Newmont (NYSE:NEM) Downgraded by UBS Group to “Neutral”

UBS Group lowered shares of Newmont (NYSE:NEM) from a buy rating to a neutral rating in a research note released on Wednesday morning, MarketBeat Ratings reports. The firm currently has $54.00 target price on the basic materials company’s stock, down from their prior target price of $67.00.

Several other research analysts have also issued reports on NEM. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target on the stock in a report on Thursday, August 29th. JPMorgan Chase & Co. downgraded shares of Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. BMO Capital Markets lifted their price objective on shares of Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. CIBC lowered shares of Newmont from a “sector outperform” rating to a “neutral” rating in a report on Monday. Finally, Scotiabank downgraded Newmont from a “sector outperform” rating to a “sector perform” rating and cut their price target for the company from $59.00 to $55.00 in a research note on Friday, October 25th. Nine equities 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 data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $53.85.

Newmont Stock Down 1.8 %

Newmont stock opened at $46.94 on Wednesday. The company has a market capitalization of $53.44 billion, a PE ratio of -30.88, a PEG ratio of 0.40 and a beta of 0.50. Newmont has a 12-month low of $29.42 and a 12-month high of $58.72. The firm’s fifty day moving average is $53.16 and its 200 day moving average is $47.06. 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 announced its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share 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 analyst estimates of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. Newmont’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.36 EPS. As a group, sell-side analysts predict that Newmont will post 3.13 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Wednesday, November 27th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.13%. The ex-dividend date is Wednesday, November 27th. Newmont’s dividend payout ratio is -65.79%.

Insider Activity

In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $161,430.00. Following the sale, the executive vice president now owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $161,430.00. Following the completion of the sale, the executive vice president now owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $1,076,200.00. Following the completion of the sale, the chief executive officer now owns 271,469 shares in the company, valued at $14,607,746.89. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,000 shares of company stock valued at $2,444,440 in the last three months. Company insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

Hedge funds and other institutional investors have recently bought and sold shares of the business. Norden Group LLC bought a new stake in shares of Newmont during the 1st quarter valued at $1,431,000. First Trust Direct Indexing L.P. increased its position in shares of Newmont by 4.9% during the first quarter. First Trust Direct Indexing L.P. now owns 19,468 shares of the basic materials company’s stock valued at $698,000 after buying an additional 902 shares during the period. Accel Wealth Management purchased a new stake in shares of Newmont in the first quarter worth about $222,000. HB Wealth Management LLC boosted its position in shares of Newmont by 67.9% in the first quarter. HB Wealth Management LLC now owns 8,176 shares of the basic materials company’s stock valued at $293,000 after acquiring an additional 3,306 shares during the period. Finally, J.W. Cole Advisors Inc. grew its stake in Newmont by 4.4% during the first quarter. J.W. Cole Advisors Inc. now owns 8,134 shares of the basic materials company’s stock valued at $292,000 after acquiring an additional 346 shares in the last quarter. Institutional investors 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.