Newmont (NYSE:NEM) Downgraded by Cibc World Mkts to Hold

Cibc World Mkts downgraded shares of Newmont (NYSE:NEM) from a strong-buy rating to a hold rating in a research note issued to investors on Monday morning, Zacks.com reports.

Several other equities analysts have also commented on the stock. Royal Bank of Canada dropped their price target on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research report on Thursday, October 24th. Scotiabank cut Newmont from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the company from $59.00 to $55.00 in a research note on Friday, October 25th. JPMorgan Chase & Co. lowered shares of Newmont from an “overweight” rating to a “neutral” rating in a research note on Monday, July 8th. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Thursday, August 29th. Finally, Jefferies Financial Group lifted their price objective on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Nine 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 company’s stock. Based on data from MarketBeat, Newmont currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.85.

Newmont Price Performance

NEM stock opened at $45.45 on Monday. The firm has a 50 day moving average of $53.04 and a 200-day moving average of $47.05. The company has a market cap of $51.74 billion, a price-to-earnings ratio of -29.90, a PEG ratio of 0.40 and a beta of 0.50. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. Newmont has a 12-month low of $29.42 and a 12-month high of $58.72.

Newmont (NYSE:NEM) last posted its earnings results 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). Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The business had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. During the same quarter last year, the business posted $0.36 earnings per share. The business’s revenue was up 84.7% compared to the same quarter last year. As a group, equities analysts expect that Newmont will post 3.13 EPS for the current fiscal year.

Newmont Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date is Wednesday, November 27th. This represents a $1.00 annualized dividend and a dividend yield of 2.20%. Newmont’s dividend payout ratio is presently -65.79%.

Insider Buying and Selling at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. 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 through the SEC website. In other 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 completion of the sale, the chief executive officer now owns 271,469 shares in the company, valued at $14,607,746.89. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,000 shares of company stock valued at $2,444,440 in the last quarter. Corporate insiders own 0.06% of the company’s stock.

Institutional Trading of Newmont

Large investors have recently added to or reduced their stakes in the business. Hoese & Co LLP acquired a new stake in Newmont during the 3rd quarter worth about $27,000. Highline Wealth Partners LLC purchased a new position in Newmont during the 3rd quarter valued at about $32,000. Meeder Asset Management Inc. acquired a new position in Newmont in the 2nd quarter valued at approximately $27,000. LRI Investments LLC purchased a new stake in Newmont in the 1st quarter worth approximately $25,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Newmont during the 3rd quarter valued at $48,000. 68.85% of the stock is currently owned by 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.