Newmont (NYSE:NEM) Upgraded at JPMorgan Chase & Co.

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

Other analysts also recently issued research reports about the stock. UBS Group downgraded shares of Newmont from a “buy” rating to a “neutral” rating and reduced their price target for the company from $67.00 to $54.00 in a report on Wednesday, October 30th. Jefferies Financial Group raised their target price on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Veritas raised shares of Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Scotiabank lowered shares of Newmont from a “sector outperform” rating to a “sector perform” rating and cut their target price for the company from $59.00 to $55.00 in a research note on Friday, October 25th. Finally, Cibc World Mkts downgraded shares of Newmont from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. Eight analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $54.85.

Newmont Trading Up 0.1 %

NYSE NEM opened at $43.37 on Tuesday. The firm’s fifty day moving average is $50.23 and its two-hundred day moving average is $47.42. Newmont has a one year low of $29.42 and a one year high of $58.72. The firm has a market cap of $49.37 billion, a PE ratio of -28.53, a P/E/G ratio of 0.36 and a beta of 0.51. 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 (NYSE:NEM) last released its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.05). The business had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The business’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.36 EPS. Analysts expect that Newmont will post 3.12 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s payout ratio is -65.79%.

Insider Buying and Selling

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the completion of the sale, the chief executive officer now directly owns 291,469 shares in the company, valued at approximately $15,293,378.43. This trade represents a 6.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $161,430.00. Following the transaction, the executive vice president now directly owns 91,596 shares in the company, valued at approximately $4,928,780.76. The trade was a 3.17 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,000 shares of company stock valued at $2,444,440. 0.06% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Newmont

A number of hedge funds have recently bought and sold shares of NEM. Waverton Investment Management Ltd lifted its stake in shares of Newmont by 14.0% in the third quarter. Waverton Investment Management Ltd now owns 531,041 shares of the basic materials company’s stock valued at $28,379,000 after buying an additional 65,075 shares during the period. Red Cedar Investment Management LLC acquired a new stake in Newmont in the third quarter worth about $1,263,000. Bessemer Group Inc. boosted its stake in Newmont by 7.5% in the first quarter. Bessemer Group Inc. now owns 7,539 shares of the basic materials company’s stock valued at $271,000 after acquiring an additional 529 shares during the last quarter. Herr Investment Group LLC bought a new stake in shares of Newmont in the 2nd quarter valued at about $419,000. Finally, Truist Financial Corp boosted its position in shares of Newmont by 8.1% during the second quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock worth $6,295,000 after purchasing an additional 11,276 shares in the last quarter. 68.85% of the stock is currently owned by 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.