Newmont (NYSE:NEM) Downgraded by CIBC to Neutral

by · The Cerbat Gem

CIBC cut shares of Newmont (NYSE:NEM – Free Report) from a sector outperform rating to a neutral rating in a report published on Monday, Marketbeat Ratings reports.

NEM has been the subject of several other research reports. Scotiabank lowered shares of Newmont from a “sector outperform” rating to a “sector perform” rating and decreased their price target for the company from $59.00 to $55.00 in a report on Friday, October 25th. BMO Capital Markets raised their price target on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. JPMorgan Chase & Co. lowered Newmont from an “overweight” rating to a “neutral” rating in a research report on Monday, July 8th. Royal Bank of Canada dropped their target price on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a report on Thursday, October 24th. Finally, Cibc World Mkts upgraded shares of Newmont from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. Nine research analysts have rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.85.

Check Out Our Latest Stock Analysis on NEM

Newmont Trading Down 3.2 %

NYSE NEM opened at $45.45 on Monday. Newmont has a 12 month low of $29.42 and a 12 month high of $58.72. The stock has a 50-day simple moving average of $53.04 and a 200 day simple moving average of $47.05. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $51.74 billion, a PE ratio of -29.90, a P/E/G ratio of 0.40 and a beta of 0.50.

Newmont (NYSE:NEM – Get Free Report) last announced its quarterly earnings results 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). The firm had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The business’s revenue was up 84.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.36 earnings per share. Research analysts forecast that Newmont will post 3.13 EPS for the current year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s dividend payout ratio is currently -65.79%.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the transaction, the chief executive officer now owns 291,469 shares of the company’s stock, valued at $15,293,378.43. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction on 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 in the company, valued at $4,963,452.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the transaction, the chief executive officer now owns 291,469 shares in the company, valued at $15,293,378.43. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 46,000 shares of company stock valued at $2,444,440. Insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. LRI Investments LLC acquired a new stake in shares of Newmont in the first quarter valued at approximately $25,000. Strategic Financial Concepts LLC acquired a new stake in Newmont during the 2nd quarter valued at $25,000. Meeder Asset Management Inc. bought a new position in Newmont during the second quarter worth $27,000. Hoese & Co LLP acquired a new position in shares of Newmont in the third quarter valued at $27,000. Finally, Highline Wealth Partners LLC bought a new position in shares of Newmont in the third quarter valued at about $32,000. Institutional investors own 68.85% of the company’s stock.

About Newmont

(Get Free Report)

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.

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