Newmont (NYSE:NEM) Given New $53.00 Price Target at Royal Bank of Canada

Newmont (NYSE:NEM) had its price target reduced by Royal Bank of Canada from $54.00 to $53.00 in a research report sent to investors on Thursday morning, Benzinga reports. Royal Bank of Canada currently has a sector perform rating on the basic materials company’s stock.

A number of other brokerages have also weighed in on NEM. Bank of America upped their price objective on Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research note on Thursday, August 29th. BMO Capital Markets upped their target price on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. CIBC raised shares of Newmont from a “neutral” rating to a “sector outperform” rating and increased their target price for the company from $46.00 to $61.00 in a report on Wednesday, July 10th. Finally, Jefferies Financial Group boosted their price target on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Six investment analysts have rated the stock with a hold rating, nine have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $54.15.

Newmont Stock Performance

NEM traded down $0.57 during trading on Thursday, hitting $48.68. The stock had a trading volume of 13,268,396 shares, compared to its average volume of 10,289,962. Newmont has a twelve month low of $29.42 and a twelve month high of $58.72. The firm has a market capitalization of $55.86 billion, a P/E ratio of -23.23, a PEG ratio of 0.49 and a beta of 0.50. 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’s 50-day moving average price is $53.43 and its 200 day moving average price is $46.74.

Newmont (NYSE:NEM) last posted its quarterly earnings results 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). Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The firm had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. During the same period in the prior year, the company earned $0.36 earnings per share. The company’s revenue for the quarter was up 84.7% on a year-over-year basis. On average, equities research analysts forecast that Newmont will post 3.07 EPS for the current fiscal year.

Newmont Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date is Wednesday, November 27th. Newmont’s dividend payout ratio is presently -47.17%.

Insider Activity

In other news, EVP Peter Toth sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were 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 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total transaction of $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the transaction, the chief executive officer now directly owns 291,469 shares of the company’s stock, valued at $15,293,378.43. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,000 shares of company stock valued at $3,434,640 over the last 90 days. Insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bessemer Group Inc. grew its stake in Newmont by 7.5% during the first quarter. Bessemer Group Inc. now owns 7,539 shares of the basic materials company’s stock worth $271,000 after buying an additional 529 shares during the period. Herr Investment Group LLC purchased a new stake in Newmont during the second quarter worth approximately $419,000. Truist Financial Corp grew its stake in Newmont by 8.1% during the second quarter. Truist Financial Corp now owns 150,352 shares of the basic materials company’s stock worth $6,295,000 after buying an additional 11,276 shares during the period. Primoris Wealth Advisors LLC purchased a new stake in Newmont during the second quarter worth approximately $607,000. Finally, Forsta AP Fonden grew its stake in Newmont by 9.6% during the first quarter. Forsta AP Fonden now owns 252,100 shares of the basic materials company’s stock worth $9,035,000 after buying an additional 22,100 shares during the period. Institutional investors and hedge funds own 68.85% of the company’s stock.

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.