Jefferies Financial Group Increases Newmont (NYSE:NEM) Price Target to $63.00

Newmont (NYSE:NEM) had its target price hoisted by Jefferies Financial Group from $54.00 to $63.00 in a research report report published on Friday, Benzinga reports. Jefferies Financial Group currently has a buy rating on the basic materials company’s stock.

Several other equities analysts have also recently commented on NEM. 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. JPMorgan Chase & Co. downgraded Newmont from an overweight rating to a neutral rating in a report on Monday, July 8th. Cibc World Mkts raised Newmont from a hold rating to a strong-buy rating in a research report on Wednesday, July 10th. Veritas raised Newmont to a strong-buy rating in a research report on Monday, September 30th. Finally, Bank of America upped their target price on shares of Newmont from $49.00 to $50.00 and gave the stock a buy rating in a research note on Wednesday, June 26th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Moderate Buy and an average price target of $53.31.

Newmont Trading Down 0.7 %

NEM opened at $52.97 on Friday. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31. The firm has a market cap of $61.08 billion, a P/E ratio of -19.84, a P/E/G ratio of 0.47 and a beta of 0.50. Newmont has a 52 week low of $29.42 and a 52 week high of $56.30. The business has a fifty day simple moving average of $51.51 and a 200-day simple moving average of $45.03.

Newmont (NYSE:NEM) last released its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.10. The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.13 billion. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. Newmont’s revenue was up 64.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.33 EPS. On average, equities analysts expect that Newmont will post 2.88 earnings per share for the current year.

Newmont Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Thursday, September 5th were issued a $0.25 dividend. The ex-dividend date of this dividend was Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.89%. Newmont’s payout ratio is -37.45%.

Insider Activity at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the transaction, the chief executive officer now owns 311,469 shares of the company’s stock, valued at $15,420,830.19. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $49.51, for a total transaction of $990,200.00. Following the transaction, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at $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. Insiders sold a total of 66,000 shares of company stock worth $3,434,640 in the last 90 days. 0.06% of the stock is owned by insiders.

Hedge Funds Weigh In On Newmont

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Newmont by 43.8% in the fourth quarter. Vanguard Group Inc. now owns 118,749,923 shares of the basic materials company’s stock worth $4,915,059,000 after acquiring an additional 36,170,995 shares in the last quarter. Northern Trust Corp boosted its holdings in Newmont by 25.9% during the fourth quarter. Northern Trust Corp now owns 12,988,497 shares of the basic materials company’s stock worth $537,594,000 after buying an additional 2,671,774 shares in the last quarter. Maj Invest Holding A S grew its position in Newmont by 296.0% during the second quarter. Maj Invest Holding A S now owns 3,427,313 shares of the basic materials company’s stock worth $143,502,000 after buying an additional 2,561,823 shares during the period. Capital Research Global Investors increased its holdings in Newmont by 275.0% in the fourth quarter. Capital Research Global Investors now owns 3,000,000 shares of the basic materials company’s stock valued at $124,170,000 after buying an additional 2,200,000 shares in the last quarter. Finally, Capital International Investors acquired a new stake in shares of Newmont during the 1st quarter valued at approximately $49,444,000. Institutional investors and hedge funds 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.