Newmont (NYSE:NEM) Cut to Neutral at UBS Group

UBS Group downgraded shares of Newmont (NYSE:NEM) from a buy rating to a neutral rating in a research note issued to investors on Wednesday morning, Marketbeat reports. UBS Group currently has $54.00 target price on the basic materials company’s stock, down from their previous target price of $67.00.

NEM has been the subject of a number of 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 stock from $59.00 to $55.00 in a research note on Friday, October 25th. Veritas raised shares of Newmont to a “strong-buy” rating in a research note on Monday, September 30th. Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price target for the company in a research note on Thursday, August 29th. BMO Capital Markets boosted their price target on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, Royal Bank of Canada cut their price target on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research note on Thursday, October 24th. Nine 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 stock. According to data from MarketBeat.com, Newmont currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.85.

Newmont Price Performance

Shares of NYSE:NEM opened at $45.26 on Wednesday. The company has a 50 day moving average of $52.91 and a 200 day moving average of $47.09. The stock has a market cap of $51.53 billion, a P/E ratio of -29.78, a P/E/G ratio of 0.39 and a beta of 0.50. Newmont has a 12 month low of $29.42 and a 12 month high of $58.72. The company has a current ratio of 1.96, a quick ratio of 1.73 and a debt-to-equity ratio of 0.30.

Newmont (NYSE:NEM) last issued its quarterly earnings data 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 firm had revenue of $4.61 billion for the quarter, compared to analysts’ expectations 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 was up 84.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.36 EPS. As a group, sell-side analysts forecast that Newmont will post 3.12 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 dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s payout ratio is currently -65.79%.

Insider Buying and Selling at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated 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 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction dated 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 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was 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 directly owns 91,596 shares in the company, valued at $4,928,780.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 46,000 shares of company stock valued at $2,444,440. 0.06% of the stock is currently owned by company insiders.

Institutional Trading of Newmont

Institutional investors have recently bought and sold shares of the company. LRI Investments LLC purchased a new stake in Newmont during the 1st quarter valued at about $25,000. Strategic Financial Concepts LLC purchased a new stake in Newmont during the 2nd quarter valued at about $25,000. Meeder Asset Management Inc. purchased a new stake in Newmont during the 2nd quarter valued at about $27,000. Hoese & Co LLP bought a new position in Newmont during the 3rd quarter valued at about $27,000. Finally, Highline Wealth Partners LLC bought a new position in Newmont during the 3rd quarter valued at about $32,000. 68.85% of the stock is owned by hedge funds and other 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.