Newmont (NYSE:NEM) Upgraded by JPMorgan Chase & Co. to “Overweight” Rating

JPMorgan Chase & Co. upgraded shares of Newmont (NYSE:NEM) from a neutral rating to an overweight rating in a research report released on Tuesday morning, Marketbeat.com reports.

A number of other equities analysts also recently commented on NEM. Cibc World Mkts downgraded Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. BMO Capital Markets upped their target price on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Bernstein Bank upped their target price on Newmont from $55.00 to $58.00 in a report on Monday, November 11th. Royal Bank of Canada decreased their target price on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a report on Thursday, October 24th. Finally, Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a report on Thursday, August 29th. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $54.14.

Newmont Stock Performance

Shares of NEM stock opened at $43.16 on Tuesday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $58.72. The stock has a 50 day moving average price of $50.78 and a two-hundred day moving average price of $47.47. The company has a market capitalization of $49.14 billion, a P/E ratio of -28.39, a PEG ratio of 0.34 and a beta of 0.51.

Newmont (NYSE:NEM) last announced its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05). The company had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The business’s revenue for the quarter was up 84.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.36 EPS. Analysts expect that Newmont will post 3.15 earnings per share for the current year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.32%. Newmont’s dividend payout ratio is currently -65.79%.

Insider Transactions at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $161,430.00. Following the sale, the executive vice president now directly owns 91,596 shares of the company’s stock, valued at $4,928,780.76. This trade represents a 3.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $1,076,200.00. Following the sale, the chief executive officer now directly owns 271,469 shares in the company, valued at $14,607,746.89. This trade represents a 6.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,000 shares of company stock valued at $2,444,440. Insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

Several institutional investors have recently modified their holdings of NEM. LRI Investments LLC purchased a new stake in shares of Newmont during the first quarter valued at $25,000. Strategic Financial Concepts LLC bought a new position in Newmont in the second quarter valued at about $25,000. Meeder Asset Management Inc. bought a new position in Newmont in the second quarter valued at about $27,000. Hoese & Co LLP bought a new position in Newmont in the third quarter valued at about $27,000. Finally, Avior Wealth Management LLC lifted its holdings in Newmont by 191.8% in the third quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 326 shares during the period. 68.85% of the stock is owned by hedge funds and other institutional investors.

Newmont Company Profile

Newmont Corporation engages in the production and exploration of gold. It also explores for copper, silver, zinc, and lead. The company has operations and/or assets in the United States, Canada, Mexico, Dominican Republic, Peru, Suriname, Argentina, Chile, Australia, Papua New Guinea, Ecuador, Fiji, and Ghana.