Brokerages Set Newmont Co. (NYSE:NEM) PT at $54.31

Shares of Newmont Co. (NYSE:NEM) have been assigned an average recommendation of “Moderate Buy” from the seventeen analysts that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation, seven have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $54.31.

Several research firms have recently issued reports on NEM. Cibc World Mkts downgraded Newmont from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 28th. Jefferies Financial Group raised their price target on shares of Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a research note on Friday, October 4th. CIBC cut shares of Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th. Scotiabank lowered Newmont from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the stock from $59.00 to $55.00 in a research report on Friday, October 25th. Finally, UBS Group lowered Newmont from a “buy” rating to a “neutral” rating and reduced their price target for the company from $67.00 to $54.00 in a research report on Wednesday, October 30th.

Newmont Price Performance

NEM stock opened at $38.31 on Wednesday. Newmont has a 1 year low of $29.42 and a 1 year high of $58.72. 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 stock has a market cap of $43.61 billion, a price-to-earnings ratio of -25.20, a P/E/G ratio of 0.35 and a beta of 0.49. The company has a 50 day simple moving average of $44.70 and a 200 day simple moving average of $47.26.

Newmont (NYSE:NEM) last released its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05). Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The firm had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.67 billion. During the same period last year, the business earned $0.36 EPS. The company’s revenue was up 84.7% compared to the same quarter last year. Research analysts anticipate that Newmont will post 3.08 EPS for the current fiscal year.

Newmont Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Investors of record on Wednesday, November 27th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.61%. Newmont’s payout ratio is presently -65.79%.

Insiders Place Their Bets

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $1,076,200.00. Following the transaction, the chief executive officer now directly owns 271,469 shares of the company’s stock, valued at $14,607,746.89. This represents a 6.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction 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 directly 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 position. The disclosure for this sale can be found here. Corporate insiders own 0.06% of the company’s stock.

Institutional Investors Weigh In On Newmont

Institutional investors and hedge funds have recently made changes to their positions in the business. Strategic Financial Concepts LLC bought a new stake in Newmont during the 2nd quarter worth approximately $25,000. Meeder Asset Management Inc. bought a new position in Newmont during the 2nd quarter valued at $27,000. Hoese & Co LLP purchased a new position in Newmont during the third quarter worth about $27,000. Avior Wealth Management LLC lifted its position in shares of Newmont by 191.8% during 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 in the last quarter. Finally, Prospera Private Wealth LLC purchased a new position in shares of Newmont in the 3rd quarter worth approximately $28,000. 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.