Newmont (NYSE:NEM) was downgraded by equities research analysts at Canaccord Genuity Group from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday. They presently have a $65.00 price objective on the basic materials company’s stock. Canaccord Genuity Group’s price target suggests a potential upside of 2.99% from the company’s current price.
NEM has been the topic of a number of other research reports. TD Securities dropped their price objective on shares of Newmont from $65.00 to $64.00 and set a “hold” rating on the stock in a report on Monday, December 6th. National Bank Financial raised their price objective on shares of Newmont from C$92.00 to C$98.00 in a research report on Friday, January 7th. Raymond James reduced their price objective on shares of Newmont from $70.00 to $68.00 and set an “outperform” rating for the company in a research report on Friday, December 3rd. Canaccord Genuity Group reiterated a “hold” rating and issued a $65.00 target price on shares of Newmont in a report on Wednesday. Finally, Barclays decreased their target price on shares of Newmont from $61.00 to $59.00 and set an “equal weight” rating for the company in a report on Wednesday, December 8th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $69.22.
Shares of NEM stock traded down $0.45 during trading hours on Wednesday, reaching $63.11. The stock had a trading volume of 364,734 shares, compared to its average volume of 7,102,274. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.67 and a quick ratio of 2.31. Newmont has a twelve month low of $52.60 and a twelve month high of $75.31. The firm has a 50-day simple moving average of $59.80 and a 200-day simple moving average of $58.03. The firm has a market capitalization of $50.33 billion, a PE ratio of 24.97 and a beta of 0.28.
In related news, CEO Thomas Ronald Palmer sold 7,000 shares of Newmont stock in a transaction that occurred on Tuesday, February 1st. The stock was sold at an average price of $62.00, for a total transaction of $434,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Blake Rhodes sold 500 shares of the business’s stock in a transaction on Wednesday, December 1st. The stock was sold at an average price of $55.23, for a total value of $27,615.00. The disclosure for this sale can be found here. Insiders sold 26,000 shares of company stock valued at $1,531,745 over the last quarter. Corporate insiders own 0.12% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. raised its stake in shares of Newmont by 0.4% during the 3rd quarter. BlackRock Inc. now owns 92,169,488 shares of the basic materials company’s stock valued at $5,004,805,000 after purchasing an additional 387,477 shares during the period. Van ECK Associates Corp grew its position in Newmont by 6.0% during the fourth quarter. Van ECK Associates Corp now owns 39,746,651 shares of the basic materials company’s stock worth $2,465,087,000 after buying an additional 2,256,671 shares in the last quarter. State Street Corp grew its position in Newmont by 7.7% during the second quarter. State Street Corp now owns 39,571,885 shares of the basic materials company’s stock worth $2,508,066,000 after buying an additional 2,814,637 shares in the last quarter. Flossbach Von Storch AG grew its position in Newmont by 0.9% during the fourth quarter. Flossbach Von Storch AG now owns 17,186,588 shares of the basic materials company’s stock worth $1,065,912,000 after buying an additional 147,793 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Newmont by 1.6% during the third quarter. Geode Capital Management LLC now owns 12,664,666 shares of the basic materials company’s stock worth $685,607,000 after buying an additional 196,777 shares in the last quarter. Hedge funds and other institutional investors own 76.46% 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.