Newmont (NYSE:NEM) Downgraded to Neutral Rating by CIBC

CIBC cut shares of Newmont (NYSE:NEM) from a sector outperform rating to a neutral rating in a research report report published on Monday, MarketBeat Ratings reports.

Several other brokerages have also recently issued reports on NEM. Jefferies Financial Group boosted their price target on Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Argus raised 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. BMO Capital Markets raised their price target on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Cibc World Mkts raised shares of Newmont from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 10th. Finally, Scotiabank lowered shares of Newmont from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the company from $59.00 to $55.00 in a report on Friday, October 25th. Nine investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $53.85.

Newmont Stock Performance

Shares of NYSE NEM opened at $45.45 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The firm has a market cap of $51.74 billion, a price-to-earnings ratio of -29.90, a P/E/G ratio of 0.40 and a beta of 0.50. The stock’s fifty day moving average price is $53.04 and its two-hundred day moving average price is $47.05. Newmont has a one year low of $29.42 and a one year high of $58.72.

Newmont (NYSE:NEM) last released 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). The business had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The company’s revenue was up 84.7% on a year-over-year basis. During the same quarter last year, the company posted $0.36 earnings per share. On average, equities analysts forecast that Newmont will post 3.13 EPS for the current year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be given a $0.25 dividend. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 annualized dividend and a yield of 2.20%. Newmont’s dividend payout ratio is presently -65.79%.

Insider Transactions at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $1,049,400.00. Following the completion of the transaction, the chief executive officer now owns 291,469 shares in the company, valued at $15,293,378.43. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 value 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 $15,293,378.43. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now directly owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. This represents a 0.00 % 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 worth $2,444,440. Insiders own 0.06% of the company’s stock.

Institutional Trading of Newmont

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NEM. Confluence Investment Management LLC boosted its stake in shares of Newmont by 6.0% in the 3rd quarter. Confluence Investment Management LLC now owns 11,507 shares of the basic materials company’s stock valued at $615,000 after purchasing an additional 652 shares during the last quarter. Hara Capital LLC lifted its holdings in Newmont by 20.6% in the third quarter. Hara Capital LLC now owns 27,639 shares of the basic materials company’s stock valued at $1,477,000 after buying an additional 4,715 shares during the period. JB Capital LLC boosted its position in Newmont by 1.0% during the third quarter. JB Capital LLC now owns 75,026 shares of the basic materials company’s stock valued at $4,010,000 after acquiring an additional 713 shares during the last quarter. Jackson Square Capital LLC acquired a new stake in Newmont during the 3rd quarter worth about $230,000. Finally, Hanseatic Management Services Inc. bought a new position in shares of Newmont in the 3rd quarter worth about $868,000. Institutional investors and hedge funds 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.