Newmont Co. (NYSE:NEM) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Newmont Co. (NYSE:NEM) have received a consensus rating of “Moderate Buy” from the seventeen analysts that are presently covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a hold rating, ten have issued a buy rating and three have assigned a strong buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $52.62.

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. lowered Newmont from an “overweight” rating to a “neutral” rating in a report on Monday, July 8th. Scotiabank raised Newmont from a “sector perform” rating to a “sector outperform” rating and upped their target price for the stock from $48.00 to $59.00 in a research report on Monday, August 19th. Jefferies Financial Group increased their price target on Newmont from $50.00 to $54.00 and gave the company a “buy” rating in a report on Friday, July 12th. Veritas upgraded shares of Newmont to a “strong-buy” rating in a research note on Monday. Finally, Argus upgraded shares of Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price on the stock in a research note on Thursday, August 29th.

Insider Buying and Selling at Newmont

In related news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was 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. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s 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 in the company, valued at $15,420,830.19. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Peter Toth sold 3,000 shares of the company’s stock in a transaction that occurred on 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 sale, the executive vice president now owns 91,596 shares in the company, valued at $4,928,780.76. The disclosure for this sale can be found here. Insiders sold a total of 66,000 shares of company stock valued at $3,434,640 in the last quarter. Corporate insiders own 0.06% of the company’s stock.

Hedge Funds Weigh In On Newmont

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in Newmont by 13.6% in the first quarter. Vanguard Group Inc. now owns 134,940,345 shares of the basic materials company’s stock valued at $4,836,262,000 after acquiring an additional 16,190,422 shares during the period. Van ECK Associates Corp boosted its stake in shares of Newmont by 2.6% in the 2nd 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 in the last quarter. Northern Trust Corp grew its holdings in shares of Newmont by 25.9% in the 4th quarter. Northern Trust Corp now owns 12,988,497 shares of the basic materials company’s stock worth $537,594,000 after purchasing an additional 2,671,774 shares during the last quarter. Legal & General Group Plc increased its position in shares of Newmont by 1.4% during the 2nd quarter. Legal & General Group Plc now owns 8,071,845 shares of the basic materials company’s stock worth $337,909,000 after purchasing an additional 109,084 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Newmont by 8.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 6,912,922 shares of the basic materials company’s stock valued at $289,445,000 after purchasing an additional 545,903 shares during the last quarter. Institutional investors own 68.85% of the company’s stock.

Newmont Trading Down 1.5 %

NYSE NEM opened at $53.20 on Friday. The company has a current ratio of 2.11, a quick ratio of 1.85 and a debt-to-equity ratio of 0.31. Newmont has a 1-year low of $29.42 and a 1-year high of $56.30. The firm’s fifty day simple moving average is $51.38 and its 200-day simple moving average is $44.74. The company has a market capitalization of $61.35 billion, a PE ratio of -19.93, a price-to-earnings-growth ratio of 0.47 and a beta of 0.49.

Newmont (NYSE:NEM) last issued 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. Newmont had a negative net margin of 13.16% and a positive return on equity of 8.35%. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.13 billion. During the same quarter last year, the firm earned $0.33 earnings per share. The company’s revenue for the quarter was up 64.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Newmont will post 2.88 earnings per share for the current fiscal year.

Newmont Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Thursday, September 5th were paid a dividend of $0.25 per share. The ex-dividend date was Thursday, September 5th. This represents a $1.00 annualized dividend and a yield of 1.88%. Newmont’s dividend payout ratio is -37.45%.

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.