Newmont (NYSE:NEM) Raised to “Overweight” at JPMorgan Chase & Co.

Newmont (NYSE:NEM) was upgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report issued to clients and investors on Tuesday, Marketbeat reports.

A number of other research analysts have also weighed in on NEM. Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research note on Thursday, August 29th. Royal Bank of Canada reduced their price objective on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research report on Thursday, October 24th. CIBC cut Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday, October 28th. Cibc World Mkts lowered Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th. Finally, Raymond James lifted their target price on shares of Newmont from $65.00 to $66.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Eight equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Newmont has an average rating of “Moderate Buy” and an average price target of $54.14.

Newmont Stock Down 0.5 %

Shares of NEM opened at $42.99 on Tuesday. Newmont has a 52 week low of $29.42 and a 52 week high of $58.72. The company has a market capitalization of $48.94 billion, a price-to-earnings ratio of -28.28, a PEG ratio of 0.34 and a beta of 0.51. The stock’s 50-day moving average price is $50.63 and its 200-day moving average price is $47.44. 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 (NYSE:NEM) last issued its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. During the same quarter last year, the company posted $0.36 EPS. The company’s revenue was up 84.7% on a year-over-year basis. On average, sell-side analysts predict that Newmont will post 3.15 EPS for the current year.

Insider Activity at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total transaction of $161,430.00. Following the completion of the transaction, the executive vice president now owns 91,596 shares in the company, valued at approximately $4,928,780.76. The trade was a 3.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 271,469 shares in the company, valued at $14,607,746.89. This trade represents a 6.86 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,000 shares of company stock worth $2,444,440. Company insiders own 0.06% of the company’s stock.

Institutional Trading of Newmont

A number of large investors have recently bought and sold shares of the business. Heathbridge Capital Management Ltd. raised its position in Newmont by 2.0% during the 3rd quarter. Heathbridge Capital Management Ltd. now owns 10,300 shares of the basic materials company’s stock worth $551,000 after buying an additional 200 shares during the last quarter. E. Ohman J or Asset Management AB raised its stake in shares of Newmont by 0.4% during the 3rd quarter. E. Ohman J or Asset Management AB now owns 47,942 shares of the basic materials company’s stock worth $2,562,000 after buying an additional 200 shares in the last quarter. Fulton Bank N.A. lifted its holdings in shares of Newmont by 1.5% in the 3rd quarter. Fulton Bank N.A. now owns 15,188 shares of the basic materials company’s stock valued at $812,000 after buying an additional 221 shares during the period. Carmel Capital Partners LLC boosted its position in shares of Newmont by 4.5% during the 3rd quarter. Carmel Capital Partners LLC now owns 5,221 shares of the basic materials company’s stock worth $279,000 after purchasing an additional 226 shares in the last quarter. Finally, Good Life Advisors LLC grew its stake in shares of Newmont by 4.6% during the 3rd quarter. Good Life Advisors LLC now owns 5,182 shares of the basic materials company’s stock worth $277,000 after purchasing an additional 229 shares during the period. Institutional investors and hedge funds 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.