Newmont (NYSE:NEM) Downgraded to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Newmont (NYSE:NEM) from an overweight rating to a neutral rating in a research report report published on Monday morning, MarketBeat.com reports.

Several other brokerages also recently weighed in on NEM. Scotiabank increased their target price on Newmont from $46.50 to $48.00 and gave the company a sector perform rating in a research note on Thursday, May 23rd. Citigroup decreased their target price on Newmont from $60.00 to $45.00 and set a buy rating for the company in a research note on Thursday, April 4th. BMO Capital Markets decreased their target price on Newmont from $54.00 to $53.00 and set an outperform rating for the company in a research note on Tuesday, May 21st. StockNews.com upgraded Newmont from a sell rating to a hold rating in a research note on Friday, April 26th. Finally, Sanford C. Bernstein decreased their target price on Newmont from $46.00 to $45.00 and set a market perform rating for the company in a research note on Thursday, May 16th. Seven research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $49.07.

Newmont Stock Performance

Shares of NEM stock opened at $47.17 on Monday. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.15 and a quick ratio of 1.90. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $47.21. The stock’s 50-day moving average is $42.29 and its two-hundred day moving average is $38.30. The firm has a market cap of $54.39 billion, a P/E ratio of -17.67, a PEG ratio of 0.37 and a beta of 0.47.

Newmont (NYSE:NEM) last issued its earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.20. The company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.66 billion. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The business’s revenue was up 50.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.40 EPS. Analysts predict that Newmont will post 2.48 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Tuesday, June 4th were paid a $0.25 dividend. The ex-dividend date was Tuesday, June 4th. This represents a $1.00 annualized dividend and a dividend yield of 2.12%. Newmont’s dividend payout ratio (DPR) is currently -37.45%.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of Newmont stock in a transaction on Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the completion of the sale, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

A number of institutional investors have recently made changes to their positions in NEM. LRI Investments LLC acquired a new stake in shares of Newmont during the first quarter worth $25,000. Life Planning Partners Inc acquired a new stake in shares of Newmont during the fourth quarter worth $26,000. Manchester Capital Management LLC grew its stake in shares of Newmont by 171.9% during the fourth quarter. Manchester Capital Management LLC now owns 628 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 397 shares during the period. CVA Family Office LLC acquired a new stake in shares of Newmont during the fourth quarter worth $34,000. Finally, Heritage Wealth Advisors grew its stake in shares of Newmont by 1,310.4% during the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 878 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

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.