Newmont Co. (NYSE:NEM) Receives $54.31 Consensus Price Target from Analysts

Newmont Co. (NYSE:NEM) has been assigned a consensus rating of “Moderate Buy” from the seventeen brokerages that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, seven have issued a hold recommendation, seven have assigned a buy recommendation and two have issued a strong buy recommendation on 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.

Several brokerages have recently issued reports on NEM. JPMorgan Chase & Co. raised Newmont from a “neutral” rating to an “overweight” rating in a report on Tuesday, November 19th. Royal Bank of Canada reduced their price objective on Newmont from $54.00 to $53.00 and set a “sector perform” rating on the stock in a research note on Thursday, October 24th. Argus upgraded Newmont from a “hold” rating to a “buy” rating and set a $58.00 target price for the company in a research report on Thursday, August 29th. CLSA initiated coverage on shares of Newmont in a report on Friday, November 29th. They issued an “underperform” rating for the company. Finally, CIBC downgraded shares of Newmont from a “sector outperform” rating to a “neutral” rating in a research note on Monday, October 28th.

Newmont Trading Up 3.4 %

Newmont stock opened at $38.28 on Wednesday. Newmont has a 1 year low of $29.42 and a 1 year high of $58.72. The firm’s 50 day moving average price is $45.03 and its 200-day moving average price is $47.20. 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 stock has a market cap of $43.58 billion, a P/E ratio of -25.18, a PEG ratio of 0.35 and a beta of 0.49.

Newmont (NYSE:NEM) last posted its earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05). The company had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.67 billion. Newmont had a negative net margin of 7.03% and a positive return on equity of 9.80%. The business’s revenue was up 84.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.36 earnings per share. On average, equities analysts predict that Newmont will post 3.08 earnings per share for the current fiscal year.

Newmont Announces Dividend

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 given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s dividend payout ratio (DPR) is currently -65.79%.

Insiders Place Their Bets

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 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 $1,076,200.00. Following the transaction, the chief executive officer now directly owns 271,469 shares in the company, valued at $14,607,746.89. This represents a 6.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.81, for a total transaction of $161,430.00. Following the transaction, the executive vice president now directly owns 91,596 shares in the company, valued at approximately $4,928,780.76. This trade represents a 3.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.06% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC grew its position in shares of Newmont by 13.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 130,637 shares of the basic materials company’s stock worth $5,470,000 after buying an additional 15,277 shares in the last quarter. Fifth Third Bancorp increased its position in Newmont by 21.9% during the 2nd quarter. Fifth Third Bancorp now owns 69,864 shares of the basic materials company’s stock valued at $2,925,000 after purchasing an additional 12,549 shares during the period. Fifth Third Wealth Advisors LLC raised its holdings in shares of Newmont by 136.6% in the 2nd quarter. Fifth Third Wealth Advisors LLC now owns 15,472 shares of the basic materials company’s stock valued at $648,000 after purchasing an additional 8,932 shares in the last quarter. Jacobsen Capital Management lifted its position in shares of Newmont by 11.1% in the 2nd quarter. Jacobsen Capital Management now owns 12,259 shares of the basic materials company’s stock worth $513,000 after purchasing an additional 1,223 shares during the period. Finally, JB Capital LLC boosted its stake in shares of Newmont by 1.8% during the second quarter. JB Capital LLC now owns 74,313 shares of the basic materials company’s stock valued at $3,111,000 after purchasing an additional 1,303 shares in the last quarter. Institutional investors own 68.85% of the company’s stock.

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.