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

Newmont Co. (NYSE:NEM) has earned an average rating of “Moderate Buy” from the sixteen brokerages that are presently covering the firm, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and two have given a strong buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $54.31.

NEM has been the topic of a number of recent analyst reports. Veritas upgraded Newmont to a “strong-buy” rating in a research report on Monday, September 30th. Bernstein Bank boosted their price target on shares of Newmont from $55.00 to $58.00 in a report on Monday, November 11th. UBS Group lowered Newmont from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $67.00 to $54.00 in a research note on Wednesday, October 30th. Jefferies Financial Group increased their price target on Newmont from $54.00 to $63.00 and gave the company a “buy” rating in a report on Friday, October 4th. Finally, CIBC lowered Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th.

Newmont Price Performance

NEM opened at $42.04 on Friday. The business’s 50-day moving average is $49.57 and its two-hundred day moving average is $47.47. The firm has a market capitalization of $47.86 billion, a PE ratio of -27.66, a price-to-earnings-growth ratio of 0.37 and a beta of 0.51. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.96 and a quick ratio of 1.73. Newmont has a 1 year low of $29.42 and a 1 year high of $58.72.

Newmont (NYSE:NEM) last announced its quarterly earnings data 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 firm 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% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.36 earnings per share. Research analysts anticipate that Newmont will post 3.08 earnings per share 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 paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.38%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s dividend payout ratio is currently -65.79%.

Insider Buying and Selling

In other Newmont news, EVP Peter Toth sold 3,000 shares of the company’s 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 directly owns 91,596 shares of the company’s stock, valued at $4,928,780.76. This represents a 3.17 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the business’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total value of $1,076,200.00. Following the completion of the transaction, the chief executive officer now owns 271,469 shares in the company, valued at approximately $14,607,746.89. This trade represents a 6.86 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,000 shares of company stock valued at $2,444,440. 0.06% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Newmont

Institutional investors have recently made changes to their positions in the business. Maj Invest Holding A S lifted its position in shares of Newmont by 296.0% during the second quarter. Maj Invest Holding A S now owns 3,427,313 shares of the basic materials company’s stock worth $143,502,000 after purchasing an additional 2,561,823 shares during the last quarter. Zurich Insurance Group Ltd FI bought a new position in Newmont during the third quarter worth $98,011,000. Van ECK Associates Corp increased its stake in Newmont by 2.6% during the second quarter. Van ECK Associates Corp now owns 50,918,066 shares of the basic materials company’s stock valued at $2,131,939,000 after purchasing an additional 1,289,084 shares during the last quarter. FMR LLC lifted its position in shares of Newmont by 21.1% in the 3rd quarter. FMR LLC now owns 7,052,439 shares of the basic materials company’s stock worth $376,953,000 after buying an additional 1,226,697 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in Newmont by 262.6% during the third quarter. Assenagon Asset Management S.A. now owns 1,514,688 shares of the basic materials company’s stock worth $80,960,000 after acquiring an additional 1,096,905 shares during the period. 68.85% of the stock is owned by institutional investors and hedge funds.

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.