Newmont (NYSE:NEM) Cut to Sector Perform Overweight at National Bank Financial

Newmont (NYSE:NEM - Get Free Report) was downgraded by analysts at National Bank Financial from an "outperform overweight" rating to a "sector perform overweight" rating in a report issued on Tuesday, Zacks.com reports.

Several other equities research analysts have also issued reports on the stock. Royal Bank of Canada lowered their target price on shares of Newmont from $45.00 to $40.00 and set a "sector perform" rating for the company in a report on Thursday, February 8th. Argus downgraded shares of Newmont from a "buy" rating to a "hold" rating in a research note on Monday, February 26th. Jefferies Financial Group started coverage on Newmont in a research note on Thursday, February 29th. They set a "buy" rating and a $38.00 target price on the stock. TD Securities raised their price target on Newmont from $43.00 to $48.00 and gave the stock a "hold" rating in a research note on Friday, April 26th. Finally, BMO Capital Markets cut their price objective on Newmont from $57.00 to $56.00 and set an "outperform" rating on the stock in a research report on Thursday, February 15th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $51.61.

Newmont Price Performance

NEM traded up $0.47 during trading hours on Tuesday, hitting $41.05. The company's stock had a trading volume of 8,104,670 shares, compared to its average volume of 13,703,046. The stock has a market cap of $47.34 billion, a price-to-earnings ratio of -15.37, a P/E/G ratio of 1.04 and a beta of 0.48. The business's 50-day moving average price is $36.21 and its 200-day moving average price is $37.01. The company has a current ratio of 2.15, a quick ratio of 1.90 and a debt-to-equity ratio of 0.32. Newmont has a 12 month low of $29.42 and a 12 month high of $50.18.

Newmont (NYSE:NEM - Get Free Report) last posted its earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share for the quarter, topping analysts' consensus estimates of $0.35 by $0.20. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.66 billion. During the same period in the previous year, the firm posted $0.40 EPS. The business's quarterly revenue was up 50.2% on a year-over-year basis. Sell-side analysts expect that Newmont will post 2.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Newmont

Several institutional investors and hedge funds have recently made changes to their positions in NEM. Mizuho Securities Co. Ltd. purchased a new stake in Newmont in the third quarter valued at approximately $26,000. Life Planning Partners Inc acquired a new position in shares of Newmont in the 4th quarter valued at about $26,000. Manchester Capital Management LLC boosted its stake in shares of Newmont by 171.9% in the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company's stock worth $26,000 after buying an additional 397 shares during the last quarter. OFI Invest Asset Management acquired a new position in Newmont in the third quarter valued at approximately $30,000. Finally, CVA Family Office LLC purchased a new stake in Newmont in the 4th quarter worth approximately $34,000. 68.85% of the stock is currently owned by institutional investors and hedge funds.

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.