Newmont (NYSE:NEM) Price Target Increased to $65.00 by Analysts at UBS Group

Newmont (NYSE:NEM) had its target price hoisted by UBS Group from $50.00 to $65.00 in a research note released on Tuesday morning, Benzinga reports. The firm currently has a buy rating on the basic materials company’s stock.

NEM has been the topic of a number of other reports. Jefferies Financial Group increased their target price on Newmont from $50.00 to $54.00 and gave the stock a buy rating in a report on Friday, July 12th. BNP Paribas upgraded Newmont to a strong-buy rating in a report on Friday, June 21st. Scotiabank upgraded Newmont from a sector perform rating to a sector outperform rating and increased their target price for the stock from $48.00 to $59.00 in a report on Monday, August 19th. Argus raised Newmont from a hold rating to a buy rating and set a $58.00 price target for the company in a research report on Thursday, August 29th. Finally, Bank of America increased their price target on Newmont from $49.00 to $50.00 and gave the company a buy rating in a research report on Wednesday, June 26th. Five equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $52.62.

Newmont Price Performance

Newmont stock opened at $53.11 on Tuesday. The stock has a market capitalization of $61.24 billion, a price-to-earnings ratio of -19.89, a PEG ratio of 0.37 and a beta of 0.49. Newmont has a 52-week low of $29.42 and a 52-week high of $54.25. The stock’s 50 day moving average price is $49.69 and its two-hundred day moving average price is $43.18. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11.

Newmont (NYSE:NEM) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.10. Newmont had a positive return on equity of 8.35% and a negative net margin of 13.16%. The company had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.13 billion. During the same period last year, the business earned $0.33 EPS. Newmont’s quarterly revenue was up 64.1% compared to the same quarter last year. On average, equities analysts predict that Newmont will post 2.82 earnings per share for the current year.

Newmont Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 5th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.88%. The ex-dividend date is Thursday, September 5th. Newmont’s dividend payout ratio is presently -37.45%.

Insider Activity

In other news, CEO Thomas Ronald Palmer sold 13,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $42.13, for a total transaction of $547,690.00. Following the completion of the sale, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total value of $157,410.00. Following the completion of the sale, the executive vice president now owns 94,596 shares of the company’s stock, valued at approximately $4,963,452.12. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Thomas Ronald Palmer sold 13,000 shares of Newmont stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $42.13, for a total value of $547,690.00. Following the completion of the sale, the chief executive officer now directly owns 331,469 shares of the company’s stock, valued at approximately $13,964,788.97. The disclosure for this sale can be found here. Insiders sold a total of 56,000 shares of company stock valued at $2,744,700 in the last ninety days. 0.06% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Newmont

Several large investors have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Newmont in the 2nd quarter worth about $91,000. Heritage Wealth Management Inc. bought a new position in Newmont in the 2nd quarter worth about $239,000. Sanctuary Advisors LLC bought a new position in Newmont in the 2nd quarter worth about $682,000. Gordian Capital Singapore Pte Ltd bought a new position in Newmont in the 2nd quarter worth about $754,000. Finally, Clearbridge Investments LLC boosted its stake in Newmont by 21.0% in the 2nd quarter. Clearbridge Investments LLC now owns 40,514 shares of the basic materials company’s stock worth $1,696,000 after purchasing an additional 7,020 shares during the period. Hedge funds and other 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.