valued at $6,295,000 after purchasing an additional 11,276 shares during the last quarter. 68.85% of the stock is owned by institutional investors.

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.