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

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

A number of other brokerages have also issued reports on NEM. Raymond James lifted their price target on Newmont from $65.00 to $66.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Thursday, August 29th. Scotiabank cut Newmont from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the stock from $59.00 to $55.00 in a research note on Friday, October 25th. Veritas raised Newmont to a “strong-buy” rating in a report on Monday, September 30th. Finally, Jefferies Financial Group upped their price objective on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.14.

Newmont Stock Up 3.5 %

NEM opened at $42.36 on Tuesday. 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 has a 52 week low of $29.42 and a 52 week high of $58.72. The firm has a 50-day simple moving average of $50.94 and a two-hundred day simple moving average of $47.45. The company has a market capitalization of $48.22 billion, a PE ratio of -27.86, a price-to-earnings-growth ratio of 0.34 and a beta of 0.51.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The firm had revenue of $4.61 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up 84.7% compared to the same quarter last year. During the same period last year, the company earned $0.36 earnings per share. Analysts forecast that Newmont will post 3.15 earnings per share for the current fiscal year.

Insider Activity at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the completion of the sale, the chief executive officer now owns 291,469 shares in the company, valued at $15,293,378.43. The trade was a 6.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 transaction 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. The trade was a 3.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 46,000 shares of company stock worth $2,444,440 in the last quarter. Corporate insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. LRI Investments LLC bought a new stake in Newmont during the first quarter valued at $25,000. Strategic Financial Concepts LLC purchased a new stake in Newmont in the 2nd quarter valued at about $25,000. Meeder Asset Management Inc. purchased a new stake in Newmont in the 2nd quarter valued at about $27,000. Hoese & Co LLP bought a new position in shares of Newmont during the 3rd quarter valued at approximately $27,000. Finally, Avior Wealth Management LLC boosted its holdings in Newmont by 191.8% in the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock worth $27,000 after buying an additional 326 shares during the period. 68.85% of the stock is currently owned by institutional investors and hedge funds.

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.