Newmont Goldcorp (NYSE:NEM) was downgraded by research analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday, ValuEngine reports.
Other analysts have also recently issued reports about the stock. Deutsche Bank upped their price target on shares of Newmont Goldcorp from $45.00 to $46.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. National Bank Financial reaffirmed an “outperform market weight” rating on shares of Newmont Goldcorp in a report on Wednesday, October 23rd. UBS Group started coverage on shares of Newmont Goldcorp in a report on Thursday, February 6th. They issued a “neutral” rating and a $46.00 price target on the stock. TheStreet raised shares of Newmont Goldcorp from a “c+” rating to a “b” rating in a report on Tuesday, November 5th. Finally, Eight Capital started coverage on shares of Newmont Goldcorp in a report on Monday, December 16th. They issued a “hold” rating on the stock. One analyst has rated the stock with a sell rating, six have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Newmont Goldcorp presently has a consensus rating of “Buy” and an average target price of $44.58.
NYSE NEM opened at $44.07 on Thursday. The company’s fifty day simple moving average is $43.63 and its 200-day simple moving average is $40.06. Newmont Goldcorp has a 52 week low of $29.77 and a 52 week high of $45.71. The company has a current ratio of 2.18, a quick ratio of 1.76 and a debt-to-equity ratio of 0.30. The stock has a market cap of $36.13 billion, a P/E ratio of 15.85 and a beta of 0.16.
Newmont Goldcorp announced that its board has authorized a stock repurchase plan on Monday, December 2nd that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the basic materials company to reacquire up to 3.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
In other Newmont Goldcorp news, CAO John Kitlen sold 1,500 shares of the business’s stock in a transaction on Monday, February 10th. The shares were sold at an average price of $44.24, for a total transaction of $66,360.00. Following the completion of the sale, the chief accounting officer now owns 36,673 shares in the company, valued at $1,622,413.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 4,000 shares of the business’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $38.30, for a total transaction of $153,200.00. Following the sale, the chief executive officer now owns 242,073 shares of the company’s stock, valued at approximately $9,271,395.90. The disclosure for this sale can be found here. In the last quarter, insiders have sold 42,320 shares of company stock valued at $1,780,262. 0.44% of the stock is owned by insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. lifted its position in Newmont Goldcorp by 27.8% during the second quarter. BlackRock Inc. now owns 109,649,438 shares of the basic materials company’s stock valued at $4,218,213,000 after purchasing an additional 23,820,369 shares during the period. Reilly Financial Advisors LLC acquired a new position in Newmont Goldcorp during the third quarter valued at $26,000. DNB Asset Management AS lifted its position in Newmont Goldcorp by 19.8% during the third quarter. DNB Asset Management AS now owns 155,990 shares of the basic materials company’s stock valued at $5,915,000 after purchasing an additional 25,795 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Newmont Goldcorp by 10.5% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 69,985 shares of the basic materials company’s stock valued at $2,653,000 after purchasing an additional 6,662 shares during the period. Finally, Signaturefd LLC lifted its position in Newmont Goldcorp by 22.4% during the third quarter. Signaturefd LLC now owns 3,440 shares of the basic materials company’s stock valued at $130,000 after purchasing an additional 630 shares during the period. Hedge funds and other institutional investors own 80.76% of the company’s stock.
Newmont Goldcorp Company Profile
Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of December 31, 2018, the company had proven and probable gold reserves of 65.4 million ounces and an aggregate land position of approximately 24,000 square miles.
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