Newmont (NYSE:NEM) Lifted to Sector Outperform at CIBC

CIBC upgraded shares of Newmont (NYSE:NEM) from a neutral rating to a sector outperform rating in a report released on Wednesday morning, Marketbeat reports. The firm currently has $61.00 target price on the basic materials company’s stock, up from their previous target price of $46.00.

Other equities research analysts have also issued research reports about the company. National Bank Financial lowered Newmont from an outperform overweight rating to a sector perform overweight rating in a research report on Tuesday, April 30th. UBS Group upgraded shares of Newmont from a neutral rating to a buy rating and increased their price objective for the stock from $40.00 to $50.00 in a research note on Monday, June 17th. Sanford C. Bernstein decreased their target price on shares of Newmont from $46.00 to $45.00 and set a market perform rating for the company in a research report on Thursday, May 16th. Bank of America lifted their price objective on Newmont from $49.00 to $50.00 and gave the company a buy rating in a research note on Wednesday, June 26th. Finally, JPMorgan Chase & Co. lowered Newmont from an overweight rating to a neutral rating in a report on Monday, July 8th. Seven research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $50.21.

Newmont Trading Up 0.7 %

NYSE:NEM opened at $47.51 on Wednesday. The company’s 50 day moving average is $42.42 and its two-hundred day moving average is $38.34. Newmont has a twelve month low of $29.42 and a twelve month high of $48.02. 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 (NYSE:NEM) last released its earnings results on Thursday, April 25th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.20. Newmont had a positive return on equity of 6.88% and a negative net margin of 20.19%. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.66 billion. During the same period in the prior year, the firm earned $0.40 EPS. The firm’s revenue was up 50.2% on a year-over-year basis. On average, sell-side analysts expect that Newmont will post 2.48 EPS for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Stockholders of record on Tuesday, June 4th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.10%. The ex-dividend date of this dividend was Tuesday, June 4th. Newmont’s payout ratio is -37.45%.

Insider Buying and Selling

In related news, CEO Thomas Ronald Palmer sold 13,000 shares of the stock in a transaction that occurred 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 owns 331,469 shares of the company’s stock, valued at $13,964,788.97. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.06% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Newmont

A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Newmont by 43.8% during the 4th quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock valued at $4,915,059,000 after buying an additional 36,170,995 shares during the period. Van ECK Associates Corp lifted its stake in shares of Newmont by 57.2% in the 4th quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock valued at $2,122,913,000 after purchasing an additional 18,664,614 shares during the last quarter. Norges Bank acquired a new stake in shares of Newmont during the 4th quarter worth about $604,516,000. Charles Schwab Investment Management Inc. raised its holdings in Newmont by 44.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock valued at $1,019,813,000 after buying an additional 7,635,657 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in Newmont by 39.8% in the first quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock valued at $832,354,000 after buying an additional 6,617,145 shares during the last quarter. 68.85% of the stock is owned by hedge funds and other 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.