CLSA Initiates Coverage on Newmont (NYSE:NEM)

Stock analysts at CLSA started coverage on shares of Newmont (NYSE:NEM) in a research note issued on Friday, Marketbeat reports. The brokerage set an “underperform” rating on the basic materials company’s stock.

Other equities research analysts also recently issued reports about the stock. Jefferies Financial Group raised their price objective on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Veritas upgraded Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Bernstein Bank increased their price objective on Newmont from $55.00 to $58.00 in a research report on Monday, November 11th. CIBC downgraded Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Finally, Scotiabank downgraded shares of Newmont from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the company from $59.00 to $55.00 in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.31.

Newmont Stock Performance

Shares of NYSE NEM opened at $41.94 on Friday. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $47.75 billion, a P/E ratio of -27.59, a P/E/G ratio of 0.36 and a beta of 0.51. Newmont has a 12 month low of $29.42 and a 12 month high of $58.72. The stock has a 50 day moving average of $49.09 and a 200-day moving average of $47.46.

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

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $161,430.00. Following the sale, the executive vice president now directly owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. The trade was a 3.17 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the completion of the transaction, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at approximately $15,293,378.43. The trade was a 6.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 46,000 shares of company stock valued at $2,444,440 over the last three months. 0.06% of the stock is owned by insiders.

Institutional Trading of Newmont

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Waverton Investment Management Ltd increased its stake in shares of 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 during the 3rd quarter worth approximately $1,263,000. Bridgewater Associates LP grew 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 worth $38,035,000 after acquiring an additional 676,838 shares during the last quarter. Herr Investment Group LLC acquired a new position in Newmont in the 2nd quarter valued at approximately $419,000. Finally, Truist Financial Corp raised its stake in shares of Newmont by 8.1% during the second quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock valued at $6,295,000 after acquiring an additional 11,276 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

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.