Newmont (NYSE:NEM) Rating Increased to Overweight 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, MarketBeat reports.

Several other research analysts also recently commented on NEM. CIBC downgraded Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. Cibc World Mkts downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Royal Bank of Canada decreased their target price on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 24th. Bernstein Bank lifted their target price on Newmont from $55.00 to $58.00 in a research note on Monday, November 11th. Finally, Veritas raised Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Eight research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $54.14.

Newmont Stock Up 1.9 %

NYSE NEM opened at $43.16 on Tuesday. The stock’s 50-day moving average price is $50.78 and its 200-day moving average price is $47.47. The company has a quick ratio of 1.73, a current ratio of 1.96 and a debt-to-equity ratio of 0.30. Newmont has a 52 week low of $29.42 and a 52 week high of $58.72. The company has a market capitalization of $49.14 billion, a P/E ratio of -28.39, a price-to-earnings-growth ratio of 0.34 and a beta of 0.51.

Newmont (NYSE:NEM) last posted its quarterly earnings data 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). Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The company had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.67 billion. During the same period last year, the business earned $0.36 EPS. The firm’s quarterly revenue was up 84.7% compared to the same quarter last year. On average, equities research analysts predict that Newmont will post 3.15 earnings per share for the current year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.32%. The ex-dividend date is Wednesday, November 27th. Newmont’s dividend payout ratio is currently -65.79%.

Insider Activity

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 $14,607,746.89. This represents a 6.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available 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 trade represents a 3.17 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 46,000 shares of company stock valued at $2,444,440. 0.06% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Newmont

Several hedge funds have recently bought and sold shares of NEM. LRI Investments LLC bought a new position in Newmont in the 1st quarter valued at $25,000. Strategic Financial Concepts LLC purchased a new stake in shares of Newmont in the 2nd quarter worth $25,000. Meeder Asset Management Inc. purchased a new stake in shares of Newmont in the 2nd quarter worth $27,000. Hoese & Co LLP purchased a new stake in shares of Newmont in the 3rd quarter worth $27,000. Finally, Avior Wealth Management LLC lifted its holdings in shares of Newmont by 191.8% in the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock worth $27,000 after buying an additional 326 shares during the period. Institutional investors 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.