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

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

NEM has been the topic of several other research reports. Bernstein Bank lifted their price objective on Newmont from $55.00 to $58.00 in a report on Monday, November 11th. Veritas raised Newmont to a “strong-buy” rating in a research note on Monday, September 30th. BMO Capital Markets boosted their price target on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Royal Bank of Canada decreased their price target 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. Finally, Cibc World Mkts downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 28th. Eight analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $54.14.

Newmont Stock Up 3.5 %

NEM stock opened at $42.36 on Tuesday. Newmont has a 52-week low of $29.42 and a 52-week high of $58.72. The company’s 50 day simple moving average is $50.94 and its 200-day simple moving average is $47.45. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The firm has a market capitalization of $48.22 billion, a P/E ratio of -27.86, a P/E/G ratio of 0.34 and a beta of 0.51.

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

Insider Transactions at Newmont

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction on Tuesday, September 3rd. The stock was 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 owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. This trade represents a 3.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $1,049,400.00. Following the sale, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at $15,293,378.43. This represents a 6.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 46,000 shares of company stock valued at $2,444,440 over the last ninety days. 0.06% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. TD Private Client Wealth LLC boosted its position in Newmont by 27.2% during the 3rd quarter. TD Private Client Wealth LLC now owns 3,471 shares of the basic materials company’s stock valued at $186,000 after acquiring an additional 742 shares in the last quarter. Virtue Capital Management LLC bought a new stake in Newmont during the 3rd quarter valued at approximately $827,000. Fortem Financial Group LLC bought a new stake in Newmont during the 3rd quarter valued at approximately $1,394,000. Sunbelt Securities Inc. boosted its position in Newmont by 33.9% during the 3rd quarter. Sunbelt Securities Inc. now owns 5,622 shares of the basic materials company’s stock valued at $300,000 after acquiring an additional 1,423 shares in the last quarter. Finally, Toronto Dominion Bank boosted its position in Newmont by 1.9% during the 3rd quarter. Toronto Dominion Bank now owns 748,420 shares of the basic materials company’s stock valued at $40,003,000 after acquiring an additional 14,251 shares in the last quarter. Hedge funds and other 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.