CIBC Downgrades Newmont (NYSE:NEM) to Neutral

Newmont (NYSE:NEM) was downgraded by CIBC from a “sector outperform” rating to a “neutral” rating in a research report issued to clients and investors on Monday, MarketBeat Ratings reports.

Several other research firms have also commented on NEM. JPMorgan Chase & Co. lowered Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Scotiabank downgraded Newmont from a “sector outperform” rating to a “sector perform” rating and dropped their target price for the company from $59.00 to $55.00 in a research report on Friday, October 25th. Royal Bank of Canada dropped their target price on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research report on Thursday, October 24th. Finally, Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research report on Thursday, August 29th. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $54.85.

Newmont Stock Down 1.2 %

NYSE NEM opened at $47.80 on Monday. Newmont has a 52 week low of $29.42 and a 52 week high of $58.72. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. The business’s fifty day simple moving average is $53.26 and its 200-day simple moving average is $47.06. The firm has a market cap of $54.42 billion, a PE ratio of -31.45, a P/E/G ratio of 0.40 and a beta of 0.50.

Newmont (NYSE:NEM) last posted its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The company had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. During the same quarter in the prior year, the firm earned $0.36 EPS. The firm’s revenue was up 84.7% on a year-over-year basis. As a group, equities analysts anticipate that Newmont will post 3.13 earnings per share for the current year.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the sale, the chief executive officer now owns 311,469 shares in the company, valued at approximately $15,420,830.19. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Newmont news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $161,430.00. Following the completion of the sale, the executive vice president now owns 91,596 shares in the company, valued at approximately $4,928,780.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the sale, the chief executive officer now owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,000 shares of company stock valued at $3,434,640 over the last three months. 0.06% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Newmont

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NEM. Vanguard Group Inc. raised its stake in shares of Newmont by 13.6% during the first quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock worth $4,836,262,000 after purchasing an additional 16,190,422 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Newmont by 2.6% during the second quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock worth $2,131,939,000 after purchasing an additional 1,289,084 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Newmont by 1.4% during the second quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company’s stock worth $337,909,000 after purchasing an additional 109,084 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Newmont by 8.6% during the second quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock worth $289,445,000 after purchasing an additional 545,903 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Newmont by 6.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,907,101 shares of the basic materials company’s stock worth $175,872,000 after purchasing an additional 313,736 shares during the last quarter. Hedge funds and other institutional investors own 68.85% of the company’s stock.

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.