Newmont (NYSE:NEM) Upgraded by Veritas to Strong-Buy

Veritas upgraded shares of Newmont (NYSE:NEM) to a strong-buy rating in a report issued on Monday, Zacks.com reports.

A number of other brokerages have also recently issued reports on NEM. Bank of America lifted their price target on shares of Newmont from $49.00 to $50.00 and gave the company a buy rating in a research report on Wednesday, June 26th. BMO Capital Markets boosted their price target on Newmont from $56.00 to $57.00 and gave the stock an outperform rating in a research report on Thursday, July 25th. Scotiabank upgraded Newmont from a sector perform rating to a sector outperform rating and upped their price target for the stock from $48.00 to $59.00 in a research note on Monday, August 19th. UBS Group lifted their price objective on Newmont from $50.00 to $65.00 and gave the company a buy rating in a research note on Tuesday, September 17th. Finally, Jefferies Financial Group raised 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. Five analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $52.62.

Newmont Stock Performance

Newmont stock opened at $54.14 on Monday. Newmont has a fifty-two week low of $29.42 and a fifty-two week high of $56.30. The stock’s 50 day simple moving average is $51.10 and its two-hundred day simple moving average is $44.62. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.85 and a current ratio of 2.11. The stock has a market cap of $62.43 billion, a price-to-earnings ratio of -20.28, a PEG ratio of 0.47 and a beta of 0.49.

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

Newmont Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Thursday, September 5th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.85%. The ex-dividend date was Thursday, September 5th. Newmont’s dividend payout ratio (DPR) is presently -37.45%.

Insider Buying and Selling at Newmont

In other news, CEO Thomas Ronald Palmer sold 20,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $49.51, for a total value of $990,200.00. Following the transaction, the chief executive officer now directly owns 311,469 shares in the company, valued at approximately $15,420,830.19. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, EVP Peter Toth sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $52.47, for a total value of $157,410.00. Following the transaction, the executive vice president now owns 94,596 shares of the company’s stock, valued at $4,963,452.12. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $49.51, for a total transaction of $990,200.00. Following the sale, the chief executive officer now directly owns 311,469 shares of the company’s stock, valued at $15,420,830.19. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,000 shares of company stock worth $2,197,010. Insiders own 0.06% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of NEM. LRI Investments LLC bought a new position in Newmont in the 1st quarter worth $25,000. Strategic Financial Concepts LLC purchased a new position in shares of Newmont during the 2nd quarter valued at about $25,000. Meeder Asset Management Inc. bought a new position in shares of Newmont during the 2nd quarter valued at approximately $27,000. Heritage Wealth Advisors increased its holdings in Newmont by 1,310.4% in the 1st quarter. Heritage Wealth Advisors now owns 945 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 878 shares in the last quarter. Finally, Crewe Advisors LLC bought a new stake in Newmont during the 1st quarter worth approximately $35,000. 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.