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

Newmont (NYSE:NEM) was downgraded by equities researchers at CIBC from a “sector outperform” rating to a “neutral” rating in a research report issued on Monday, Briefing.com reports.

NEM has been the topic of several other research reports. Scotiabank cut shares of 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 report on Friday. Jefferies Financial Group boosted their price target on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research report on Friday, October 4th. UBS Group raised their target price on Newmont from $65.00 to $67.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Royal Bank of Canada reduced 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. Finally, BMO Capital Markets raised their price objective on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Seven investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $54.85.

Newmont Price Performance

Shares of Newmont stock opened at $48.42 on Monday. The firm has a market cap of $55.84 billion, a PE ratio of -18.13, a price-to-earnings-growth ratio of 0.49 and a beta of 0.50. The company’s fifty day simple moving average is $53.39 and its two-hundred day simple moving average is $46.93. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. Newmont has a 12-month low of $29.42 and a 12-month high of $58.72.

Newmont (NYSE:NEM) last announced its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The business had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. The firm’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.36 EPS. As a group, equities analysts expect that Newmont will post 3.07 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont 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 sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Newmont news, EVP Peter Toth sold 3,000 shares of the 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 transaction, the executive vice president now owns 91,596 shares of the company’s stock, valued at approximately $4,928,780.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the sale, the chief executive officer now owns 311,469 shares of the company’s stock, valued at approximately $15,420,830.19. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,000 shares of company stock valued at $3,434,640. 0.06% of the stock is owned by insiders.

Hedge Funds Weigh In On Newmont

A number of institutional investors and hedge funds have recently made changes to their positions in the business. JFS Wealth Advisors LLC boosted its stake in shares of Newmont by 716.7% during the 3rd quarter. JFS Wealth Advisors LLC now owns 4,067 shares of the basic materials company’s stock worth $217,000 after acquiring an additional 3,569 shares during the last quarter. Pinnacle Associates Ltd. lifted its position in Newmont by 24.2% during the third quarter. Pinnacle Associates Ltd. now owns 19,505 shares of the basic materials company’s stock valued at $1,043,000 after purchasing an additional 3,797 shares in the last quarter. First Trust Direct Indexing L.P. grew its holdings in Newmont by 13.7% during the third quarter. First Trust Direct Indexing L.P. now owns 30,571 shares of the basic materials company’s stock valued at $1,634,000 after purchasing an additional 3,676 shares during the period. New York State Teachers Retirement System increased its position in Newmont by 0.5% in the third quarter. New York State Teachers Retirement System now owns 861,012 shares of the basic materials company’s stock worth $46,021,000 after buying an additional 4,637 shares in the last quarter. Finally, Golden State Equity Partners bought a new position in shares of Newmont in the third quarter worth about $436,000. 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.