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

Wall Street Zen lowered shares of Newmont (NYSE:NEM) from a buy rating to a hold rating in a research report report published on Thursday morning.

Several other brokerages also recently weighed in on NEM. National Bankshares reissued a “sector perform” rating on shares of Newmont in a research note on Wednesday, April 23rd. Argus set a $63.00 price objective on shares of Newmont in a research report on Friday, April 25th. Royal Bank of Canada upped their price objective on shares of Newmont from $51.00 to $52.00 and gave the company a “sector perform” rating in a research note on Friday, April 4th. UBS Group raised shares of Newmont from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $50.00 to $60.00 in a research note on Friday, April 11th. Finally, Scotiabank reissued a “sector perform” rating on shares of Newmont in a research note on Monday, April 14th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, eight have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $56.52.

Newmont Price Performance

Shares of NYSE:NEM opened at $52.66 on Thursday. The business’s 50 day simple moving average is $50.84 and its 200-day simple moving average is $45.15. The firm has a market capitalization of $58.61 billion, a price-to-earnings ratio of 17.97, a price-to-earnings-growth ratio of 0.41 and a beta of 0.31. Newmont has a 12 month low of $36.86 and a 12 month high of $58.72. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73.

Newmont (NYSE:NEM) last announced its earnings results on Wednesday, April 23rd. The basic materials company reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $0.71 by $0.54. Newmont had a return on equity of 13.52% and a net margin of 17.92%. The firm had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.82 billion. During the same quarter in the prior year, the firm earned $0.55 EPS. As a group, equities analysts forecast that Newmont will post 3.45 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Tuesday, May 27th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend is Tuesday, May 27th. Newmont’s dividend payout ratio (DPR) is presently 22.42%.

Insiders Place Their Bets

In other news, Director Bruce R. Brook sold 2,077 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $43.71, for a total transaction of $90,785.67. Following the completion of the sale, the director now owns 47,916 shares in the company, valued at approximately $2,094,408.36. The trade was a 4.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peter Toth sold 3,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $43.71, for a total transaction of $131,130.00. Following the sale, the executive vice president now directly owns 86,526 shares of the company’s stock, valued at approximately $3,782,051.46. This trade represents a 3.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,154 shares of company stock worth $328,840 over the last three months. 0.05% of the stock is owned by insiders.

Hedge Funds Weigh In On Newmont

Hedge funds and other institutional investors have recently made changes to their positions in the business. Merit Financial Group LLC acquired a new position in shares of Newmont during the fourth quarter worth about $304,000. HB Wealth Management LLC lifted its position in Newmont by 4.9% during the 4th quarter. HB Wealth Management LLC now owns 14,471 shares of the basic materials company’s stock worth $539,000 after acquiring an additional 673 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in Newmont by 0.4% in the 4th quarter. Nisa Investment Advisors LLC now owns 119,987 shares of the basic materials company’s stock worth $4,466,000 after acquiring an additional 520 shares during the period. Avior Wealth Management LLC boosted its holdings in Newmont by 288.1% in the 4th quarter. Avior Wealth Management LLC now owns 1,925 shares of the basic materials company’s stock worth $72,000 after acquiring an additional 1,429 shares during the period. Finally, Donoghue Forlines LLC acquired a new stake in Newmont in the fourth quarter valued at approximately $1,397,000. Institutional investors and hedge funds 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.