Newmont (NYSE:NEM) Downgraded to “Neutral” at CIBC

CIBC downgraded shares of Newmont (NYSE:NEM) from a sector outperform rating to a neutral rating in a research note released on Monday, MarketBeat Ratings reports.

Several other analysts also recently issued reports on NEM. Royal Bank of Canada dropped 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. UBS Group lifted their target price on Newmont from $65.00 to $67.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Scotiabank downgraded Newmont from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the stock from $59.00 to $55.00 in a research report on Friday. Veritas raised shares of Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Finally, Raymond James raised their target price on shares of Newmont from $65.00 to $66.00 and gave the company an “outperform” rating in a research report on Friday. Seven analysts have rated the stock with a hold rating, eight have given a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat, Newmont has an average rating of “Moderate Buy” and an average target price of $54.85.

Newmont Price Performance

NYSE NEM opened at $48.36 on Monday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96. The stock has a market cap of $55.06 billion, a price-to-earnings ratio of -31.82, a PEG ratio of 0.40 and a beta of 0.50. The business has a 50 day simple moving average of $53.33 and a 200 day simple moving average of $46.99. Newmont has a 52-week low of $29.42 and a 52-week high of $58.72.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.05). The company had revenue of $4.61 billion for 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 firm’s revenue was up 84.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.36 EPS. Analysts anticipate that Newmont will post 3.13 earnings per share for the current fiscal year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be paid 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 2.07%. 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 Newmont stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total transaction of $990,200.00. Following the completion of the transaction, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at $15,420,830.19. The trade was 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 this hyperlink. In other Newmont news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $161,430.00. Following the transaction, the executive vice president now directly owns 91,596 shares of the company’s stock, valued at $4,928,780.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the transaction, the chief executive officer now directly owns 311,469 shares in the company, valued at $15,420,830.19. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,000 shares of company stock worth $3,434,640. Company insiders own 0.06% of the company’s stock.

Institutional Trading of Newmont

Institutional investors have recently added to or reduced their stakes in the company. Palliser Capital UK Ltd lifted its holdings in shares of Newmont by 3.9% during the third quarter. Palliser Capital UK Ltd now owns 107,101 shares of the basic materials company’s stock worth $5,725,000 after buying an additional 4,001 shares in the last quarter. Affinity Investment Advisors LLC bought a new position in Newmont during the third quarter worth about $1,371,000. Pacific Sage Partners LLC acquired a new stake in Newmont in the 3rd quarter worth about $213,000. Stephens Inc. AR boosted its holdings in Newmont by 24.7% in the 3rd quarter. Stephens Inc. AR now owns 202,346 shares of the basic materials company’s stock valued at $10,815,000 after purchasing an additional 40,036 shares during the period. Finally, IRON Financial LLC acquired a new position in shares of Newmont during the 3rd quarter worth approximately $454,000. 68.85% of the stock is currently owned by 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.