StockNews.com Upgrades Newmont (NYSE:NEM) to “Hold”

Newmont (NYSE:NEM) was upgraded by research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Friday.

Other equities research analysts have also issued reports about the stock. Jefferies Financial Group initiated coverage on shares of Newmont in a research report on Thursday, February 29th. They set a “buy” rating and a $38.00 target price for the company. Scotiabank dropped their target price on shares of Newmont from $50.00 to $43.50 and set a “sector perform” rating for the company in a research report on Wednesday, February 28th. Argus lowered shares of Newmont from a “buy” rating to a “hold” rating in a research report on Monday, February 26th. Citigroup decreased their price target on shares of Newmont from $60.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, April 4th. Finally, Royal Bank of Canada decreased their price target on shares of Newmont from $45.00 to $40.00 and set a “sector perform” rating on the stock in a research note on Thursday, February 8th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.75.

Newmont Price Performance

Shares of NEM stock traded down $0.68 during trading hours on Friday, reaching $42.73. The stock had a trading volume of 14,214,859 shares, compared to its average volume of 13,801,380. The stock’s fifty day simple moving average is $35.54 and its 200 day simple moving average is $36.95. The company has a current ratio of 1.25, a quick ratio of 0.98 and a debt-to-equity ratio of 0.25. Newmont has a 12 month low of $29.42 and a 12 month high of $50.18. The firm has a market capitalization of $49.26 billion, a PE ratio of -17.95, a PEG ratio of 1.07 and a beta of 0.50.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.20. Newmont had a negative net margin of 20.95% and a positive return on equity of 6.21%. The business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.66 billion. During the same period in the previous year, the business posted $0.40 earnings per share. Newmont’s revenue for the quarter was up 50.2% on a year-over-year basis. On average, equities research analysts predict that Newmont will post 1.99 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. TFC Financial Management Inc. increased its position in Newmont by 242.2% during the 3rd quarter. TFC Financial Management Inc. now owns 705 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 499 shares during the period. Mizuho Securities Co. Ltd. purchased a new position in Newmont during the 3rd quarter valued at $26,000. Life Planning Partners Inc purchased a new position in Newmont during the 4th quarter valued at $26,000. Manchester Capital Management LLC increased its position in Newmont by 171.9% during the 4th quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 397 shares during the period. Finally, OFI Invest Asset Management purchased a new position in Newmont during the 3rd quarter valued at $30,000. 68.85% of the stock is owned by hedge funds and other institutional investors.

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.