Newmont (NYSE:NEM) PT Raised to $65.00 at UBS Group

Newmont (NYSE:NEM) had its price objective hoisted by UBS Group from $50.00 to $65.00 in a research note released on Tuesday, Benzinga reports. UBS Group currently has a buy rating on the basic materials company’s stock.

Other equities research analysts have also recently issued reports about the company. BMO Capital Markets boosted their price objective on Newmont from $56.00 to $57.00 and gave the stock an outperform rating in a research note on Thursday, July 25th. Argus upgraded Newmont from a hold rating to a buy rating and set a $58.00 price target on the stock in a report on Thursday, August 29th. Bank of America lifted their price objective 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. JPMorgan Chase & Co. downgraded shares of Newmont from an overweight rating to a neutral rating in a research note on Monday, July 8th. Finally, Jefferies Financial Group lifted their price target on shares of Newmont from $50.00 to $54.00 and gave the stock a buy rating in a research note on Friday, July 12th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Newmont currently has an average rating of Moderate Buy and an average target price of $52.62.

Newmont Stock Up 1.8 %

NYSE NEM opened at $54.47 on Tuesday. The stock has a 50 day moving average price of $50.10 and a 200-day moving average price of $43.47. Newmont has a one year low of $29.42 and a one year high of $54.93. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. The company has a market capitalization of $62.81 billion, a P/E ratio of -20.40, a P/E/G ratio of 0.37 and a beta of 0.49.

Newmont (NYSE:NEM) last issued its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.13 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The business’s revenue was up 64.1% on a year-over-year basis. During the same period last year, the company posted $0.33 EPS. As a group, equities analysts predict that Newmont will post 2.82 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend is Thursday, September 5th. Newmont’s payout ratio is -37.45%.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were 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 approximately $15,420,830.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the transaction, the chief executive officer now directly owns 311,469 shares in the company, valued at approximately $15,420,830.19. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the transaction, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The disclosure for this sale can be found here. Insiders sold 56,000 shares of company stock worth $2,744,700 over the last three months. 0.06% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of NEM. Vanguard Group Inc. boosted its stake 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 valued at $4,915,059,000 after acquiring an additional 36,170,995 shares in the last quarter. Bank of New York Mellon Corp increased its position in Newmont by 39.8% during the 1st quarter. Bank of New York Mellon Corp now owns 23,224,150 shares of the basic materials company’s stock valued at $832,354,000 after buying an additional 6,617,145 shares in the last quarter. Ruffer LLP raised its stake in Newmont by 190.1% in the fourth quarter. Ruffer LLP now owns 6,100,822 shares of the basic materials company’s stock valued at $252,482,000 after buying an additional 3,997,590 shares during the last quarter. Northern Trust Corp grew its stake in shares of 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 acquiring an additional 2,671,774 shares during the last quarter. Finally, Maj Invest Holding A S increased its holdings in shares of 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 valued at $143,502,000 after acquiring an additional 2,561,823 shares in the last quarter. Hedge funds and other institutional investors 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.