Newmont (NYSE:NEM) Stock Rating Upgraded by JPMorgan Chase & Co.

Newmont (NYSE:NEM - Get Free Report) was upgraded by stock analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a research report issued on Tuesday, Marketbeat reports.

A number of other research analysts also recently commented on the company. UBS Group downgraded Newmont from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $67.00 to $54.00 in a report on Wednesday, October 30th. CIBC downgraded shares of Newmont from a "sector outperform" rating to a "neutral" rating in a research report on Monday, October 28th. Royal Bank of Canada dropped their price objective on shares of Newmont from $54.00 to $53.00 and set a "sector perform" rating on the stock in a report on Thursday, October 24th. Argus raised shares of Newmont from a "hold" rating to a "buy" rating and set a $58.00 price objective on the stock in a research note on Thursday, August 29th. Finally, Cibc World Mkts downgraded Newmont from a "strong-buy" rating to a "hold" rating in a report on Monday, October 28th. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $54.14.

Newmont Stock Up 1.9 %

NEM traded up $0.80 during trading hours on Tuesday, reaching $43.16. 6,914,463 shares of the stock traded hands, compared to its average volume of 10,530,866. The firm's fifty day simple moving average is $50.94 and its two-hundred day simple moving average is $47.45. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. The company has a market cap of $49.14 billion, a price-to-earnings ratio of -27.86, a PEG ratio of 0.34 and a beta of 0.51. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $58.72.

Newmont (NYSE:NEM - Get Free Report) last posted 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 business had revenue of $4.61 billion for 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%. Newmont's revenue for the quarter was up 84.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.36 earnings per share. As a group, analysts forecast that Newmont will post 3.15 earnings per share for the current fiscal year.

Insider Buying and Selling

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 transaction of $1,049,400.00. Following the completion of the transaction, the chief executive officer now owns 291,469 shares of the company's stock, valued at approximately $15,293,378.43. This represents a 6.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Peter Toth sold 3,000 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 $161,430.00. Following the transaction, the executive vice president now owns 91,596 shares in the company, valued at $4,928,780.76. This represents a 3.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,000 shares of company stock valued at $2,444,440. 0.06% of the stock is owned by company insiders.

Institutional Trading of Newmont

Institutional investors have recently made changes to their positions in the business. Van ECK Associates Corp increased its holdings in shares of Newmont by 2.6% in the second quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company's stock worth $2,131,939,000 after acquiring an additional 1,289,084 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Newmont by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 23,484,382 shares of the basic materials company's stock worth $1,253,457,000 after acquiring an additional 326,243 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Newmont by 1.4% in the second quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company's stock valued at $337,909,000 after purchasing an additional 109,084 shares during the last quarter. FMR LLC boosted its holdings in Newmont by 21.1% during the third quarter. FMR LLC now owns 7,052,439 shares of the basic materials company's stock worth $376,953,000 after purchasing an additional 1,226,697 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Newmont by 8.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company's stock valued at $289,445,000 after acquiring an additional 545,903 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors and hedge funds.

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.