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.

Several other analysts have also weighed in on the company. Jefferies Financial Group boosted their price objective on Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a report on Friday, October 4th. Bernstein Bank upped their target price on Newmont from $55.00 to $58.00 in a report on Monday, November 11th. CIBC lowered Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Scotiabank lowered Newmont from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the company from $59.00 to $55.00 in a report on Friday, October 25th. Finally, Argus raised Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a report on Thursday, August 29th. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $54.85.

Newmont Stock Up 0.6 %

Shares of NYSE NEM opened at $43.24 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. The firm has a market cap of $49.23 billion, a price-to-earnings ratio of -28.45, a PEG ratio of 0.36 and a beta of 0.51. Newmont has a 1 year low of $29.42 and a 1 year high of $58.72. The stock’s 50-day simple moving average is $50.43 and its 200-day simple moving average is $47.41.

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 firm 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 firm’s quarterly revenue was up 84.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.36 earnings per share. As a group, equities analysts anticipate that Newmont will post 3.12 earnings per share for the current fiscal year.

Newmont Dividend Announcement

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 dividend on an annualized basis and a yield of 2.31%. Newmont’s dividend payout ratio (DPR) is -65.79%.

Insiders Place Their Bets

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’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 $1,076,200.00. Following the transaction, the chief executive officer now owns 271,469 shares of the company’s stock, valued at approximately $14,607,746.89. This represents a 6.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $161,430.00. Following the completion of the transaction, the executive vice president now directly owns 91,596 shares in the company, valued at $4,928,780.76. This represents a 3.17 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,000 shares of company stock worth $2,444,440 over the last ninety days. Company insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Maj Invest Holding A S boosted its position in shares of Newmont by 296.0% in the second quarter. Maj Invest Holding A S now owns 3,427,313 shares of the basic materials company’s stock worth $143,502,000 after buying an additional 2,561,823 shares during the period. Zurich Insurance Group Ltd FI acquired a new stake in shares of Newmont in the third quarter worth $98,011,000. Capital International Investors acquired a new stake in shares of Newmont in the first quarter worth $49,444,000. Van ECK Associates Corp boosted its position in shares of Newmont by 2.6% in 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 buying an additional 1,289,084 shares during the period. Finally, FMR LLC boosted its position in shares of Newmont by 21.1% in the third quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock worth $376,953,000 after buying an additional 1,226,697 shares during the period. Institutional investors own 68.85% of the company’s stock.

About Newmont

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.