Newmont Mining (NYSE:NEM) Receives a Downgrade
Citigroup has given Newmont Mining (NYSE:NEM) shares a new “Neutral” rating in a note revealed on Tuesday morning. This was a downgrade from the old “Buy” rating.
From a total of 19 analysts covering Newmont Mining Corporation (NYSE:NEM) stock, 9 rate it a ”Buy”, 1 a “Sell”, and 12 a ”Hold”. This means that 41% of the ratings are positive. The highest target price is $35 while the lowest target price is $18. The mean of all analyst targets is $23.35 with a 25.49% above today’s ($18.01) stock price. Newmont Mining Corporation was the topic of 20 analyst reports since July 24, 2015 according to the firm StockzIntelligence Inc. RBC Capital Markets maintained shares on November 6 with “Outperform” rating. Scotia Capital upgraded shares to “Outperform” rating and $24.50 target share price in a report from a September 1. Mackie upgraded NEM stock in a recent report from October 29 to “Buy” rating. Deutsche Bank upgraded the rating on August 13. Deutsche Bank has a “Buy” rating and a $27 price target on shares. Finally, UBS maintained the stock with “Neutral” rating in a report issued on a September 30.
Approximately 1.71M shares of stock traded hands. Newmont Mining Corp (NYSE:NEM) has declined 30.13% since April 28, 2015 and is downtrending. It has underperformed by 28.51% the S&P500.
Newmont Mining Corporation is a global mining company, which is focused on the production of and exploration for gold and copper. The company has a market cap of $9.00 billion. The Firm is primarily a gold producer with activities and/or assets in the United States, Australia, Peru, Indonesia, Ghana, New Zealand and Suriname. It has 19.29 P/E ratio. The Company’s business divisions include North America, South America, Asia Pacific and Africa.
According to Zacks Investment Research, “Newmont Mining Corp. is engaged in the production of gold, the exploration for gold and the acquisition and development of gold properties worldwide. The company produces gold from mines in Nevada and California, and, outside of the United States, from operations in Peru, Indonesia, Mexico and Uzbekistan.” Get a free copy of the Zacks research report on Newmont Mining Corp (NEM)