Analysts Set Newmont Co. (NYSE:NEM) Price Target at $54.85

Shares of Newmont Co. (NYSE:NEM) have been given a consensus recommendation of “Moderate Buy” by the sixteen brokerages that are covering the company, MarketBeat reports. Seven investment analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $54.31.

A number of equities analysts have commented on the stock. Royal Bank of Canada cut their price target on shares of Newmont from $54.00 to $53.00 and set a “sector perform” rating for the company in a research note on Thursday, October 24th. Argus upgraded shares of 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. UBS Group downgraded Newmont from a “buy” rating to a “neutral” rating and lowered their price target for the company from $67.00 to $54.00 in a research report on Wednesday, October 30th. Scotiabank cut Newmont from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the stock from $59.00 to $55.00 in a report on Friday, October 25th. Finally, Cibc World Mkts cut Newmont from a “strong-buy” rating to a “hold” rating in a report on Monday, October 28th.

Insider Activity at Newmont

In other Newmont news, CEO Thomas Ronald Palmer sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $52.47, for a total transaction of $1,049,400.00. Following the completion of the transaction, the chief executive officer now owns 291,469 shares of the company’s stock, valued at $15,293,378.43. This represents a 6.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Peter Toth sold 3,000 shares of Newmont stock in a transaction that occurred 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 sale, the executive vice president now owns 91,596 shares in the company, valued at approximately $4,928,780.76. This represents a 3.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 46,000 shares of company stock worth $2,444,440 in the last three months. 0.06% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in NEM. LRI Investments LLC purchased a new position in shares of Newmont in the 1st quarter valued at approximately $25,000. Strategic Financial Concepts LLC purchased a new position in Newmont during the second quarter valued at $25,000. Meeder Asset Management Inc. bought a new stake in shares of Newmont during the 2nd quarter valued at $27,000. Hoese & Co LLP purchased a new stake in shares of Newmont in the 3rd quarter worth about $27,000. Finally, Avior Wealth Management LLC increased its stake in shares of Newmont by 191.8% in the 3rd quarter. Avior Wealth Management LLC now owns 496 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 326 shares in the last quarter. 68.85% of the stock is currently owned by institutional investors.

Newmont Trading Down 2.1 %

Shares of NEM stock opened at $42.46 on Friday. The company has a market capitalization of $48.34 billion, a PE ratio of -27.93, a price-to-earnings-growth ratio of 0.38 and a beta of 0.51. Newmont has a 52-week low of $29.42 and a 52-week high of $58.72. The business’s fifty day moving average is $50.01 and its 200 day moving average is $47.51. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.73 and a current ratio of 1.96.

Newmont (NYSE:NEM) last issued its quarterly earnings results on Wednesday, October 23rd. The basic materials company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The business had revenue of $4.61 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter last year, the business posted $0.36 EPS. On average, equities research analysts anticipate that Newmont will post 3.09 EPS for the current fiscal year.

Newmont Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Wednesday, November 27th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend is Wednesday, November 27th. Newmont’s payout ratio is -65.79%.

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.