Newmont Goldcorp (NYSE:NEM) Rating Lowered to Sell at ValuEngine

ValuEngine downgraded shares of Newmont Goldcorp (NYSE:NEM) from a hold rating to a sell rating in a research note published on Thursday morning, ValuEngine reports.

Other research analysts have also issued reports about the stock. Raymond James set a $48.00 price objective on shares of Newmont Goldcorp and gave the stock an outperform rating in a report on Wednesday, December 18th. BMO Capital Markets cut their price objective on shares of Newmont Goldcorp from $50.00 to $47.00 and set an outperform rating on the stock in a report on Tuesday, December 3rd. They noted that the move was a valuation call. Eight Capital assumed coverage on shares of Newmont Goldcorp in a report on Monday, December 16th. They set a hold rating on the stock. Royal Bank of Canada assumed coverage on shares of Newmont Goldcorp in a report on Wednesday, December 4th. They set a hold rating and a $45.00 price objective on the stock. Finally, B. Riley cut their price target on shares of Newmont Goldcorp from $48.00 to $47.00 and set a buy rating on the stock in a report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, six have given a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. The company has an average rating of Buy and an average price target of $44.58.

Shares of NEM stock traded up $0.06 during trading hours on Thursday, hitting $44.07. 6,226,607 shares of the company were exchanged, compared to its average volume of 6,648,600. The firm has a market cap of $36.25 billion, a PE ratio of 15.85 and a beta of 0.16. Newmont Goldcorp has a 1 year low of $29.77 and a 1 year high of $45.71. The company has a quick ratio of 1.76, a current ratio of 2.18 and a debt-to-equity ratio of 0.30. The firm has a fifty day moving average of $43.63 and a 200 day moving average of $40.06.

Newmont Goldcorp declared that its board has approved a stock buyback plan on Monday, December 2nd that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the basic materials company to buy up to 3.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

In other Newmont Goldcorp news, CAO John Kitlen sold 1,500 shares of the stock in a transaction that occurred on Monday, February 10th. The shares were sold at an average price of $44.24, for a total value of $66,360.00. Following the completion of the sale, the chief accounting officer now owns 36,673 shares of the company’s stock, valued at $1,622,413.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Nancy Buese sold 7,500 shares of the stock in a transaction that occurred on Wednesday, November 27th. The shares were sold at an average price of $37.83, for a total transaction of $283,725.00. Following the completion of the sale, the chief financial officer now directly owns 44,944 shares of the company’s stock, valued at approximately $1,700,231.52. The disclosure for this sale can be found here. Insiders sold 42,320 shares of company stock worth $1,780,262 in the last 90 days. 0.44% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of the business. First Republic Investment Management Inc. grew its position in Newmont Goldcorp by 10.0% in the fourth quarter. First Republic Investment Management Inc. now owns 20,651 shares of the basic materials company’s stock valued at $897,000 after acquiring an additional 1,875 shares in the last quarter. Euro Pacific Asset Management LLC acquired a new stake in Newmont Goldcorp in the fourth quarter valued at approximately $28,942,000. UBS Asset Management Americas Inc. grew its position in Newmont Goldcorp by 10.6% in the fourth quarter. UBS Asset Management Americas Inc. now owns 5,516,441 shares of the basic materials company’s stock valued at $239,689,000 after acquiring an additional 527,233 shares in the last quarter. Visionary Wealth Advisors acquired a new stake in Newmont Goldcorp in the fourth quarter valued at approximately $585,000. Finally, Guggenheim Capital LLC grew its position in Newmont Goldcorp by 14.9% in the fourth quarter. Guggenheim Capital LLC now owns 303,398 shares of the basic materials company’s stock valued at $13,182,000 after acquiring an additional 39,347 shares in the last quarter. 80.76% of the stock is owned by institutional investors.

About Newmont Goldcorp

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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Analyst Recommendations for Newmont Goldcorp (NYSE:NEM)

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