Newmont Co. (NYSE:NEM) Given Consensus Rating of “Moderate Buy” by Analysts

Newmont Co. (NYSE:NEM) has been assigned a consensus recommendation of “Moderate Buy” from the sixteen brokerages that are currently covering the firm, Marketbeat reports. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $50.00.

A number of equities analysts recently commented on NEM shares. Jefferies Financial Group lifted their price target on Newmont from $50.00 to $54.00 and gave the stock a “buy” rating in a report on Friday, July 12th. BMO Capital Markets raised their price objective on shares of Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research report on Thursday. CIBC upgraded shares of Newmont from a “neutral” rating to a “sector outperform” rating and raised their price objective for the stock from $46.00 to $61.00 in a research report on Wednesday, July 10th. Bank of America raised their price objective on shares of Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. Finally, BNP Paribas upgraded shares of Newmont to a “strong-buy” rating in a research report on Friday, June 21st.

Insiders Place Their Bets

In related news, CEO Thomas Ronald Palmer sold 13,000 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $42.13, for a total value of $547,690.00. Following the sale, the chief executive officer now owns 331,469 shares of the company’s stock, valued at $13,964,788.97. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.06% of the company’s stock.

Institutional Trading of Newmont

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings 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 buying an additional 36,170,995 shares during the period. Van ECK Associates Corp raised its holdings in shares of Newmont by 57.2% during the fourth quarter. Van ECK Associates Corp now owns 51,290,469 shares of the basic materials company’s stock valued at $2,122,913,000 after purchasing an additional 18,664,614 shares during the period. Norges Bank acquired a new position in shares of Newmont during the fourth quarter valued at about $604,516,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Newmont by 44.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 24,639,109 shares of the basic materials company’s stock valued at $1,019,813,000 after purchasing an additional 7,635,657 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Newmont by 39.8% during the first 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 purchasing an additional 6,617,145 shares during the period. Institutional investors own 68.85% of the company’s stock.

Newmont Stock Performance

NEM stock opened at $46.73 on Friday. The stock has a 50-day moving average price of $43.39 and a two-hundred day moving average price of $38.78. The company has a current ratio of 2.11, a quick ratio of 1.90 and a debt-to-equity ratio of 0.31. Newmont has a 1 year low of $29.42 and a 1 year high of $48.97.

Newmont (NYSE:NEM) last announced its quarterly earnings data 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 analysts’ expectations 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 for the quarter was up 64.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.33 EPS. Analysts expect that Newmont will post 2.67 EPS for the current year.

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 5th will be paid a dividend of $0.25 per share. The ex-dividend date is Thursday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.14%. Newmont’s payout ratio is presently -37.45%.

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.