Newmont (NYSE:NEM) Stock Rating Lowered by National Bank Financial

Newmont (NYSE:NEM) was downgraded by National Bank Financial from an “outperform overweight” rating to a “sector perform overweight” rating in a note issued to investors on Tuesday, Zacks.com reports.

A number of other equities analysts also recently commented on the company. Scotiabank decreased their target price on Newmont from $50.00 to $43.50 and set a “sector perform” rating for the company in a report on Wednesday, February 28th. Citigroup decreased their target price on Newmont from $60.00 to $45.00 and set a “buy” rating for the company in a report on Thursday, April 4th. Argus downgraded Newmont from a “buy” rating to a “hold” rating in a report on Monday, February 26th. StockNews.com upgraded Newmont from a “sell” rating to a “hold” rating in a report on Friday, April 26th. Finally, Royal Bank of Canada decreased their price objective on Newmont from $45.00 to $40.00 and set a “sector perform” rating for the company in a report on Thursday, February 8th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Newmont currently has an average rating of “Moderate Buy” and a consensus price target of $51.75.

Newmont Stock Performance

NYSE:NEM opened at $40.58 on Tuesday. The firm has a market cap of $46.79 billion, a PE ratio of -15.20, a price-to-earnings-growth ratio of 1.04 and a beta of 0.48. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $50.18. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.90 and a current ratio of 2.15. The business has a 50 day moving average price of $36.00 and a 200-day moving average price of $36.99.

Newmont (NYSE:NEM) last announced its earnings results on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.20. The company had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.66 billion. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The firm’s revenue for the quarter was up 50.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.40 earnings per share. Equities research analysts predict that Newmont will post 2.16 earnings per share for the current year.

Hedge Funds Weigh In On Newmont

Several large investors have recently modified their holdings of the stock. Moloney Securities Asset Management LLC raised its position in shares of Newmont by 167.7% in the 1st quarter. Moloney Securities Asset Management LLC now owns 18,318 shares of the basic materials company’s stock worth $656,000 after purchasing an additional 11,476 shares during the last quarter. Hollencrest Capital Management increased its holdings in Newmont by 19.7% in the 1st quarter. Hollencrest Capital Management now owns 54,748 shares of the basic materials company’s stock worth $1,962,000 after buying an additional 9,000 shares in the last quarter. Hussman Strategic Advisors Inc. increased its holdings in Newmont by 12.5% in the 1st quarter. Hussman Strategic Advisors Inc. now owns 229,500 shares of the basic materials company’s stock worth $8,225,000 after buying an additional 25,500 shares in the last quarter. Schulhoff & Co. Inc. increased its holdings in Newmont by 20.3% in the 1st quarter. Schulhoff & Co. Inc. now owns 11,850 shares of the basic materials company’s stock worth $425,000 after buying an additional 2,000 shares in the last quarter. Finally, Pullen Investment Management LLC bought a new stake in Newmont in the 1st quarter worth about $1,463,000. Hedge funds and other institutional investors own 68.85% of the company’s stock.

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.