Newmont (NYSE:NEM) Downgraded to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered shares of Newmont (NYSE:NEM) from an overweight rating to a neutral rating in a report released on Monday morning, Marketbeat.com reports.

NEM has been the subject of a number of other reports. Bank of America increased their price objective on shares of Newmont from $49.00 to $50.00 and gave the stock a buy rating in a research note on Wednesday, June 26th. National Bank Financial downgraded shares of Newmont from an outperform overweight rating to a sector perform overweight rating in a research note on Tuesday, April 30th. Scotiabank increased their price objective on shares of Newmont from $46.50 to $48.00 and gave the stock a sector perform rating in a research note on Thursday, May 23rd. StockNews.com upgraded shares of Newmont from a sell rating to a hold rating in a research note on Friday, April 26th. Finally, BNP Paribas upgraded shares of Newmont to a strong-buy rating in a research note on Friday, June 21st. Seven analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $49.07.

Newmont Stock Up 3.8 %

NYSE:NEM opened at $47.17 on Monday. The stock’s fifty day moving average price is $42.29 and its two-hundred day moving average price is $38.30. Newmont has a 52-week low of $29.42 and a 52-week high of $47.21. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.90 and a current ratio of 2.15. The company has a market cap of $54.39 billion, a price-to-earnings ratio of -17.67, a P/E/G ratio of 0.37 and a beta of 0.47.

Newmont (NYSE:NEM) last released its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.20. Newmont had a negative net margin of 20.19% and a positive return on equity of 6.88%. The business had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.66 billion. During the same quarter in the prior year, the company earned $0.40 EPS. The firm’s quarterly revenue was up 50.2% on a year-over-year basis. On average, analysts anticipate that Newmont will post 2.48 EPS for the current year.

Newmont Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 27th. Shareholders of record on Tuesday, June 4th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend was Tuesday, June 4th. Newmont’s dividend payout ratio (DPR) is currently -37.45%.

Insider Buying and Selling at Newmont

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of the business’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $42.13, for a total transaction of $547,690.00. Following the completion of the sale, the chief executive officer now directly 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 at this hyperlink. Insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alpine Global Management LLC purchased a new position in Newmont in the third quarter valued at about $347,000. Harbour Investments Inc. raised its position in shares of Newmont by 81.7% in the third quarter. Harbour Investments Inc. now owns 6,504 shares of the basic materials company’s stock valued at $240,000 after purchasing an additional 2,924 shares during the period. Public Sector Pension Investment Board raised its position in shares of Newmont by 12.2% in the third quarter. Public Sector Pension Investment Board now owns 85,377 shares of the basic materials company’s stock valued at $3,155,000 after purchasing an additional 9,278 shares during the period. Neo Ivy Capital Management bought a new stake in shares of Newmont in the third quarter valued at approximately $397,000. Finally, American Century Companies Inc. raised its position in shares of Newmont by 5.6% in the third quarter. American Century Companies Inc. now owns 899,297 shares of the basic materials company’s stock valued at $33,229,000 after purchasing an additional 47,485 shares during the period. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

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.