Newmont (NYSE:NEM) Stock Rating Upgraded by JPMorgan Chase & Co.

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

Several other research firms have also weighed in on NEM. Scotiabank lowered 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 report on Friday, October 25th. Veritas upgraded Newmont to a “strong-buy” rating in a report on Monday, September 30th. Cibc World Mkts lowered Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a report on Thursday, August 29th. Finally, Royal Bank of Canada cut their target price on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a report on Thursday, October 24th. Eight investment analysts have rated the stock with a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $54.85.

Newmont Price Performance

Shares of NYSE:NEM opened at $43.24 on Tuesday. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. Newmont has a 1 year low of $29.42 and a 1 year high of $58.72. The business has a fifty day simple moving average of $50.43 and a 200 day simple moving average of $47.41. The firm has a market cap of $49.23 billion, a price-to-earnings ratio of -28.45, a P/E/G ratio of 0.36 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 (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 firm 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 business posted $0.36 earnings per share. Newmont’s revenue was up 84.7% on a year-over-year basis. As a group, sell-side analysts predict that Newmont will post 3.12 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be given 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 dividend payout ratio (DPR) is presently -65.79%.

Insider Buying and Selling

In other Newmont news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred 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 approximately $4,928,780.76. The trade was a 3.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction that occurred 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. The trade was a 6.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 46,000 shares of company stock valued at $2,444,440 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 have recently added to or reduced their stakes in the stock. Blair William & Co. IL raised its stake in shares of Newmont by 4.4% in the first quarter. Blair William & Co. IL now owns 31,636 shares of the basic materials company’s stock valued at $1,134,000 after acquiring an additional 1,339 shares during the last quarter. Osaic Holdings Inc. raised its stake in shares of Newmont by 86.6% in the first quarter. Osaic Holdings Inc. now owns 275,145 shares of the basic materials company’s stock valued at $9,864,000 after acquiring an additional 127,684 shares during the last quarter. Edgestream Partners L.P. bought a new position in shares of Newmont in the first quarter valued at approximately $1,427,000. O Shaughnessy Asset Management LLC raised its stake in shares of Newmont by 28.1% in the first quarter. O Shaughnessy Asset Management LLC now owns 37,489 shares of the basic materials company’s stock valued at $1,344,000 after acquiring an additional 8,224 shares during the last quarter. Finally, Clearbridge Investments LLC raised its stake in shares of Newmont by 4.9% in the first quarter. Clearbridge Investments LLC now owns 33,494 shares of the basic materials company’s stock valued at $1,200,000 after acquiring an additional 1,575 shares during the last quarter. 68.85% of the stock is owned by institutional investors and hedge funds.

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.