Newmont (NYSE:NEM) Earns Sector Weight Rating from Analysts at KeyCorp

Investment analysts at KeyCorp started coverage on shares of Newmont (NYSE:NEM) in a report issued on Friday, Price Targets.com reports. The brokerage set a “sector weight” rating on the basic materials company’s stock.

Several other research analysts have also recently weighed in on the company. TD Securities cut Newmont from a “buy” rating to a “hold” rating and lowered their target price for the stock from $74.00 to $70.00 in a report on Friday, July 23rd. Raymond James set a $82.00 target price on Newmont and gave the stock an “outperform” rating in a report on Friday, July 23rd. Zacks Investment Research lowered shares of Newmont from a “hold” rating to a “sell” rating and set a $63.00 price target on the stock. in a research report on Tuesday, July 27th. UBS Group set a $64.00 price target on shares of Newmont and gave the company a “neutral” rating in a research report on Friday, July 23rd. Finally, National Bank Financial reduced their price target on shares of Newmont from C$108.00 to C$105.00 and set an “outperform” rating on the stock in a research report on Friday, July 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Newmont presently has an average rating of “Hold” and an average price target of $72.63.

NEM stock opened at $53.87 on Friday. The company has a current ratio of 2.67, a quick ratio of 2.33 and a debt-to-equity ratio of 0.23. Newmont has a 12-month low of $53.52 and a 12-month high of $75.31. The stock has a market cap of $43.05 billion, a price-to-earnings ratio of 15.09 and a beta of 0.23. The business’s 50-day moving average is $58.43 and its 200 day moving average is $63.00.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, July 22nd. The basic materials company reported $0.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.76 by $0.07. The business had revenue of $3.07 billion for the quarter, compared to analysts’ expectations of $3.11 billion. Newmont had a return on equity of 11.78% and a net margin of 23.00%. The business’s revenue for the quarter was up 29.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.32 EPS. As a group, equities analysts forecast that Newmont will post 3.55 EPS for the current fiscal year.

In other Newmont news, EVP Dean Gehring sold 2,991 shares of the business’s stock in a transaction on Friday, September 3rd. The shares were sold at an average price of $60.00, for a total value of $179,460.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas Ronald Palmer sold 7,000 shares of the business’s stock in a transaction on Thursday, July 1st. The stock was sold at an average price of $64.00, for a total transaction of $448,000.00. Following the transaction, the chief executive officer now owns 264,525 shares of the company’s stock, valued at approximately $16,929,600. The disclosure for this sale can be found here. In the last three months, insiders sold 25,588 shares of company stock worth $1,610,567. 0.12% of the stock is owned by corporate insiders.

Hedge funds have recently modified their holdings of the stock. Van ECK Associates Corp grew its stake in shares of Newmont by 0.6% during the second quarter. Van ECK Associates Corp now owns 39,930,538 shares of the basic materials company’s stock worth $2,530,797,000 after purchasing an additional 253,225 shares in the last quarter. US Bancorp DE boosted its stake in Newmont by 18.9% in the second quarter. US Bancorp DE now owns 102,050 shares of the basic materials company’s stock valued at $6,469,000 after acquiring an additional 16,255 shares in the last quarter. Edmond DE Rothschild Holding S.A. boosted its stake in Newmont by 5.8% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 148,958 shares of the basic materials company’s stock valued at $8,977,000 after acquiring an additional 8,130 shares in the last quarter. Legacy Capital Partners Inc. boosted its stake in Newmont by 20.1% in the second quarter. Legacy Capital Partners Inc. now owns 23,782 shares of the basic materials company’s stock valued at $1,507,000 after acquiring an additional 3,986 shares in the last quarter. Finally, Cullen Capital Management LLC boosted its stake in Newmont by 311.6% in the first quarter. Cullen Capital Management LLC now owns 48,451 shares of the basic materials company’s stock valued at $2,920,000 after acquiring an additional 36,681 shares in the last quarter. Hedge funds and other institutional investors own 77.76% of the company’s stock.

About Newmont

Newmont Corp. is a gold producer, which engages in the production of gold. It operates through the following geographical segments: North America, South America, Nevada, Australia, and Africa. The North America segment consists primarily of carlin, phoenix, twin creeks and long canyon in the state of Nevada and Cripple Creek and Victor in the state of Colorado, in the United States.

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Analyst Recommendations for Newmont (NYSE:NEM)

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