Newmont (NYSE:NEM) Rating Lowered to Hold (C+) at Weiss Ratings

Key Points

• Newmont Corporation has been downgraded from a "buy (b-)" rating to a "hold (c+)" rating by Weiss Ratings, reflecting a shift in analyst sentiment towards the company.
• Despite the downgrade, several firms have increased their target prices for Newmont, with BNP Paribas Exane setting a new target of $92.00, indicating some continued optimism about the stock.
• Newmont's shares have experienced a 3.0% decline during trading, reaching $85.74, while institutional investors have shown a significant increase in their positions in the company.

Newmont (NYSE:NEM - Get Free Report) was downgraded by analysts at Weiss Ratings from a "buy (b-)" rating to a "hold (c+)" rating in a research note issued to investors on Wednesday,Weiss Ratings reports.

Several other research firms have also recently commented on NEM. BNP Paribas Exane raised their target price on shares of Newmont from $66.00 to $92.00 and gave the stock an "outperform" rating in a research note on Monday, September 15th. Raymond James Financial raised their target price on shares of Newmont from $77.00 to $84.00 and gave the company an "outperform" rating in a report on Tuesday, September 23rd. Scotiabank raised their target price on shares of Newmont from $69.00 to $72.00 and gave the company a "sector perform" rating in a report on Monday, July 28th. Royal Bank Of Canada upgraded shares of Newmont from a "sector perform" rating to an "outperform" rating and raised their target price for the company from $66.00 to $95.00 in a report on Wednesday, September 10th. Finally, Stifel Nicolaus initiated coverage on shares of Newmont in a report on Wednesday, July 9th. They set a "buy" rating and a $73.00 target price for the company. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $77.56.

Newmont Stock Down 3.0%

Shares of NYSE NEM traded down $2.66 during mid-day trading on Wednesday, reaching $85.74. The company had a trading volume of 1,641,716 shares, compared to its average volume of 11,688,901. The company has a current ratio of 2.23, a quick ratio of 1.91 and a debt-to-equity ratio of 0.23. The firm has a 50 day simple moving average of $75.86 and a two-hundred day simple moving average of $61.92. The stock has a market cap of $94.18 billion, a P/E ratio of 15.58, a PEG ratio of 0.97 and a beta of 0.34. Newmont has a 52-week low of $36.86 and a 52-week high of $89.37.

Newmont (NYSE:NEM - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The basic materials company reported $1.43 earnings per share for the quarter, topping analysts' consensus estimates of $0.95 by $0.48. The firm had revenue of $5.32 billion during the quarter, compared to analysts' expectations of $4.70 billion. Newmont had a net margin of 30.50% and a return on equity of 17.86%. Newmont's quarterly revenue was up 20.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.72 EPS. Sell-side analysts predict that Newmont will post 3.45 earnings per share for the current year.

Insider Activity at Newmont

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $63.66, for a total transaction of $190,980.00. Following the transaction, the executive vice president directly owned 58,736 shares of the company's stock, valued at $3,739,133.76. The trade was a 4.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Bruce R. Brook sold 2,080 shares of Newmont stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $84.99, for a total transaction of $176,779.20. Following the transaction, the director directly owned 36,869 shares in the company, valued at approximately $3,133,496.31. This trade represents a 5.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 16,249 shares of company stock worth $1,132,065. 0.05% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Concord Wealth Partners lifted its position in shares of Newmont by 534.7% during the second quarter. Concord Wealth Partners now owns 457 shares of the basic materials company's stock worth $27,000 after purchasing an additional 385 shares in the last quarter. Evermay Wealth Management LLC lifted its position in shares of Newmont by 408.2% during the second quarter. Evermay Wealth Management LLC now owns 498 shares of the basic materials company's stock worth $29,000 after purchasing an additional 400 shares in the last quarter. Capital A Wealth Management LLC lifted its position in shares of Newmont by 1,648.3% during the second quarter. Capital A Wealth Management LLC now owns 507 shares of the basic materials company's stock worth $30,000 after purchasing an additional 478 shares in the last quarter. Caldwell Trust Co bought a new stake in shares of Newmont in the second quarter worth $31,000. Finally, CoreFirst Bank & Trust bought a new stake in shares of Newmont in the second quarter worth $32,000. 68.85% of the stock is owned by institutional investors and hedge funds.

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.

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