Newmont Co. (NYSE:NEM – Get Free Report) has been given an average recommendation of “Moderate Buy” by the seventeen brokerages that are covering the stock, Marketbeat Ratings reports. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $53.85.
Several analysts recently commented on NEM shares. Jefferies Financial Group raised their target price on Newmont from $54.00 to $63.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Veritas raised Newmont to a “strong-buy” rating in a report on Monday, September 30th. Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday. BMO Capital Markets raised their target price on Newmont from $56.00 to $57.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, Royal Bank of Canada dropped their price objective 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.
Insider Activity
Hedge Funds Weigh In On Newmont
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hoese & Co LLP purchased a new position in Newmont in the 3rd quarter valued at approximately $27,000. Highline Wealth Partners LLC acquired a new stake in shares of Newmont during the third quarter worth $32,000. Meeder Asset Management Inc. acquired a new stake in shares of Newmont during the second quarter worth $27,000. LRI Investments LLC acquired a new position in Newmont in the first quarter valued at $25,000. Finally, Northwest Investment Counselors LLC acquired a new position in Newmont in the third quarter valued at $48,000. Institutional investors and hedge funds own 68.85% of the company’s stock.
Newmont Trading Down 3.2 %
Shares of NYSE:NEM opened at $45.45 on Tuesday. The business’s 50-day moving average is $53.04 and its 200 day moving average is $47.05. Newmont has a 1 year low of $29.42 and a 1 year high of $58.72. The firm has a market capitalization of $51.74 billion, a P/E ratio of -29.90, a P/E/G ratio of 0.40 and a beta of 0.50. 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 (NYSE:NEM – Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The firm had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The firm’s revenue for the quarter was up 84.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.36 earnings per share. On average, research analysts predict that Newmont will post 3.13 earnings per share for the current fiscal year.
Newmont Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Wednesday, November 27th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.20%. The ex-dividend date is Wednesday, November 27th. Newmont’s payout ratio is currently -65.79%.
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.
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