Newmont (NYSE:NEM) Price Target Raised to $58.00

Newmont (NYSE:NEM) had its target price hoisted by Bernstein Bank from $55.00 to $58.00 in a report published on Monday morning.

Other equities research analysts have also issued research reports about the company. Royal Bank of Canada cut their price target on Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research note on Thursday, October 24th. Raymond James raised their price objective on Newmont from $65.00 to $66.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. CIBC lowered Newmont from a “sector outperform” rating to a “neutral” rating in a research report on Monday, October 28th. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 price objective for the company in a research report on Thursday, August 29th. Finally, BMO Capital Markets raised their price objective on Newmont from $56.00 to $57.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Nine investment analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $54.14.

Newmont Trading Down 0.8 %

NYSE:NEM opened at $41.23 on Monday. 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 firm has a market capitalization of $46.94 billion, a price-to-earnings ratio of -27.12, a price-to-earnings-growth ratio of 0.34 and a beta of 0.51. Newmont has a one year low of $29.42 and a one year high of $58.72. The business has a fifty day moving average price of $51.73 and a 200-day moving average price of $47.45.

Newmont (NYSE:NEM) last posted its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 EPS for the quarter, missing the consensus estimate of $0.86 by ($0.05). The company had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.67 billion. Newmont had a positive return on equity of 9.80% and a negative net margin of 7.03%. The company’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same quarter last year, the company earned $0.36 earnings per share. Sell-side analysts forecast that Newmont will post 3.15 EPS for the current year.

Newmont Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date is Wednesday, November 27th. Newmont’s payout ratio is currently -65.79%.

Insider Activity at Newmont

In related news, 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 transaction of $157,410.00. Following the completion of the transaction, the executive vice president now owns 94,596 shares in the company, valued at $4,963,452.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of Newmont stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 271,469 shares of the company’s stock, valued at $14,607,746.89. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction 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 sale, the executive vice president now directly owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 46,000 shares of company stock worth $2,444,440 in the last quarter. 0.06% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. National Wealth Management Group LLC bought a new position in shares of Newmont in the 3rd quarter worth $431,000. Glenmede Trust Co. NA raised its position in shares of Newmont by 8.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 29,642 shares of the basic materials company’s stock worth $1,584,000 after acquiring an additional 2,199 shares in the last quarter. Bridgewater Associates LP raised its position in shares of Newmont by 1,947.6% in the 3rd quarter. Bridgewater Associates LP now owns 711,591 shares of the basic materials company’s stock worth $38,035,000 after acquiring an additional 676,838 shares in the last quarter. Townsquare Capital LLC raised its position in shares of Newmont by 117.7% in the 3rd quarter. Townsquare Capital LLC now owns 23,299 shares of the basic materials company’s stock worth $1,245,000 after acquiring an additional 12,596 shares in the last quarter. Finally, Rock Point Advisors LLC bought a new position in shares of Newmont in the 3rd quarter worth $208,000. 68.85% of the stock is owned by institutional investors.

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.