UBS Group Increases Newmont (NYSE:NEM) Price Target to $65.00

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

NEM has been the topic of a number of other research reports. BMO Capital Markets increased their price target on shares of Newmont from $56.00 to $57.00 and gave the company an outperform rating in a report on Thursday, July 25th. Cibc World Mkts raised Newmont from a hold rating to a strong-buy rating in a report on Wednesday, July 10th. CIBC upgraded Newmont from a neutral rating to a sector outperform rating and boosted their price target for the stock from $46.00 to $61.00 in a research note on Wednesday, July 10th. JPMorgan Chase & Co. cut Newmont from an overweight rating to a neutral rating in a research report on Monday, July 8th. Finally, Scotiabank raised Newmont from a sector perform rating to a sector outperform rating and boosted their target price for the stock from $48.00 to $59.00 in a research report on Monday, August 19th. Five equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Newmont presently has a consensus rating of Moderate Buy and an average target price of $52.62.

Newmont Stock Performance

Newmont stock opened at $54.47 on Tuesday. The stock’s 50 day moving average is $50.10 and its 200 day moving average is $43.47. The company has a market capitalization of $62.81 billion, a P/E ratio of -20.40, a PEG ratio of 0.37 and a beta of 0.49. Newmont has a twelve month low of $29.42 and a twelve month high of $54.93. The company has a quick ratio of 1.85, a current ratio of 2.11 and a debt-to-equity ratio of 0.31.

Newmont (NYSE:NEM) last issued its quarterly 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 firm 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%. The company’s revenue was up 64.1% on a year-over-year basis. During the same period last year, the company earned $0.33 earnings per share. On average, equities research analysts predict that Newmont will post 2.82 earnings per share for the current fiscal year.

Newmont Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, September 5th. This represents a $1.00 annualized dividend and a dividend yield of 1.84%. Newmont’s dividend payout ratio (DPR) is -37.45%.

Insider Buying and Selling

In other Newmont news, CEO Thomas Ronald Palmer sold 13,000 shares of the company’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the completion of the sale, the chief executive officer now owns 331,469 shares in the company, valued at $13,964,788.97. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction 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 sale, the executive vice president now directly owns 94,596 shares in the company, valued at approximately $4,963,452.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Thomas Ronald Palmer sold 13,000 shares of the company’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $42.13, for a total transaction of $547,690.00. Following the completion of the transaction, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The disclosure for this sale can be found here. In the last three months, insiders have sold 56,000 shares of company stock valued at $2,744,700. 0.06% of the stock is owned by company insiders.

Hedge Funds Weigh In On Newmont

Several large investors have recently made changes to their positions in NEM. LRI Investments LLC bought a new stake in Newmont during the 1st quarter valued at approximately $25,000. Strategic Financial Concepts LLC purchased a new position in shares of Newmont in the second quarter worth $25,000. Meeder Asset Management Inc. bought a new position in shares of Newmont during the second quarter worth $27,000. Heritage Wealth Advisors grew its stake in Newmont by 1,310.4% during the first quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 878 shares in the last quarter. Finally, Crewe Advisors LLC bought a new stake in Newmont in the 1st quarter valued at $35,000. 68.85% of the stock is currently owned by hedge funds and other institutional investors.

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.