Newmont (NYSE:NEM) PT Lowered to $53.00

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

Several other research firms have also recently issued reports on NEM. JPMorgan Chase & Co. cut shares of Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Argus raised shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a report on Thursday, August 29th. Bank of America increased their target price on shares of Newmont from $49.00 to $50.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Veritas raised shares of Newmont to a “strong-buy” rating in a report on Monday, September 30th. Finally, Jefferies Financial Group increased their target price on shares of Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Six 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 MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $54.15.

Newmont Stock Down 1.2 %

NEM traded down $0.57 during trading on Thursday, hitting $48.68. The company had a trading volume of 13,268,396 shares, compared to its average volume of 10,289,962. The company has a market cap of $55.86 billion, a PE ratio of -23.23, a P/E/G ratio of 0.49 and a beta of 0.50. The business has a 50-day moving average of $53.43 and a 200-day moving average of $46.74. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.11 and a quick ratio of 1.85. Newmont has a 1-year low of $29.42 and a 1-year high of $58.72.

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). The company had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The company’s revenue was up 84.7% on a year-over-year basis. During the same period in the prior year, the company earned $0.36 earnings per share. As a group, analysts forecast that Newmont will post 3.07 earnings per share for the current year.

Newmont Dividend Announcement

The company 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 $0.25 dividend. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.05%. Newmont’s dividend payout ratio (DPR) is presently -47.17%.

Insider Activity at Newmont

In related news, CEO Thomas Ronald Palmer sold 20,000 shares of the stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $49.51, for a total value of $990,200.00. Following the completion of the transaction, the chief executive officer now owns 311,469 shares in the company, valued at $15,420,830.19. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, EVP Peter Toth sold 3,000 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.81, for a total value of $161,430.00. Following the completion of the transaction, the executive vice president now owns 91,596 shares in the company, valued at $4,928,780.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the 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 completion of the transaction, the chief executive officer now owns 311,469 shares of the company’s stock, valued at $15,420,830.19. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,000 shares of company stock worth $3,434,640 in the last 90 days. Corporate insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

A number of institutional investors and hedge funds have recently bought and sold shares of NEM. Heathbridge Capital Management Ltd. boosted its position in shares of Newmont by 2.0% during the 3rd quarter. Heathbridge Capital Management Ltd. now owns 10,300 shares of the basic materials company’s stock valued at $551,000 after purchasing an additional 200 shares in the last quarter. E. Ohman J or Asset Management AB boosted its position in shares of Newmont by 0.4% during the 3rd quarter. E. Ohman J or Asset Management AB now owns 47,942 shares of the basic materials company’s stock valued at $2,562,000 after purchasing an additional 200 shares in the last quarter. Fulton Bank N.A. boosted its position in shares of Newmont by 1.5% during the 3rd quarter. Fulton Bank N.A. now owns 15,188 shares of the basic materials company’s stock valued at $812,000 after purchasing an additional 221 shares in the last quarter. Good Life Advisors LLC boosted its position in shares of Newmont by 4.6% during the 3rd quarter. Good Life Advisors LLC now owns 5,182 shares of the basic materials company’s stock valued at $277,000 after purchasing an additional 229 shares in the last quarter. Finally, Pekin Hardy Strauss Inc. boosted its position in shares of Newmont by 0.4% during the 2nd quarter. Pekin Hardy Strauss Inc. now owns 64,082 shares of the basic materials company’s stock valued at $2,683,000 after purchasing an additional 233 shares in the last quarter. Institutional investors 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.